The XRP Ledger (XRPL) has reached a new milestone in token issuance, driven by the launch of a new trading protocol. On October 17, 2024, data from Santiment confirmed XRPL hit an all-time high, with 213 new tokens issued in a single day. This number is nearly three times the previous record of 74 tokens set in October 2021. The surge follows a week of increased token issuance, largely fueled by the newly introduced First Ledger platform.
First Ledger Boosts Token Creation
First Ledger has simplified token issuance and trading on the XRPL. In just eight days, the protocol helped create 1,564 new tokens, the majority of which are meme coins. Before this surge, daily token issuance rarely exceeded 40.
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Some earlier spikes occurred in 2022, such as 31 tokens on July 21 and 32 on November 24. However, the recent high of 213 tokens in one day far surpasses these figures.
Vet, an XRPL decentralized UNL (dUNL) validator, pointed out that the real numbers could be even higher, as data from analytics platforms like Santiment often lags behind the actual activity.
First Ledger’s user-friendly platform, integrated with Telegram, has made token creation and trading frictionless. Adam, the founder of XRPCafe, created First Ledger, drawing attention for its ease of use.
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AMM Pools and Token Market Caps
First Ledger also impacted Automated Market Maker (AMM) pools, with 66% of all AMM pools on XRPL created in the past week by First Ledger users.
Despite the influx of tokens, only a few have gained significant market value. Out of 1,564 tokens, only four exceeded a $1 million market cap. These include DROP, GOAT, BEAR, and scrap.
Currently, XRPL hosts over 15,023 tokens, though only 203 have market caps above $2,000, indicating most tokens are speculative in nature.
