XRP Ledger onchain transactions decreased by 65.6% in Q2 2024
According to Ripple's Q2 2024 XRP Markets Report, the volume of transactions on the XRP Ledger (XRPL) decreased significantly from Q1 to Q2 in 2024, with average transaction costs increasing.
During Q2 2024, XRPL's onchain transaction activity dropped by 65.6%, with approximately 86.38 million transactions recorded, compared to 251.39 million transactions in 2023, according to a report published on August 2 by the XRP issuer.
“Activity on most major protocols slowed in Q2. XRPL on-chain activity was no different in Q2 compared to Q1, Ripple said.
The decline in transaction activity comes as the price per transaction rose 168% in the quarter to 0.00394 XRP (XRP). Ripple explained that this cost increases with network load to protect the peer-to-peer network from spam.
The increase in transaction costs and the decrease in transaction activity are the opposite of last quarter's results, when the number of transactions doubled (108%) from Q4 2023 to Q1 2024 and the average transaction cost nearly halved (45%). .
Despite the slowdown in trading activity, Ripple expects digital asset exchange Archax to bring “hundreds of millions of dollars” worth of real-world assets (RWA) on XRPL next year.
Meanwhile, Ripple has reiterated its plans to launch a stablecoin, USD, sometime in 2024, which will be backed by US dollar deposits, short-term US government Treasuries and other cash equivalents.
Related: XRPL blockchain cross-chain DeFi plug
The release of the report comes after token platform OpenEden announced that it has started tokenizing US Treasury bills (T-bills) on XRPL.
In the year On August 1, Cointelegraph reported that the platform's TBL tokens are backed by short-term US government T-bills and repurchase agreements backed by US Treasurys.
The token minters are subject to Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to ensure security and regulatory compliance measures are maintained.
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