- Magnetic X’s DeFi platform on XRP Ledger fuels yield farming rewards for users.
- Total value locked in XRP Ledger AMM pools surpasses $5.3 million.
- High APRs drive growing interest in yield farming on the XRP Ledger.
Magnetic X, a protocol facilitating applications on the XRP Ledger (XRPL), has reported significant growth in its DeFi ecosystem.
Over 37 days, 703 users (“farmers”) have collectively earned over 50,000 XRP through Magnetic X’s platform, showcasing its potential for generating rewards.
The protocol’s total liquidity now stands at 1.9 million XRP, bolstering its MAG token, currently priced at 2,240 XRP. This growth coincides with the recent surge in Total Value Locked (TVL) in XRPL AMM pools, surpassing 10 million XRP as of June 3rd.
While the recent introduction of AMM functionality to XRPL faced initial challenges with low fees, “farming” has emerged as a potential solution. By offering higher income opportunities, farming incentivizes users to provide liquidity, thereby revitalizing the AMM ecosystem.
It is to be noted that on April 30, Magnetic X had introduced XRPL farming, which quickly became popular within the community.
Notable farming pools, such as the MAG/XRP pool and a pool with a 68,000 XRP TVL and 63.56% APR, have attracted significant attention due to their high returns. The 666/XRP pool, with a TVL of 108,000 XRP and an impressive APR of 180.45%, further demonstrates the growing interest in XRPL farming.
This surge in activity aligns with a broader trend of increasing TVL in XRPL AMM pools, which has grown from 7.4 million XRP six weeks ago to over $5.3 million as of today.
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