XRPL Transaction Activity Raises Concerns About 'Ghost Chain' Label

An independent audit by Bitquery has raised concerns about the nature of XRPL's transaction activity. The audit, which covered over 5 billion transactions since 2013, found that 793 accounts were responsible for 93.2% of August's traffic.

David Schwartz, CTO of Ripple, defended the high volume of low-value transactions on XRPL, arguing that its base fee of 10 drops enables both meaningful use and a large number of small transactions.

The audit found that less than 1% of August's transactions represented human payments, with most being low-value activity. This has led some to label XRPL as a 'ghost chain', implying that it is used more for speculative purposes than for actual financial transactions.