Ripple’s XRP Ledger Achieves Record 80 TPS Amid Q1 Inscription Frenzy Without Issues

As the broader market has rebounded this year, XRP Ledger (XRPL) network activity has also risen across almost all metrics, with addresses and active transactions increasing 37% and 113% quarter-over-quarter (QoQ), respectively, according to the latest report from Messari. a report.

Much of this activity arose from a focused group of approximately 45,000 accounts, which collectively sent more than 30 million transactions to a single account, primarily for registration-related activities.

Patterns boost XRPL network activity

Scribes, a type of transaction that gained popularity on Bitcoin in early 2023, have since spread to other major networks, including XRPL, often causing significant spikes in activity.

Despite the high transaction volume, XRPL has shown resilience, to treat More than 80 transactions per second for an entire day without network issues, according to Masari. The total number of accounts increased by 150,000 accounts, an increase of 3.1%, reaching 5.15 million accounts.

Although new addresses declined 12.4% QoQ to 183,000 due to a surge in Q4 when registration activity began, there was a 29.8% year-over-year increase from Q1 2023 to Q1 2024. In addition, Deleted addresses increased by 55.9% quarter-on-quarter to 33,000 as registration activity slowed.

The overall increase in active addresses, particularly the QoQ rise in the number of unique senders, highlighted the impact of registration activity, with unique senders outpacing unique receivers for the first time since Q1 2022.

DeFi and stablecoins on XRPL

The total market capitalization of fungible tokens, which are referred to as issued tokens, fell 16% quarter-on-quarter to $142 million. Among the more than 3,300 assets listed on XRPL, Sologenic (SOLO) was the leading token, making up 42% of the total market capitalization. The top three tokens together represent 65% of the total market capitalization.

Meanwhile, stablecoins and crypto tokens are very popular on XRPL when measured by the number of holders, compared to other tokens. Gatehub and Xumm have teamed up to make 14 digital assets available on XRPL.

So far, stablecoins on XRPL have not reached the levels of adoption of major currencies on other networks, such as Tether's USDT or Circle's USDC. However, this may change with Ripple's recent announcement of launching a USD-pegged stablecoin on both XRPL and Ethereum, leveraging native XRPL functionality and ERC-20 token standards, respectively.

The stablecoin will be fully backed by short-term USD deposits. Treasury bills and other cash equivalents, with monthly certificates from a third party. This initiative will likely lead to a major liquidity event.