10,000,000 XRP Create New Milestone for XRPL Automated Market Maker (AMM)
XRP Ledger (XRPL) has recently achieved a significant milestone as the amount of XRP locked in automated market maker (AMM) pools has surpassed 10 million, as reported by XRP Scan. Although the current total has slightly dipped to 9.6 million XRP, this development marks a major moment for the XRPL ecosystem.
Since their launch in late March, AMM pools have experienced substantial growth, with the locked XRP amount surging from 325,983 tokens to almost 10 million. These tokens are distributed across 593 pools, and new pools are consistently being added.
Leading the pack is the Magnetic token pool (MAG), which has locked 3,602,530 XRP. Following closely behind is the xGO pool, holding 921,270 XRP. Interestingly, the third-largest pool, with 651,269 XRP, is associated with CRYPTO, an account that cannot initiate transactions or create new tokens.
The increase in XRP locked in AMM pools showcases the growing interest in decentralized exchanges within the community. AMMs, powered by smart contracts, play a crucial role in providing liquidity and facilitating seamless asset exchanges based on mathematical formulas.
This milestone demonstrates strong investor confidence and highlights the expanding decentralized finance ecosystem on the XRP Ledger. As XRPL continues to evolve and innovate, the utilization of AMM pools is expected to uphold efficient and decentralized trading mechanisms for XRP and other assets such as Magnetic.