XRP Ledger (XRPL) has reached a new milestone in its ongoing evolution, marked by its daily XRP burn rate. While not fully deflationary, XRPL burns a certain amount of XRP with each transaction contributing to a cumulative total that now stands at 13,014,042.56 XRP, according to XRPScan data. Although this burned amount is small relative to XRP’s circulating supply, it demonstrates XRPL’s gradual development and positioning for future advancements.
XRPL is a distributed ledger technology supporting smart contracts, yet its role in the Decentralized Finance (DeFi) ecosystem remains less prominent than networks like Ethereum and Solana. However, XRPL mainly aims at commercial interactions, making it a platform for micro-payments. Regarding these transactions, the protocol shaves off a small portion of the stated amount, sending it to a burning wallet, a process that has now reached the 13,014,042.56 XRP burn record. According to the most recent statistics, XRPL has executed 92,036,034 ledgers and 203,630 payments to date.
Also Read: Ripple CEO Foresees Brighter Days for XRP Amid Potential SEC Revamp
Ripple Labs’ RLUSD Stablecoin Poised to Boost XRPL’s Ecosystem
In addition to the burn milestone, XRPL has grown through regular mainnet upgrades and community-led amendments over the past year. It is also worth mentioning that there is still a highly anticipated product from Ripple Labs, RLUSD stablecoin, which would become a critical product for XRPL. With this token utility, Ripple Labs hopes to enter the stablecoins market, fighting players such as Tether’s USDT and Circle’s USDC.
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Ripple Labs uses RLUSD to test on XRP Ledger and Ethereum with crucial activities such as minting, burning, and transferring, which are critical for stablecoin. The tests have revealed that RLUSD will be able to scale on XRPL’s infrastructure with a magnitude that will challenge the stability of other stablecoins. The multi-platform model for Ripple and RLUSD gives it an advantage and a higher probability of being used across many areas.
In summary, XRP Ledger’s steady progress is marked by the cumulative XRP burn and significant developments like RLUSD. These advancements highlight XRPL’s potential to strengthen its position within the blockchain ecosystem, allowing it to compete with major players in both DeFi and the stablecoin market.
Also Read: Charles Hoskinson Apologizes to XRP Community, Hints at Potential Cardano-Ripple Partnership
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.