As per the State of XRP Ledger Q1 2024 report published by Messari, there was a noteworthy surge in XRP Ledger payment transactions, with a 350% QoQ rise to an average of two million per day. Driven by inscriptions, this activity spike started in late Q4, 2023, persisted into Q1, 2024, and then levelled down by the end of the quarter.
Due mostly to inscriptions, more than 22 million payments were made in only one week, resulting in two million payments every day in Q1.
The XRP Ledger’s entire transaction landscape was significantly impacted by the sharp rise in payment transactions. Over the course of the quarter, payments overtook all other transaction types, a role that OfferCreates had previously dominated.
The XRP Ledger had a 113% QoQ rise in total transactions, with an average of 2.8 million per day.
According to the analysis, in Q1 of 2024, almost every metric related to network activity saw a rise. There was a 37% and 113% QoQ increase in active addresses and transactions, respectively. For the first time since Q1, 2022, the quantity of unique senders, or active addresses transmitted, surpassed unique receivers with a significant 92% QoQ rise.
Other highlights in Q1
According to the Messari research, the introduction of new features and functionality together with a spike in payment transactions propelled XRP Ledger’s strong growth and activity in Q1.
At the conclusion of the first quarter, the Automated Market Maker (AMM) function was activated, and the central limit order book (CLOB) saw a 41% QoQ rise in decentralised exchange (DEX) volumes.
It was stated that a stablecoin tied to the US dollar will be launched on Ethereum and the XRP Ledger (XRPL), making use of XRPL’s built-in features and ERC-20 token standards. Asset issuers were assisted in maintaining compliance by the introduction of new features like the clawback mechanism.
The new stablecoin and the integration of the Axelar bridge are expected to act as liquidity drivers for the impending tokenized assets from real-world asset (RWA) projects such as Zioniqx, as well as the new AMM.
Rippled 2.0 was made available to the public in January and included proposals for changes to a Cross-Chain bridge (XLS-38), DIDs (XLS-40), and two additional adjustments.
