XRPL Successfully Combats “Spam” Issue, Leading to Incineration of 12 Million XRP
XRP Ledger Destroys Over 12 Million Tokens in Pioneering Battle Against Network Spam
In a groundbreaking demonstration of resilience against network spam, the XRP Ledger (XRPL) has witnessed the incineration of more than 12 million of its tokens. This act serves as a digital cleanup, ensuring smooth operation and thwarting spam on the network.
XRP Burning Surpasses 12 Million
The recent surge in XRP burn activity, discovered by Panos Mekras of Anodos Finance and supported by Burntracker.io, showcases a strong commitment to combating spam transactions on the XRPL. In just 24 hours, an additional 2,771 XRP tokens have gone up in smoke, bringing the total to 12,003,611. This surge is not merely a numerical achievement, but a strategic move to uphold the network’s integrity.
The total value of XRP burned has now exceeded 12 million, equating to $6.8 million at current prices.
pic.twitter.com/M64wkmCHIr
— Panos {X} (@panosmek) January 10, 2024
With XRP’s current market value hovering around $0.6, the monetary worth of these incinerated assets impressively surpasses $7 million. Additionally, the reduction in circulating supply, now standing at 54.2 billion, represents a mere 0.02% of the circulating supply and an even smaller 0.012% of the total remaining maximum supply. This emphasizes the meticulous nature of the burn mechanism, striking a delicate balance between supply reduction and avoiding disruption.
Rising Burn Trends
However, the burn rate has consistently trended upward in recent months, particularly noticeable in the final days of December 2023, capturing the attention of the XRP community.
Recent statistics from Burntracker.io reveal a steady increase, with 299 XRP tokens burned in the past hour, 10,121 over the last day, and a significant 72,926 in the previous week. Since December 10, 276,928 XRP tokens have gone up in flames, contributing to a cumulative figure of 1,318,819 XRP since last year.
This surge is notably linked to the heightened spam transactions during a busy period for the network. It is comparable to regularly disposing of trash to prevent a mess.
At the core of this burn strategy lies XRPL’s innovative anti-spam mechanism, which incinerates a fraction of XRP through transaction fees. With a burn rate set at 10 drops per transaction (0.00001 XRP), this mechanism not only deters spam but also takes a progressive step towards securing the XRPL against potential threats.
As the XRP burn saga unfolds, it reflects a proactive approach to maintaining the network’s health and security, instilling confidence in the XRP community regarding its longevity and sustainability.