Recently, the Coreum Network has gained significant interest due to the significant surge in the transfer of XRP tokens onto its system.
Based on recent information from Coreum regarding X, there’s been a significant increase of 2703% in the amount of XRP tokens present on their network over the past two weeks. This surge has brought the total count up to an impressive 1.6 million tokens. The rapid expansion has sparked enthusiasm among XRP users, leaving them curious about potential implications for the future of this digital currency.
New Coreum and XRPL Bridge
Recently, the addition of a new connection between Coreum and the XRP Ledger (XRPL) has led to an uptick in the quantity of XRP tokens residing on the Coreum network.
XRP and other tokens can be effortlessly transferred between the two networks using this bridge. Initially, access was restricted when the bridge went live on March 12. After Coreum’s public debut on March 20, the number of XRP holders surged by an astonishing 2287%, reaching a total of 191. The current tally of XRP tokens transferred via the bridge amounts to 57,191.
More than 1.6 million XRP tokens are currently present in the Coreum blockchain network, according to the latest figures from Coreum’s explorer. This figure represents a massive surge of 2,703% compared to the amount recorded on March 22. Around 75% of these XRP tokens, which is approximately 1.2 million, can now be found in liquidity pools on the decentralized exchange, Pulsara, that runs on Coreum.
When transferring XRP from the XRP Ledger to the Ethereum network via the Coreum bridge, the XRP coins are held in a bridge contract. Subsequently, an equal number of XRP tokens are created on the Ethereum network. For users of Ethereum, this equates to receiving the same quantity of XRP, albeit not the actual XRP coins from the XRP Ledger.
Placing XRP into the bridge contract’s lockbox decreases the overall availability, effectively taking it off the market. The result is stirring up considerable buzz among XRP enthusiasts, particularly given the surge of XRP tokens on Coreum.
Community Reaction and Future Outlook
In recent times, there’s been an uptick in the number of XRP tokens residing on Coreum. This development has elicited diverse responses from the XRP community. While some believe this could lead to a scarcity of XRP, potentially boosting its value, others view it as a positive sign that may increase XRP’s usage and accessibility.
Amazing! When I mentioned the upcoming #XRP Supply Crunch during my game, little did I know that we were only at the beginning. Bridges, Decentralized Finance (DeFi), and XRP being secured are just some of the catalysts. Moreover, as action intensifies, an increasing amount of XRP is getting destroyed! 🔥
— Zach Rector (@ZachRector7) April 9, 2024
In response to Coreum’s latest announcement, media personality Zach Rector highlighted an important observation. He re-emphasized his previous remarks regarding a possible XRP supply shortage. According to Rector, this situation could arise as more connections are established and more individuals employ XRP, leading to increased network activity and subsequently, the burning of additional XRP tokens.
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2024-04-09 17:45