The new additions have brought the number of tokens on the XRP network to 8,356.
The XRP Ledger (XRPL) has recently experienced substantial growth, with more than 2,000 tokens integrated into the network within the past year. This noteworthy uptick in adoption has persisted despite the ongoing legal dispute between Ripple and the U.S. SEC.
According to the prominent XRP influencer Eri (@sentosumosaba), a significant driver behind this exponential growth has been implementing the new token standard, which introduced the concept of NFTs to XRPL.
My Source: Boris Alergant – Head of DeFi Markets, @Ripple pic.twitter.com/YxnBAGb4zj
— ?Crypto Eri 220k+ Followers (Beware of Imposters) (@sentosumosaba) February 21, 2023
According to Eri, the disclosure came from Boris Alergant, Head of DeFi Markets at Ripple Labs. Recent data from XRPL.to shows that the 2,000 token additions in the past year have resulted in a surge to 8,356 tokens currently on XRPL. Eri touted this as a growth that rivals other notable blockchains such as Solana.
Two of the most prominent additions in the past year are the Coreum (CORE) and the Sologenic (SOLO) tokens which secure the top two positions of the biggest tokens by 24-hour trade volume. These tokens also have some of the largest market caps on XRPL, with CORE having a valuation of $329M and SOLO $64M.
NFTs On XRPL
The XRP Ledger has also seen a surge of non-fungible tokens (NFTs) since native NFT functionality went live on the network last October. Chief among these NFTs are the XPUNKS, xSPECTAR, and OXP tokens which have enjoyed massive adoption rates in the past few months. As of press time, the global token market cap on XRPL is currently $530.4B.
$20B Marketcap
Moreover, XRP, the network’s native token, continues fighting against the bears despite its unique situation. XRP’s market capitalization recently soared over the $20B mark as the asset seeks to establish a position above the $0.40 price point. XRP is trading for $0.4003, up 2.29% in the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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