Bitquery exposed the “boom” on the XRP Ledger: from September 19 to October 18, 7.79 million of the 7.82 million RLUSD payments—99.6%—came from a bot cluster of 110 addresses, all sent to just 3 recipient addresses, with each payment around a tenth of a cent and only $20 a day spent on fees.
The reality: fewer than 2,000 sending addresses over the entire month. Of the $7.33 billion in settlement volume, $6.98 billion—95%—came from 828 transfers of over $1 million each. The median transfer was just 150 RLUSD.
My take: transaction-count metrics are broken. Using dust transactions to argue that a blockchain is booming is the laziest form of self-deception. If you want to know what’s really happening, look at issuer mints and redemptions, and large settlements—that’s where the real money moves.
When judging $XRP , do you still look at transaction counts, or do you focus only on ETF inflows and the $1.25 level?
The reality: fewer than 2,000 sending addresses over the entire month. Of the $7.33 billion in settlement volume, $6.98 billion—95%—came from 828 transfers of over $1 million each. The median transfer was just 150 RLUSD.
My take: transaction-count metrics are broken. Using dust transactions to argue that a blockchain is booming is the laziest form of self-deception. If you want to know what’s really happening, look at issuer mints and redemptions, and large settlements—that’s where the real money moves.
When judging $XRP , do you still look at transaction counts, or do you focus only on ETF inflows and the $1.25 level?