Despite concerns about litigation between Ripple and the SEC, the XRP Ledger (XRPL) has shown significant growth in several aspects of the protocol during the second quarter of 2023. followThe latest report from the Messari analytics platform.
The report shows that XRP Circulating Market Cap Increases 42.5% Year-on-Year This growth was driven by a surge in asset prices in the first quarter. However, in the second quarter, market capitalization fell 10.7% from $27.8 billion to $24.8 billion.
Although the XRP platform has seen a decline in transaction volume quarter-on-quarter, But the average daily nonfungible token (NFT) transactions rose 12.7%, increasing from 13,800 to 15,500.
Messari’s data also reveals another major development in the XRP ecosystem: the expansion of XRPL sidechains, with two notable protocols, Coreum and the recently launched Root Network. These protocols play an important role in providing XRPL developers and users with the programmability they need, with Coreum focusing on the security of the ecosystem, while the Root Network focuses on driving metaverse innovation.
XRPL also achieved an increase in the number of new wallet addresses, reaching 138,790, representing a 31.8% growth compared to the same period in 2022. In addition, quarterly revenue rose 220.3% to $188,376.
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