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