State of XRP Ledger Q2 2024

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Key Insights

Financial Analysis

At the close of Q2’24, the XRPL’s native token, XRP

XRP’s QoQ market cap decrease of 23% outpaced the overall

In the second consecutive quarter, all measured network metrics declined except for total addresses (+0.1% QoQ) and average transaction fee (+105% QoQ).

Addresses on the XRPL can contain destination tags

As with the other metrics discussed above, the decline in Payment transactions during Q2 was due to a decline in inscription activity

The total daily transactions metric includes 41

While Payments exceeded OfferCreates for the second consecutive quarter, Payments share of the overall transaction count declined 79% QoQ, reflecting the decline in inscription activity from its peak in Q1. Prior to Q1 2024, OfferCreate has historically been the most common transaction type.

Six new

Although the XRPL’s ecosystem hosts many of the same features as programmable settlement networks — such as Ethereum, Solana, and Cardano — the XRPL does not natively support smart contracts. Arbitrary smart contracts are not enabled on the base layer as a design choice to ensure maximum security and stability. Instead, ecosystem artifacts – such as a DEX and Issued Currencies – are natively built into the protocol. The XRPL supports multiple assets through tokens (also called Issued Currencies or IOUs). They are onchain representations of arbitrary currencies, commodities, units, etc.

In contrast, AMM volume has steadily increased since the launch of the AMM in March, enough to eclipse CLOB volume for six days in June. Both incumbents, such as Sologenic

Stablecoins and wrapped tokens are popular on XRPL ranked by number of holders, relative to other tokens. Gatehub and Xaman (formerly Xumm

On the XRPL, NFTs are built into the core protocol and do not require smart contracts for creation or transfers, like Issued Currencies (also known as native tokens). NFTs were standardized by XLS-20

In Q2, all NFT transaction categories declined leading total NFT transactions to decline 67% QoQ. NFTokenMint transactions declined the most, falling 87.2% QoQ, while NFTokenCancelOffer transactions declined the least, falling 30% QoQ.

Massive spikes in mint activity drove NFTokenMint to surpass NFTokenCreateOffer as the most common NFT transaction type in Q4 2023 and Q1 2024. However, NFTokenCreateOffer once again became the dominant transaction type in Q2 2024. This reversal followed the trend of OfferCreate being the most dominant of all transaction types on XRPL. As of the end of Q2, 6.6 millionCosmos IBC interoperability was enabled

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