Q3 XRP Market Report, Shows Ripple’s XRP Holdings, Are Now Less Than 50% Of The Supply For The First Time.
Ripple now holds less than 50% of the XRP supply for the first time in its 10-year history.
In a tweet today, Ripple shared its quarterly XRP market report for Q3 2022, revealing that the company held less than 50% of the supply for the first time, further countering centralization concerns.
“Across Ripple’s various wallets, the amount of XRP held, for the first time, is below 50Bn or 50% of the total outstanding supply.”
In the latest XRP Markets report, we discuss Ripple’s XRP holdings (now <50% of total supply), the state of global crypto regulation 🌎, macroeconomic moves and On-Demand Liquidity continued domination. 👇 https://t.co/sKSN5g9I5C
— Ripple (@Ripple) October 27, 2022
The company clarified that the XRP Ledger consensus mechanism ensures that irrespective of the amount of XRP held, each validator node only had one vote. It is worth noting that Ripple runs only 4 out of the over 130 XRP validators.
Commenting on the development, Ripple chief Brad Garlinghouse described the feat as a significant milestone in its ten-year history. Moreover, according to Garlinghouse, it is a testament to the growing utility of the XRP token.
“Below 50% – a huge milestone!” Garlinghouse wrote. “For 10 years, Ripple has focused on using XRP & the XRPL within our products for its speed, security and scalability for movement of value. As more customers use XRP in their payments flows, it’s clear there is real utility here.”
As previously reported by The Crypto Basic, the SEC finally handed over the contentious Hinman documents on October 20 after resisting six court orders. Notably, Ripple believes that the regulator did not attempt to offer clarity following the speech where the then-top SEC official asserted that Bitcoin and Ethereum are not securities, fully aware of the impact the speech would have on the emerging crypto industry. In the report shared today, the company reveals that the next step will be for both sides to file reply briefs in November and wait for the court’s decision.
Meanwhile, the firm discloses that it expects the XLS-20 amendment to go live in Q4 2022. Interestingly, as previously reported by The Crypto Basic, the proposal which promises to bring full NFT functionality to the XRP Ledger faced a setback in early September after developers discovered a potential exploit, leading to a version update.
However, in its report, Ripple reveals that voting on implementing the proposal now that developers have fixed the exploit is well underway. Notably, all of Ripple’s four nodes have voted in favor, along with 80% of the network validators as of October 17. It is worth noting that as per Ripple’s consensus system, the amendment will go live should the vote remain this way for two weeks.
Additionally, Ripple notes that the demand for its ODL service continues to grow. The service expanded to new markets in Latin America in Q3. As a result, it saw over $310 million in net ODL-related XRP sales, which is lower than the over $408 million in the previous quarter.
Highlighting reasons why people should build with the XRP Ledger, Ripple discloses that the network saw over 102 million transactions boasting a $56 billion volume or 152.8 billion in XRP in Q3. Furthermore, with the addition of NFTs and Ethereum smart contract functionality, the XRP Ledger is quickly becoming an Ethereum competitor in addition to an enterprise blockchain giant.
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