XRP Ledger Triggered 390% Growth in DEX Volume in Q3: Details
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On-chain analytics firm Messari has released a Q3 report for the XRP Ledger network titled “State of XRP Ledger Q3 2023.”
According to the report, XRPL’s DEX volume increased by 390% in Q3, with much of this activity occurring shortly after the positive Ripple verdict in July.
The Ripple SEC case verdict in July was a watershed moment, finding that XRP is not a security in and of itself.
Following this good news, XRP’s price soared by more than 70% in a single day, and XRPL’s DEX volume increased by nearly 400% quarter-on-quarter (QoQ).
Along these lines, the average daily DEX volume of fungible-issued currencies climbed 290.0% QoQ to $2.7 million — a yearly high. By volume of issued currencies exchanged, Sologenic is the leading gateway to the native DEX on XRPL.
XRPL, like other large Layer-1 (L1) networks, saw a fall in network activity indicators throughout Q2. This trend persisted in Q3, with average daily values for transactions and all types of active addresses reaching yearly lows.
However, in the last quarter, Q3, the net number of accounts climbed by 125,000, bringing the total number of accounts up 2.7% to 4.81 million. New addresses increased by 14.6% over the quarter to 159,100. Deleted addresses decreased by 68.3% QoQ.
XRPL averaged 122,000 daily active addresses (received) from July 30 to Aug. 13, which was 3.3 times the daily average in Q3.
NFT growth, massive revenue spike and XRP price
The NFTs sector grew as well, with average daily NFT transactions growing 7.3% quarter-on-quarter to 16,700. As of the conclusion of the third quarter, 3 million total NFTs have been minted with the XLS-20 standard.
The price of XRP increased by more than 70% on July 14 and peaked at $0.82 on July 20. Many CEXs, including Coinbase and Kraken, relisted XRP after the court order. The SEC’s move to appeal was later refused. XRP was down 0.73% in the last 24 hours to $0.545 at the time of writing.
XRPL saw a massive revenue spike in June, occurring near news from the SEC case, which saw revenue jump nearly 20 times its daily average for three days.
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Tomiwabold Olajide
