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The Xaman Wallet, a noncustodial crypto wallet built on the XRP Ledger Xahau sidechain, is seeing impressive adoption, which has placed it in the spotlight. According to an update from Wietse Wind, the cofounder of the Xaman Wallet, the protocol is facing a very positive reversal in the monthly active user metric.
Xaman Wallet and adoption curve
The adoption curve for Xaman Wallet has slowed from its 52-week peak of 164,200 in December 2023. From this level, monthly active users have been dropping and hit a low of 92,362 in mid-September. While the reason for this massive drop remains unknown, the recovery of the Xaman Wallet is very clear from the chart Wietse Wind posted.
Yuri MolchanAs of writing time, the wallet’s monthly active users have crossed the 100,000 threshold again. In subsequent posts, the core developer noted that daily active users have also bottomed out.
Based on the 52-week data, this unique daily active user count scored 36,409 in late February. Amid the broader market uncertainty, this dropped to 10,878 in September. Like the monthly user count, the Xaman Wallet has also recovered and almost reached the 15,000 range.
Influence of XRP Ledger and RLUSD
While not directly affiliated, the growing hype around the XRP Ledger might have contributed to the growth of users on Xaman Wallet.
With a series of upgrades on the XRP Ledger and beta testing of the RLUSD stablecoin, the sentiment around the broader XRP, Xahau stablecoin, is high. This has potentially translated to the renewed adoption of Xaman Wallet.
Vladislav SopovNotably, the payments use case on Xaman dominates the adoption trend. Besides this, OfferCreate and TrustSet are the top three transaction types on the protocol. While the adoption of the Xaman Wallet is far from peak levels, the current traction shows that more impressive milestones might be ahead.
Alex Dovbnya
Vladislav Sopov
Dan Burgin