XRP Ledger Automated Market Makers (AMMs) have experienced a remarkable surge in value, surpassing 10 million XRP in total assets locked. This growth was highlighted by Vet, a well-known XRPL dUNL validator, in a recent post on X. The data, sourced from an explorer, was initially shared by pro-XRP Australian attorney Bill Morgan, who revealed that the amount of XRP tokens locked in AMM pools had reached 5 million.
The total value locked (TVL) in XRPL AMM pools has now reached 10.2 million XRP, equivalent to $5.3 million according to DeFi analytics platform DeXfi. These figures indicate significant growth compared to April, when the TVL was recorded as 7.4 million XRP, with 3.7 million being pure XRP. However, the updated figures from DeXfi show that the XRPL TVL is now 10.3 million XRP, equivalent to $5.4 million.
It is important to note that the 10.3 million XRP represents the combined value of various crypto assets secured within the XRPL AMMs, including Bitcoin (BTC), USDC, Sologenic (SOLO), Magnetic X (MAG), and USD.
Out of the total TVL, 5,190,097 XRP tokens are locked, valued at approximately $2.7 million. This highlights a significant increase of 1.49 million XRP in less than ten days, representing a growth of 40.27% since April 24.
The MAG/XRP AMM pool currently holds the largest TVL, with 1.5 million XRP, equivalent to $793K. XRPScan reveals that 763,237 tokens are locked in this pool, which offers the highest annual percentage yield (APY) at 9.75% and a fee rate of 0.99%.
This impressive growth in TVL on XRPL AMMs comes just under two months after the introduction of AMM functionality on the XRP blockchain, providing XRP holders with an opportunity to earn passive income.
Please note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. It is recommended that readers conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.