The total value locked (TVL) in XRP Ledger automated market makers (AMMs) has exceeded 10 million XRP, while the amount of pure XRP locked hit 5.19 million tokens.
Vet, a famous XRPL dUNL validator, brought attention to this remarkable growth in a recent post on X. This update built upon a post by pro-XRP Australian attorney Bill Morgan, who referenced data from an explorer to show that XRP tokens locked in AMM pools have reached the 5 million mark.
TVL on XRPL Hit 10.3M XRP
Referencing statistics from the DeFi analytics platform DeXfi, Vet revealed that the total assets secured in XRPL AMM pools have climbed to a value of 10.2 million XRP, equivalent to $5.3 million at the time of the update.
That's a solid 10M XRP Total Value Locked !
With 500 pairs we also reached 25% of Uniswap V3 total pairs.
Optimistic for volume and swaps to catch up, the AMM/DEX is in the center of all DeFi. https://t.co/NBvTghsfyO pic.twitter.com/CxhVI5oa7W
— Vet 🏴☠️ (@Vet_X0) June 2, 2024
Notably, these current figures represent significant growth from the values recorded six weeks ago in April. As reported by The Crypto Basic, the worth of XRPL TVL was 7.4 million XRP in April, with 3.7 million being pure XRP.
However, according to updated figures from DeXfi, the XRPL TVL now stands at 10.3 million XRP, equivalent to $5.4 million.
It is important to note that the 10.3 million XRP represents the combined value of all crypto assets secured within the XRPL AMMs, encompassing a variety of tokens such as Bitcoin (BTC), USDC, Sologenic (SOLO), Magnetic X (MAG), and USD.
Of this total, the specific quantity of XRP tokens locked is 5,190,097 XRP tokens, valued at approximately $2.7 million at the time of writing.
XRP on AMM Grows by 1.49M in 10 Days
Essentially, the locked XRP in AMM pools, which was approximately 3.7 million as of April 24, has increased significantly by 40.27% by June 2. This represents an addition of 1.49 million XRP in less than ten days.
At present, the MAG/XRP AMM pool holds the largest TVL, 1.5 million XRP, equivalent to $793K. According to XRPScan, 763,237 tokens are XRP locked in the pool. Moreover, this pool offers the highest annual percentage yield (APY) at 9.75%, coupled with a fee rate of 0.99%.
Overall, this significant growth in TVL on XRPL AMMs comes just under two months after the AMM functionality was introduced on the XRP blockchain, offering XRP holders an avenue to earn passive income.