Blockchain payments firm Ripple Labs published its Q1 market report on Friday, highlighting the developments and additions to its growing ecosystem. Brad Garlinghouse, Ripple CEO just reacted to the outstanding data while he celebrated the milestones that were recorded on the XRP Ledger (XRPL).
The Ripple executive noted that the beginning of Q2 marks a period of more traction for XRPL. According to Garlinghouse, his excitement is largely centered around the native Automated Market Maker (AMM) feature that went live on the mainnet in the first quarter.
The AMM was first teased more than a year ago with several developmental efforts and amendments going into its implementation. However, the XRP Ledger finally launched the AMM engine in March 2024. As soon as it was released, it received a lineup of its first liquidity pools with one of the holding LP Tokens holding a balance of more than 19.9 million units. XRPL saw the launch of the AMM as an avenue to secure a sizable share of the Decentralized Finance (DeFi) market.
With the AMM live on mainnet, token swap became feasible although top players like Uniswap and PancakeSwap are already present in this niche. The AMM feature will also help usher in bridges that can spark another bout of innovation within the XRP ecosystem. It’s only about two months since this feature went alive and it has welcomed an ammendment.
The developer team behind the AMM introduced the “fixAMMOverflowOffer” to address abnormal payment channels. The “fixAMMOverflowOffer” clause resolves the container overflow glitch revealed after the start of the launch of the AMM engine.
Noteworthy, the XRP Ledger market report also highlighted the growing demand for spot Bitcoin ETFs in the United States.
In Q1, the demand for the new offering greenlighted by the U.S. Securities and Exchange Commission (SEC) truly hit a significant high as the price of Bitcoin rose. It was during that time that Bitcoin hit its latest all-time-high (ATH) of over $73,000. But recently, the spot Bitcoin ETF ecosystem has been reeling in massive outflows.
As of today, there is a hint of recovery in the spot Bitcoin ETF market as the market sees a notable inflow of $222 million. Other highlights in the XRPL market report features the volume growth of CEX and DEX as well as some key regulatory updates.
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