- XRP Ledger experiences 350% increase in transactions, reaching 4.11 million due to the XRP Script project.
- XRP Script project enables enrollments in XRP Ledger, causing network overload and increase in unique addresses.
The XRP Ledger has experienced a significant increase in transactions, reaching a peak of 4.11 million in the last 24 hours. This increase is the highest recorded in the last two years, surpassing even the figures of November 2021.
Looking at the XRP Scan data, it can be seen that the number of unique sending addresses has also increased, with a growth of 168%. In addition, there was an increase in the number of payments from one account to another, reaching 3.2 million, a figure not seen since November 2019.
This increase in activity is attributed to the XRP Script project, which has introduced the ability to make inscriptions in the XRP Ledger. These inscriptions allow users to incorporate arbitrary data, creating digital artifacts on the XRP blockchain. Market participants have quickly adopted this novelty, generating a large number of “XRP20” inscriptions.
These efforts to inscribe data into XRP drops, the smallest denomination of the cryptocurrency, have caused a substantial increase in transactions, overloading the XRP Ledger. This phenomenon is similar to that observed in other networks that have implemented enrollment functions.
We’ve noticed that public RPCs for XRP are used by too many people and the failure rate is now too high
Here are all the public XRP RPCs we found
wss://xrplcluster.com
wss://s1.ripple.com
wss:///s2.ripple.com
wss://xrpl.wsMinted 8.22%
We have also optimized the Bot, please… pic.twitter.com/xiNIyEn9Qt
— CoinTool.App (@cointool) December 26, 2023
XRPL developers have reacted to this situation
The CTO of XRPL Labs has called the project spam, while Neil Hartner of Ripple has mentioned suspending the issuance of new XRPL registrations. Despite this, the number of transactions remains high.
This scenario raises questions about the balance between innovation and network stability. While new features can increase utility and interest in a blockchain, they also present challenges related to congestion and efficient network management.
The case of the XRP Ledger serves as an example of how cryptocurrencies and their underlying technologies are constantly evolving. Innovations, such as enrollments, can generate excitement and offer new opportunities, but they also require careful management to ensure that they do not negatively impact network functionality and efficiency.
This event is a reminder that the cryptocurrency sector is subject to unpredictable changes in some cases, underscoring the importance of being aware of emerging trends and developments in the market.
