The News Crypto -
- XRP Ledger (XRPL) witnessed a 350% surge in daily transactions, reaching 4.11 million, setting a new record high.
- The spike is attributed to the XRP Script, a controversial NFT minting project.
- Unique sender addresses on XRPL increased by 168%, and payments between accounts hit a multi-year high.
The XRP Ledger experienced a massive spike in on-chain activity over the past day, with the number of daily transactions rocketing 350% to reach approximately 4.11 million. This staggering level smashes the ledger’s previous record high, set in November 2021.
Behind the influx lies a controversial new NFT minting project named XRP Script, which allows users to embed data in small transaction amounts to create non-fungible tokens dubbed “XRP20s.”
NFT Frenzy Overloads XRP Ledger
According to data from XRP Scan, unique sender addresses on XRPL jumped 168% alongside the transaction explosion. The tally for payments between accounts also hit a multi-year high of 3.2 million transfers.
The spike correlates directly with the release of XRP Script, which enables users to add inscriptions onto tiny “drops” of XRP, similar to how Bitcoin supports texts on satoshis. Participants have rushed to embed personalized data and create unique digital artifacts.
This rush to mint the non-fungible tokens, analogous to the NFT manias seen on networks like Ethereum, unleashed a deluge of transactions that appears to have overwhelmed XRPL infrastructure at times.
It remains unclear whether the XRP Scripture project built sufficient utility and differentiation compared to existing NFT platforms. Critics warn that most inscribed XRP is likely worthless spam clogging up XRPL.
Time will tell whether the controversial XRP20 minting drive represents a bold new use case for XRPL or merely short-lived hype exploiting inscription capabilities to airdrop items lacking inherent value.
This article was originally published on thenewscrypto.com
