Market participants observed a remarkable 2,703% surge in XRP tokens bridged to the Coreum network in just two weeks, totaling 1.6 million tokens.
Since its inception last March, the Coreum blockchain project has consistently pursued interoperability with other chains. A significant step in this direction was the establishment of a two-way bridge between Coreum and the XRP Ledger (XRPL).
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Rapid Adoption and Growth
Data shows a significant increase in activity, with XRP holders on Coreum jumping by 2,287% to 191 shortly after the bridge’s public launch on March 20. By March 22, the total bridged XRP tokens reached 57,191, further reflecting the bridge’s increasing popularity.
XRP Tokens on Coreum | Coreum Explorer
The latest update marks a significant milestone for Coreum, hosting over 1.6 million XRP tokens, a remarkable 2,703% surge since March 22.
Presently, 464 addresses on Coreum possess 1.6 million XRP tokens, reflecting a 142% increase in holders from earlier reports. Notably, nearly 1.2 million of these tokens reside in liquidity pools on the Coreum-based decentralized exchange (DEX) Pulsara.
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Implications for Supply Shock
The XRP community has reacted to the surge of XRP tokens into Coreum, speculating on a potential supply shock. Bridging XRP to Coreum locks the XRPL-based XRP tokens in the bridge contract, decreasing the circulating supply.
Prominent figures within the XRP community, such as media personality Zach Rector and Ghostpunch Games’ Chad Steingraber, have highlighted the implications of increased adoption and bridging for XRP’s supply dynamics. They anticipate further bridges and heightened XRP burns, leading to a potential supply shock in the future.
The rise in XRP tokens on the Coreum network signals a notable shift in the XRP ecosystem, impacting its supply and market dynamics.
