Summary
- The number of active addresses on the Ripple Ledger has reached a yearly high, showing an upward trend.
- As the on-chain transaction volume exceeded the deposit volume of centralized exchanges, the active addresses on the Ripple Ledger increased sharply.
- Ripple's on-chain transaction volume is lower compared to other Layer 1 mainnets, but the increase in participation by small investors suggests the potential for competitive dApp growth.
The on-chain transaction volume of the Ripple Ledger has significantly increased, leading to a record number of active addresses this year.
On the 8th (local time), Wenry Seoul, an analyst at the on-chain analysis platform CryptoQuant, stated, "Until the third quarter of 2024, most transactions on the Ripple Ledger were focused on transfers between centralized exchanges and specific companies. However, recently, the on-chain transaction volume has greatly exceeded the deposit volume of exchanges, causing a sharp increase in active addresses. Particularly on the 2nd, the number of active addresses surpassed 100,000, marking the highest point of the year."
Although Ripple's on-chain transaction volume is still lower compared to other Layer 1 mainnets, the increase in on-chain transactions by small investors suggests a potential competitive environment for dApp growth in the future.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
