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According to XRP Ledger validator Vet, the XRP network recently handled a major wave of transactions. Despite the transaction surge, fees remain negligible. Vet reveals that XRP Ledger fees are countable in cents, and settlement time was consistent between three and four seconds.
Vet highlighted that XRP Ledger blockchain showed significant throughput, sustaining over 140 TPS and blocks having up to 987 transactions. Vet explained how XRP DEX was at the center of this surge, with the XRP/RLUSD pair contributing significantly.
Vet noted that nearly all activity on the DEX came from this pair and associated bots. There are bots that flood the order book with offers on both sides, buy/sell, market makers. They constantly create offers and use the same OfferSequence to cancel the previous ones and adjust for pricing.
The XRP Ledger validator explains the concept of a "Ghost Wall," highlighting that some of the bots use a spoofing botnet as well to trick others into believing liquidity depth exists, with offers that have no liquidity behind them, to buy tokens for cheaper if people do not account for that (slippage) or arbitrage bots to fired into the void.
Vet highlighted a trend seen on the XRP Ledger for the day wherein it started with low transaction volume and saw a sharp spike toward the afternoon. However, XRP Ledger handled it perfectly.
XRP Ledger sees $550,000 audit contest
In a major development, the XRP Ledger roadmap is getting a $550,000 audit contest; Ripple has announced a $550,000 attackathon with Sherlock starting next week.
Sherlock, in collaboration with RippleX, is putting upcoming XRPL features under a two-week, feature-unlock security review. According to Ripple's head of engineering, JA Akinyele, this move will help to detect bugs in upcoming features and harden the XRPL protocol.
XRP Community Night Paris, an XRP community event, is approaching and will be held on April 15, 7:00-10:00 p.m., in Solum, Paris.
Dan Burgin
U.Today Editorial Team
