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In the fourth quarter of 2023, the XRP Ledger (XRPL) witnessed significant growth across various fronts, leading to a notable increase in the market value of tokens on the platform. According to a recent report by Messari, the total market value of tokens on XRPL jumped by 47%, reaching $169 million compared to the previous quarter.
SOLO Becomes the Primary Asset on the Protocol
Despite hosting over 3,300 different assets, the primary token on XRPL is SOLO, commanding 45% of the total market value and emerging as the dominant force. The top three tokens on the protocol collectively account for 67% of the total market value.
The native asset of XRP Ledger, XRP, maintained its position as the sixth-largest cryptocurrency by market value, reaching $33.7 billion. Its circulating market value saw a significant quarter-over-quarter increase of 21.2% and a notable year-over-year increase of 93.6%.
In 2023, a distribution of 4 billion XRP, representing 8% of the XRP supply at the end of 2022, took place. While this distribution contributed to the growth of the market value, Messari’s analysis indicates that the sharp price increases played a more significant role in the rise.
Network Activity on XRPL Presents a Mixed Picture
The network activity on XRPL presented a mixed picture in the fourth quarter. Active wallet addresses decreased by 31.3% compared to the previous quarter, while transactions saw a notable increase of 22.7% in the same period. Notably, a significant portion of transaction activity originated from a relatively small set of accounts sending transactions to a single account, indicating concentrated activity.
Meanwhile, NFT minting experienced a surprising increase of 491% over the previous quarter, leading to a 170% increase in total NFT transactions. In just the fourth quarter of 2023, there were 3.4 million NFT mints, representing more than half of all mints since the implementation of the XLS-20 standard in 2022.
In other recent developments related to the protocol, it was revealed that validators of the XRPL EVM sidechain would receive compensation in XRP. This announcement was made by Ferran Prat Tio, co-founder and CEO of Peersyst Technology, the company responsible for the XRPL Ledger EVM-compatible sidechain. The EVM sidechain, connected to XRPL via a bridge, operates independently and facilitates Ethereum transactions while using XRP as its native asset.
