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September 2024 was a crucial month for the XRP and Ripple community as it was a packed-up month with important updates and milestones. Dan Fisher, the community relations Manager at Ripple shared a quick recap of the months events.
Ripple Eyes Programmability for XRPL
Ripple announced the exploration of programmability for the XRP Ledger (XRPL). The firm plans to do this through the upcoming EVM sidechain and a possible native smart contracts functionality with community collaboration.
Xrpscan, the popular XRPL explorer tool, unveiled an advanced on-chain search feature, now available in beta. This new functionality offers users deeper insights into blockchain activities, with feedback being actively sought from developers, exchanges, and XRPL enthusiasts.
RippleX revealed that the next XRPL Apex conference will be held in Singapore in June 2025, setting the stage for more groundbreaking discussions and developments in the XRP ecosystem.
We’re pleased to announce the beta availability of our new XRPL Advanced Search engine: https://t.co/6WxW8i8MsU
This deep transaction search service is an industry-first tool to search and filter transactions in milliseconds. On XRPL we support searching by all 100+ transaction pic.twitter.com/mF4F8hd3Jy
— XRPScan (@xrpscan) September 3, 2024
Fluctuations in XRPL AMM Trading Volumes
The XRPL Automated Market Maker (AMM) experienced a wave of activity over the past few months. According to XPMarket, trading volumes surged earlier in the year, reaching over $10.6 million in June, before cooling to around $5.4 million by August.
Despite the slowdown, the total value locked (TVL) in AMM reached an all-time high of $31.6 million, signaling continued investor confidence and asset growth.
DeXfi Expands with New NFT Marketplace
DeXfi, a DeFi protocol on XRPL, launched an NFT marketplace and introduced new features to its platforms, dexfi.pro and the Xaman xApp. Furthermore, Bithomp, a long-standing XRPL explorer, underwent a rebranding and moved to its own dedicated website, xrplexplorer.com.
Similarly, Vet, an XRPL dUNL validator, launched a tracker for the Ripple USD (RLUSD), allowing users to monitor the beta testing of the stablecoin across both the XRPL and Ethereum networks.
In addition, XRPL wallet Xaman rolled out version 3.0, introducing new features, improvements, and a monetization strategy aimed at ensuring the platforms sustainability and growth.
Institutional and Enterprise Adoption
Grayscale launched an XRP Trust, which offers accredited investors the opportunity to gain exposure to XRP through private placements. This was the first of four phases in the introduction of an XRP ETF. Grayscales Head of Product & Research, Rayhaneh Sharif-Askary.
“By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure,” Grayscales Head of Product & Research stated.
Zoniqx, a company specializing in real-world asset tokenization on XRPL, won the 2024 FinTech Award presented by Wealth & Finance International as the Most Innovative Tokenization & Liquidity Solutions Company.
Boosted Security & Regulation
Meanwhile, Mayukha Vadari, a Senior Software Engineer at Ripple, introduced two new XRPL specifications: XLS-80d and XLS-81d. The first focuses on making on-chain permissions easier, while the second enhances security and regulation in decentralized exchanges (DEX).
XRPKuwait announced the addition of two new infrastructure hubs, bringing the total number of XRPK hubs to four. These hubs play a critical role in maintaining the decentralized and open-source nature of the XRP Ledger.
Anodos Finance marked its first anniversary by unveiling plans to expand its offerings on the XRPL, including portfolio management, swaps, and vaults. The firms growth reflects the increasing maturity of the XRPL ecosystem.
AI Funding Track Added to XRPL Grants Program
In a move to support innovation, the XRPL Grants program introduced a new AI funding track aimed at encouraging developers to leverage artificial intelligence on the XRPL platform.
With these updates, its clear that Ripple and the XRPL ecosystem are gearing up for a transformative period ahead, fueled by technological advancements and growing community engagement.
