During the second quarter of 2023, the XRP Ledger, despite concerns surrounding the Ripple vs. SEC lawsuit, experienced significant growth in various aspects of its protocol, as indicated by a recent report from Messari, a crypto analytics platform.
According to the report, the circulating market cap of XRP has increased by 42.5% year-to-date, although it declined by 10.7% in Q2, from $27.8 billion to $24.8 billion. While the transaction volume on the XRP platform decreased during this quarter, there was a noteworthy 12.7% rise in average daily nonfungible token (NFT) transactions, increasing from 13,800 to 15,500. Despite being overshadowed by competitors like Ethereum and Solana, the XRPL is gaining traction in decentralized finance (DeFi) and NFT ecosystems.
The Messari data also revealed the expansion of XRPL sidechains, with the introduction of two notable protocols, Coreum, and Root Network. Coreum focuses on ecosystem security, while Root Network aims to drive metaverse innovations, both providing desired programmability for XRPL developers and users.
One significant achievement of the XRPL was the notable increase in the total new address count, reaching 138,790, representing a growth of 31.8% compared to the same period in 2022. Furthermore, quarterly revenue surged by 220.3% to reach $188,376.
Despite the challenges posed by the ongoing SEC lawsuit, Ripple has witnessed efforts from developers within its ecosystem to promote utility adoption. The growth observed in essential operational aspects of the XRPL signifies progress toward delivering sustainable value and utility.
Ripple’s focus on real estate tokenization and dedicated research in blockchain technology positions it with distinct fundamentals that hold the potential for substantial long-term growth and innovation.