Wenry
XRP Ledger On-Chain Transaction Analysis (Sept 15 - Oct 15)
XRP Ledger is less known to retail investors, but its daily transaction volume is competitive with major Layer 1 networks. This analysis looks at where these transactions are used by categorizing activity between September 15 and October 15, 2023. [1] Basic On-Chain Metrics New wallet creation ("Accounts Created") increased by 10.39% to 18,321. However, total transactions dropped 17.57% to 18.82 million, and payments fell 26.16% to 6.81 million. Despite these declines, active wallets ("Active Accounts") rose 14.19%, averaging 10,887, indicating continued user engagement. [2] Token On-Chain Activity Trades: Dropped 6.83%, from 6.88 million to 6.41 million. Listed Assets: Slightly up 1.17%, from 3,829 to 3,873. Trustlines: Down 0.10%, from 7.25 million to 7.25 million. XRPL Marketcap: Fell 15.24%, from $103.31M to $87.56M. DEX Volume: Increased 17.64%, from $3.91M to $4.60M. Despite fewer trades, DEX volume rose significantly, indicating more activity on decentralized exchanges even as market capitalization declined. [3] NFT Trading Activity NFTokenAcceptOffer: Fell 30.88%, from 26,243 to 18,142. NFTokenBurn: Dropped 54.04%, from 14,494 to 6,663. NFTokenCancelOffer: Slightly up 0.20%, from 11,103 to 11,125. NFTokenCreateOffer: Declined 33.30%, from 55,019 to 36,697. NFTokenMint: Sharply down 70.66%, from 65,021 to 19,076. NFT activity showed sharp declines, especially in NFTokenMint (-70.66%) and NFTokenAcceptOffer (-30.88%). However, a slight rise in NFTokenCancelOffer suggests stability in the broader ecosystem. [4] AMM Liquidity Provision AMMDeposit: Up 62.35%, from 14,971 to 24,306. AMMVote: Increased 65.22%, from 92 to 152. AMMCreate: Rose 143.10%, from 58 to 141. AMMWithdraw: Increased 42.97%, from 4,308 to 6,159. AMMBid: Dropped 81.82%, from 22 to 4. XRP Ledger saw significant growth in AMM liquidity, with strong increases in AMMDeposit and AMMCreate. Despite a drop in AMMBid, the rise in liquidity deposits indicates confidence in existing pools.