The automated market makers (AMMs) on the XRP Ledger have experienced a remarkable increase in total value locked (TVL), surpassing 10 million XRP. Among the locked assets, 5.19 million tokens consist of pure XRP.
Vet, a well-known XRPL dUNL validator, highlighted this impressive growth in a recent post on X. Vet’s update expanded on a post by pro-XRP Australian attorney Bill Morgan, who used data from an explorer to demonstrate that XRP tokens locked in AMM pools have reached the 5 million mark.
According to statistics from the DeFi analytics platform DeXfi, Vet revealed that the total assets secured in XRPL AMM pools have now reached a value of 10.2 million XRP, equivalent to $5.3 million at the time of the update.
It is important to note that these current figures represent significant growth compared to the values recorded six weeks ago in April. In April, the TVL of XRPL was 7.4 million XRP, 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 worth mentioning that the 10.3 million XRP represents the combined value of all crypto assets locked within the XRPL AMMs, including tokens such as Bitcoin (BTC), USDC, Sologenic (SOLO), Magnetic X (MAG), and USD.
Out of this total, 5,190,097 XRP tokens are locked, valued at approximately $2.7 million at the time of writing.
The locked XRP in AMM pools has witnessed significant growth, increasing by 40.27% from approximately 3.7 million on April 24 to 5.19 million on June 2. This translates to an addition of 1.49 million XRP in less than ten days.
Currently, the MAG/XRP AMM pool holds the largest TVL, with 1.5 million XRP, equivalent to $793K. According to XRPScan, there are 763,237 XRP tokens locked in this pool. Additionally, this pool offers the highest annual percentage yield (APY) at 9.75%, along with a fee rate of 0.99%.
Overall, this significant growth in TVL on XRPL AMMs comes just under two months after the introduction of AMM functionality on the XRP blockchain, providing XRP holders with an opportunity to earn passive income.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may reflect the author’s personal opinions and do not represent the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.
