XRPL AMM Liquidity Sees Significant Growth as the Ecosystem Prepares for RLUSD Launch

Blockchain analytics platform CryptoQuant has discovered significant growth in XRP Ledger (XRPL) Automated Market Marker (AMM) liquidity.

Blockchain analytics platform CryptoQuant has observed a substantial increase in Automated Market Marker (AMM) liquidity on the XRP Ledger (XRPL). This growth was particularly evident in AMMDeposit and AMMCreate.

According to Wenry Seoul, marketing manager at Catalyze Research, there was a 62.35% rise in AMMDeposit, which moved from 14,971 to 24,306.

Bullish Sentiment Around XRP Ledger

AMMCreate also rose by 143.10%, moving from 58 to 141. Notably, AMMVote and AMMWithdraw also increased by 65.22% and 42.97%, respectively. However, AMMBid, which measures orders placed on DEXs on XRPL, dropped by 81.82%, showing a decrease in value or count from 22 to 4.

Despite this significant drop in AMMBid, the rise in liquidity deposits indicates investors’ confidence in the existing pools.

Among the several positive sentiments in the XRPL ecosystem, Wenry noted that the protocol’s daily transaction volume closely competes with major Layer-1 networks. Regarding the volume of accounts created, the XRP Ledger saw an increase of 10.39% to 18,321 between September 15 and October 15. However, total transactions dropped by 17.57% to 18.82 million.

Moreover, payments processed fell by 26.16% to rest at 6.81 million. On the brighter side, active wallets rose by 14.19%, averaging 10,887, underscoring the continued user engagement on the platform.

Ripple Prepares For RLUSD Launch

This sentiment comes as the ecosystem prepares for the official launch of Ripple’s United States dollar-pegged stablecoin RLUSD. Speculation about the exact launch date of the stablecoin keeps building up. During the Ripple Swell 2024 conference, which recently held in Miami, Ripple announced the first wave of partners and exchanges for the launch of RLUSD.

These entities will support the stablecoin once it receives regulatory approval from the New York Department of Financial Services (NYDFS). The blockchain payments firm appointed former FDIC Chair Sheila Bair and former CENTRE Consortium CEO David Puth to the RLUSD Advisory board.

Other partners are Bitstamp, Bitso, Bullish, CoinMENA, MoonPay, Uphold, and Independent Reserve.

Their exchange’s core responsibility is to distribute the token. As announced, B2C2 and Keyrock will serve as market makers, facilitating the creation of liquidity and adoption across global markets. Ripple also recently partnered with the International Rescue Committee (IRC), a move that has attracted the attention of XRP holders.

All of these activities surrounding RLUSD may redirect attention toward the XRP Ledger and fuel more ecosystem adoption

XRPL Amendments Amidst MetaMask Linkup

In related news, Peersyst, a Ripple partner developing the XRP Ledger EVM sidechain, announced the launch of XRPL Snap for MetaMask. This new addition allows developers to expand the functionality of the MetaMask wallet. The link-up creates a unique opportunity for the adoption and management of XRP Ledger assets in the Metamask crypto wallet.

Besides its partnership with MetaMask, XRPL recently rolled out two major amendments, “fixEmptyDID” and “fixPreviousTxnID.”

The “fixEmptyDID” amendment halted the creation of empty DID ledger entries. Conversely, the “fixPreviousTxnID” upgrade improved transaction tracking.

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