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10,000,000 XRP Make New Major Milestone for XRPL AMM

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Sun, 23/06/2024 - 12:55
10,000,000 XRP Make New Major Milestone for XRPL AMM
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XRP Ledger (XRPL) recently reached a major milestone as the amount of XRP locked in automated market maker (AMM) pools surpassed 10 million, according to XRP Scan. While the current total has dropped slightly to 9.6 million XRP, this development marks a big moment for the XRPL ecosystem.

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Since their launch in late March, AMM pools have grown significantly, with the amount of locked XRP increasing from 325,983 tokens to nearly 10 million. These tokens are spread across 593 pools, with new pools being added on a regular basis.

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Leading the pack is the Magnetic token pool (MAG), which has 3,602,530 XRP locked. Close behind is the xGO pool, which holds 921,270 XRP. Interestingly, the third largest pool, with 651,269 XRP, is associated with CRYPTO, a blackholed account that cannot sign transactions or issue new tokens.

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Source: XRP Scan

The increase in XRP locked in AMM pools reflects growing interest in decentralized exchanges within the community. Powered by smart contracts, AMMs play a critical role in providing liquidity and enabling the seamless exchange of assets based on mathematical formulas.

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This milestone demonstrates strong investor confidence and underscores the growing decentralized financial ecosystem on XRP Ledger. As XRPL continues to evolve and innovate, the use of AMM pools is expected to support efficient and decentralized trading mechanisms for XRP and other assets such as Magnetic.

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