XRP Ledger Hits New Milestone: Millions of XRP Burned

The XRP Ledger (XRPL) has achieved a significant milestone, marking 13 million XRP tokens burned and 92 million ledgers successfully closed.

This milestone, shared on X by Amelie (@_Crypto_Barbie), highlights the efficiency and longevity of the XRPL, which continues to operate as a high-speed, low-cost blockchain for digital asset transactions.

The XRPL’s burn mechanism is crucial in reducing the total supply of XRP over time. Each transaction on the network incurs a small fee, which is then burned—permanently removed from circulation.

This deflationary mechanism aims to prevent spam attacks on the network by adding a minimal cost to every transaction. It can help increase the digital asset’s price through a gradual increase in scarcity. The recent milestone, reaching 13,009,742.65 XRP burned, reflects the cumulative activity on the XRPL since its launch.

Major Advances for the XRP Ledger (XRPL)

The report also states that the 92 millionth ledger was successfully closed, emphasizing the network’s resilience and continuous operation.

With each ledger representing a collection of validated transactions, the high ledger count shows the sustained use of the ledger for various types of transactions, including payments, token issuance, and decentralized finance (DeFi) activities.

The ledger’s performance metrics offer further insights into its efficiency. With a transaction throughput rate of 17.29 transactions per second (TPS) and an average ledger close time of 3.88 seconds, the XRPL remains one of the fastest public blockchains available.

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These metrics make the XRPL an attractive choice for enterprises and individual users looking for quick and reliable cross-border transactions. Its speed and efficiency have also made XRP and RLUSD, Ripple’s upcoming stablecoin, suitable for debt management through tokenization on the blockchain. This could alleviate the stress on the U.S. bond market and prevent a global financial crisis .

Additionally, the network has seen over 160,000 successful payments and 483 new accounts created, as highlighted by data from XRPScan.

These figures illustrate the steady growth of the ledger’s user base and the increasing utility of the platform as more individuals and businesses turn to decentralized solutions for payments and other financial services.

This new milestone shows the growing relevance and stability of the XRPL. Experts expect bigger things for the XRPL and XRP particularly over the next few months, with ChatGPT recently predicting that the digital asset could hit a multi-year high soon.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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