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Ripple Labs CEO Brad Garlinghouse revealed that swap volumes on XRP Ledger’s decentralized exchange (DEX) surpassed the $400 million mark in January, indicating increased activity among larger participants in the network.
The DEX has seen an average of over $17 million in daily transactions this month, totaling more than $1 billion since its launch in 2024.
The significant growth of the XRP Ledger’s DEX has contributed to making 2024 a pivotal year for Ripple, according to Garlinghouse. This growth has been accompanied by the promising start of Ripple’s US dollar-pegged stablecoin, RLUSD, and several filings for proposed XRP exchange-traded funds (ETFs).
The optimism among traders has been fueled since November by the prospect of a crypto-friendly administration under former President Trump. This political climate is perceived to potentially benefit U.S.-based companies like Ripple and their associated tokens.
The XRP Ledger’s DEX is integrated into the blockchain itself, rather than being an external application or a smart contract layered on top of the blockchain, which is common with other blockchain-based DEXs such as Uniswap or Pancakeswap.
The DEX operates with an order book system, allowing users to execute both limit and market orders for XRP and other assets issued on the XRP Ledger. These assets can be tokens or IOUs for various currencies or commodities, facilitating a diverse range of trading activities on the platform.
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