Ripple triggers a surge in XRP Ledger activity with the latest update
The XRP Ledger (XRPL) has successfully rolled out Software Update 2.5.0, a major release that brings in a high-powered combination of new features and improvements to the network.
This is one of the most ambitious software releases in XRPL history, opening new use cases for the technology and moving it and the token in line with the broader crypto and blockchain community.
One interesting new feature in this flavor is the ability to batch your transactions and aggregate as many operations into a single transaction as desired.
Such flexibility is even more helpful for companies, enterprises, and fintech projects, which require the ability to perform fast bulk payments or token airdrops. e.g., payroll, airdrop, and dApp token distribution services can now be cheap and have very few on-chain transactions.
Integration also includes support for token escrow, a feature enabling assets, including RLUSD and other tokens, to be locked for future release. This is a must-have for financial products (vesting schedules, timed payouts, deposit management systems, etc.). It allows developers to build even more sophisticated and secure DeFi tools on the XRP Ledger.
Permissioned DEXs are another major redevelopment of the platform. In contrast to the traditional DEX open to everyone, permissioned DEXs offer more versatility for developers, who can limit access according to their requirements for regulations, thus offering a more managed space for transactions.
Ripple triggers a surge in XRP Ledger activity with the latest update
Performance metrics of the network have been increasing in the software update quickly than expected. In the two weeks before the update, daily active addresses increased more than 7x, signaling increased user and developer interest. Analysts view this as a demand increase for XRPL’s growing scope.
After previously being hyped as the chain of choice for trading with meme coins and NFTs, Solana, whose meme coin activity has since dived, has already lost most of its dominance to competitors such as BNB Chain.
Furthermore, according to reports, $2.5 billion worth of capital has fled the Solana network over the past weeks. Ethereum has also been affected by scalability issues.
By contrast, the XRP ecosystem is going gangbusters. According to market data, it’s attracting interest from large financial institutions. The CME Group, one of the world’s largest derivatives marketplaces, recently labeled XRP as the most-watched cryptocurrency.
In addition, the XRP Ledger continues to make new collaborations with significant financial players such as Uphold and Ondo Finance. These integrations continue to push XRPL’s functionality into trading digital assets, tokenizing real-world assets, and cross-border finance use cases more commonly associated with Ethereum-based protocols.
XRP price jumps 6% following Ripple’s update
The XRP has also bounced back strongly after the 2.5.0 update. In the first few hours after the update, the coin spiked almost 6%, reversing last Sunday’s crushing of the market cap of heaps of cryptocurrencies.
This price action tells us the investor community doesn’t think this software update will be a technical patch upgrade, but rather a fundamental upgrade.
Providing features such as the ability to batch transactions and escrow tokens is a real-world utility for the XPR Ledger, so this has the potential to attract further developers, startups, and companies to build their businesses on top of the XRP Ledger.
A few months ago, Mayukha Vadari, senior software engineer at RippleX, teased that version 2.5.0 would be a game changer! During her comments at a developer livestream in May, for example, she said the update could make XRPL well-positioned to overcome Ethereum and Solana in terms of scalability and institutional adoption.
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