On-chain analytics firm Messari has just released its eagerly anticipated Q3 report for the XRP Ledger network, aptly titled “State of XRP Ledger Q3 2023.” The report has brought to light some remarkable insights into the network’s performance, particularly in the wake of a watershed moment for the XRP community.
One of the standout findings in the report is the substantial increase in the XRP Ledger’s Decentralized Exchange (DEX) volume during the third quarter. DEX volume skyrocketed by a staggering 390%, with a significant portion of this surge occurring immediately following the positive verdict in the Ripple SEC case in July.
State of XRP Ledger Q3’23
-US courts ruled that XRP is not a security
-XRPL DEX volume was up 390% QoQ
-Added programmability is coming to the XRPL and its broader ecosystem pic.twitter.com/DWzOTkqAQM— Red (@redvelvetzip) October 27, 2023
The Ripple SEC case verdict in July marked a pivotal moment for the XRP community. It unequivocally determined that XRP is not a security in and of itself, providing a much-needed clarity to the cryptocurrency market. This landmark decision sent shockwaves through the XRP market, leading to a remarkable single-day price surge of more than 70%. Furthermore, the XRP Ledger’s DEX volume witnessed an extraordinary increase of nearly 400% quarter-on-quarter (QoQ) as investors flocked to engage in XRP trading and investment opportunities.
Within this context, the report highlights that the average daily DEX volume for fungible-issued currencies experienced an impressive 290.0% QoQ surge, reaching a yearly high of $2.7 million. In terms of the volume of issued currencies being exchanged, Sologenic emerged as the leading gateway to the native DEX on XRPL.
It is noteworthy that XRPL, like several other large Layer-1 (L1) networks, experienced a decrease in network activity indicators throughout the second quarter (Q2). This trend persisted into the third quarter (Q3), with average daily values for transactions and all types of active addresses reaching yearly lows.
However, there was a silver lining in the midst of these subdued indicators. In the last quarter, Q3, the XRP Ledger saw a net increase of 125,000 accounts, bringing the total number of accounts up by 2.7% to 4.81 million. New addresses also witnessed a robust growth of 14.6% over the quarter, totaling 159,100. Perhaps most significantly, deleted addresses decreased by a notable 68.3% QoQ, underscoring the growing confidence and retention of XRP holders.
A standout statistic from the report reveals that XRPL averaged 122,000 daily active addresses (received) from July 30 to Aug. 13, a figure that was 3.3 times the daily average observed during the entirety of Q3.
Read more:
- Possible Conclusion To Ongoing SEC Vs. Ripple Legal Saga By 2027: Lawyer Predicts
- Ripple’s Brad Garlinghouse And Chris Larsen Cleared Of SEC Charges, XRP Price Spikes