In a recent interview at the Apex Dev Summit in Amsterdam, Marcus Infranger, Vice President of RippleX Growth, shed light on the remarkable state of the XRP Ledger (XRPL) and the continuous developments in the XRPL ecosystem poised to strengthen its position in the blockchain industry.
Scalability and Speed: XRPL’s Key Strengths
Infranger emphasized two critical aspects of XRPL’s performance: interoperability and scalability. He lauded XRPL as one of the most scalable and efficient blockchain networks in existence. “Transactions happen in 3 to 5 seconds, very reliably for over a decade,” he proudly stated.
Last October, SpendTheBits, a payment platform operating on XRPL, drew attention to this impressive speed by highlighting that while moving Bitcoin takes ten minutes to one hour on the Bitcoin network, it takes a mere three to five seconds on XRPL through SpendTheBits.
In the interview, Infranger underscored the fact that the XRP network consistently processes over 1 million daily transactions, a testament to its outstanding speed. He stated, “There are over a million transactions a day now, and 2.6 billion transactions have been facilitated on the XRP Ledger. That is more than Ethereum, by the way. From the outset, it’s a very efficient blockchain.”
Continuous Improvement: A Top Priority
Despite XRPL’s impressive performance, Infranger affirmed that enhancing its capabilities remains a top priority for RippleX developers and the broader developer community. He conveyed that RippleX, in collaboration with the developer community, is continuously working to improve the XRPL infrastructure.
Bitinfocharts, a reputable on-chain data provider, corroborates the claims made by Marcus Infranger. Notably, since the second half of 2020, XRP has consistently registered daily transactions above 1 million. The XRPL experienced several surges in transaction counts from January to March this year, reaching an annual high of over 2.35 million transactions on March 19. Remarkably, even after a significant price correction in XRP in August, the daily transaction count remained above 1 million.
XRPL vs. Bitcoin and Ethereum
Comparing XRPL to other prominent blockchain networks, XRPL’s daily transaction counts far surpass those of Bitcoin and Ethereum. Ethereum, while a strong contender in this metric, consistently trails behind XRPL. On the other hand, Bitcoin, despite being the leading cryptocurrency, records an average of 400,000 daily transactions. XRPL consistently processes 150% more transactions daily than Bitcoin.
Ripple’s quarterly report in January revealed that XRPL processed more than 106 million transactions in Q4 2022, translating to over 1.13 million daily transactions. This figure stood at 114 million transactions in Q2 2022, demonstrating a sustained and robust level of activity on the XRPL network.
In conclusion, Marcus Infranger’s insights at the Apex Dev Summit shed light on XRPL’s impressive speed and ongoing efforts to enhance its capabilities. With over 1 million daily transactions and a commitment to continuous improvement, XRPL continues to solidify its position as a leading blockchain network in the cryptocurrency space.