• 30 May, 2024
News

Development Activity on XRPL Shows Significant Improvement Amid Recent Market Trends

Development activity on the XRP Ledger (XRPL) has shown a notable improvement, rebounding from a previous decline observed on April 13. According to on-chain data provided by Santiment, the development activity metric dropped to 0.28 before recovering to 0.49, indicating increased efforts in ensuring the proper functioning and advancement of the ledger.

The uptick in development activity suggests heightened engagement by developers in maintaining and enhancing the XRPL. This includes updates and improvements to the network’s infrastructure, which are crucial for the long-term sustainability and efficiency of the platform. The XRPL, a decentralized public blockchain, supports the transfer of XRP, fiat currencies, and other digital assets.

Source: Santiment

Network activity metrics have painted a different picture. The number of active addresses on the XRPL, which tracks user transaction levels, has decreased to 16,600. This decline suggests reduced participation in token transactions, which is further evidenced by a significant drop in one-day circulation from over 1 billion XRP on May 1 to 132.28 million XRP more recently. This trend indicates that traders might be temporarily avoiding the cryptocurrency.

As of the latest update from XRPSCAN, the XRP Ledger has processed over 88 million ledgers with a total of 205,326 successful payments and 365,792 transactions. Additionally, 367 new accounts have been created. The average ledger interval is 3.85 seconds, with a transaction rate of 10.59 transactions per second (TPS). To date, 12,414,746.9 XRP has been burned to prevent spam and maintain the network’s value.

In related news, the XRP Ledger Apex 2024 event, scheduled for June 11-13 in Amsterdam, promises to be a significant gathering for the XRPL community. Hosted by Ripple, this event will feature over 70 speakers and more than 40 sessions, covering topics such as DeFi security, EVM compatibility, and scalability. 

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