XRPL Sees Record-Breaking Transaction Volume Despite New User Decline
XRP Ledger (XRPL) processed an impressive 222.4 million transactions in Q2 of this year, the second-highest quarterly total on record. This represents a slight decline of 6.5% from the previous quarter's highest-ever total of 238.0 million.
The average daily transaction count was around 2.44 million, with failed transactions amounting to 54.6 million (24.5% of the total). This failure rate is slightly higher than in Q1, when it stood at 19.0%. New user activity has slowed down, with average daily active addresses decreasing by 10.7% from the previous quarter and 24.5% from a year ago.
On the other hand, XRP Ledger's decentralized exchange (DEX) trading experienced a significant contraction in Q2, with volume dropping by 35.9% from the previous quarter to $482.9 million. The vast majority of trading on XRPL is still concentrated in the order-book model.
The ecosystem of tokens issued on the network continues to grow, with the market value of around 1,100 tokens reaching $980.4 million by the end of Q2, a rise of 21.0% from the previous quarter and 67.9% from a year earlier. RLUSD dominates this space, accounting for 69.0% of token value.
Stablecoin supply on XRPL also saw significant growth in Q2, jumping by an impressive 195.4% to $825.5 million compared to the previous quarter's total. This is a staggering increase from just $66.1 million a year ago. RLUSD makes up 82.0% of this stablecoin supply.