thecryptobasic.com
The XRP Ledger (XRPL) ecosystem has seen a major milestone in token issuance, driven by a new trading protocol on the network.
A New Peak in Daily XRPL Token Issuance
Notably, on Oct. 17, 2024, data from Santiment confirmed that the XRPL hit an all-time high (ATH) for the number of tokens issued in a single day, reaching a staggering 213 new tokens. This achievement is nearly three times the previous record set in October 2021.
The record-breaking day follows a notable increase in token issuance over the past week, largely fueled by the recently introduced First Ledger platform.
Since its launch, First Ledger has made trading and token issuance on the XRPL easier. Over just eight days, the protocol helped create a total of 1,564 new tokens, contributing to the surge in token creation. However, most of these tokens are meme coins.
For context, the previous daily high of 74 tokens, reached on Oct. 28, 2021, occurred during a peak period of interest in XRPL-based assets.
Since then, daily token issuance had rarely closed in on 40, with notable spikes such as 31 tokens on July 21, 2022, and 32 tokens on Nov. 24, 2022. The surge in 2024, with 213 tokens issued in one day, dwarfs these earlier numbers.
First Ledger’s Contribution
Vet, an XRPL decentralized UNL (dUNL) validator, noted on X that the current numbers may actually be even higher, as data from analytics platforms such as Santiment typically lags behind the real-time growth on the ledger.
The data is lacking behind and is actually many times higher now than the last data point recorded on Santiment – October 17th.
— Vet 🏴☠️ (@Vet_X0) October 24, 2024
Meanwhile, First Ledger has quickly gained attention for its ease of use and its role in facilitating token issuance. The platform, which is integrated with Telegram for easy access, allows users to issue tokens and engage in trading with minimal friction.
First Ledger was founded by Adam, an open-source contributor who also founded XRPCafe, the leading NFT marketplace on the XRPL. The platform’s seamless interface and its ability to streamline the process of creating and trading tokens have garnered attention.
The launch of similar protocols such as Pump.fun on Solana and SunPump on Tron contributed to the growth of the underlying blockchain networks, as the ecosystems witnessed a surge in meme coin issuance and trading.
Impact on XRPL AMM Pools
Interestingly, another important impact of First Ledger has been its influence on Automated Market Maker (AMM) pools. According to Vet, 66% of all AMM pools on the XRP Ledger were created within the last week by users of First Ledger..
~66% of all the #XRP Ledger Automated Market Maker Pools were created in the last 7 days by @First_Ledger pic.twitter.com/yCC2oUkWLZ
— Vet 🏴☠️ (@Vet_X0) October 24, 2024
Despite the volume of tokens being created, only a small number of them have achieved substantial market caps. Of the 1,564 tokens created via First Ledger, just four have market caps above $1 million.
These include DROP with a market cap of $2.81 million, GOAT with $2.06 million, BEAR at $1.51 million, and scrap with a market cap of $1.45 million. These tokens represent a tiny fraction of the overall issuance.
Notably, at the reporting time, the XRP Ledger now hosts a total of 15,023 tokens, a massive increase from previous years. However, only 203 of these tokens have market caps exceeding $2,000, further underscoring the speculative nature of many of the tokens being issued.