Home Blockchain Ripple’s XRP Ledger Surpasses 82 Million Ledgers, Boosts NFT Growth With XLS-20

Ripple’s XRP Ledger Surpasses 82 Million Ledgers, Boosts NFT Growth With XLS-20

by Melai Briones

The XRP Ledger (XRPL) has achieved a significant milestone by closing over 82 million ledgers, marking a new achievement for the blockchain network. This comes just a month after the XRPL hit 81 million ledgers, demonstrating its commitment to decentralization, speed, scalability, and security.

The announcement of this milestone was made by Collin Brown, a renowned blockchain researcher, who stated that the XRPL’s growth in the non-fungible token (NFT) sector positions it as a strong competitor to Ethereum. Brown believes that this achievement will contribute to increased adoption of XRP, the native token of the XRPL.

One of the main drivers behind the XRPL’s recent growth is the integration of the XLS-20 protocol. Introduced less than a year ago, this protocol has revolutionized the XRPL by enabling the seamless creation, holding, and trading of NFTs within XRPL accounts. It also simplifies royalty management and offers efficient minting and burning of NFTs by providing automated royalties.

Since the launch of the XLS-20 feature, the NFT space within the XRPL ecosystem has experienced exponential growth. Over 1.9 million NFTs have been minted, and close to 30,000 accounts now possess 1.6 million NFTs. Furthermore, more than 1.2 million NFTs have been transferred or sold, with a total transaction value of $12.8 million in single-step deals. These impressive figures highlight the XRPL’s potential as a fierce competitor to Ethereum in the NFT realm.

In addition to the successful integration of XLS-20, the XRPL is reportedly planning upgrades to its layer 2 smart contract platform, Evernode. These improvements aim to enhance the platform’s reliability and sustainability while furthering crypto and NFT adoption and innovation.

The XRP token itself has also witnessed a surge in daily trading volumes for crypto exchanges in the U.S., reaching an all-time high this week. With Ripple making significant progress, particularly in the booming NFT sector, speculation is rising about whether these achievements can drive the price of XRP to touch the $1 mark.

Overall, the XRPL’s milestone of closing over 82 million ledgers showcases its continued growth and solidifies its position as a leading blockchain network. With the integration of the XLS-20 protocol and planned upgrades to Evernode, the XRPL is set to further advance its decentralization, speed, scalability, and security, as well as become a formidable competitor to Ethereum in the NFT space.

Disclaimer: This article was generated with the support of AI and reviewed by an editor. For more information, see the Terms and Conditions.

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