Through the use of blockchain and modern APIs, Ripple enables financial institutions who are part of the network, RippleNet, to send money globally, instantly, reliably and for fractions of a penny. RippleNet is built on top of Ripple’s consensus ledger, XRP Ledger (XRPL).

Ripple is the leading provider of crypto-enabled solutions for businesses. Ripple was founded by Chris Larsen and Jed McCaleb and launched in 2012 (previously OpenCoin).

XRP tokenholders own and govern Ripple's consensus ledger 'XRP Ledger' (XRPL). Ripple's investors include a16z, Pantera Capital, Route 66 Ventures, etc.

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Blockchains (L1)

XRP Ledger

# XRP Ledger Trade count Methodology

## 1. Overview

Trade count measures the number of trades executed on XRP Ledger's decentralized exchange infrastructure. Trades are captured across two distinct products: XRPL CLOB (the native central limit order book) and XRPL AMM (automated market maker pools introduced via protocol amendment). This metric shows how frequently users are buying or selling assets through XRP Ledger's trading venues.

## 2. Data sources

- **Blockchain events**: Order fills from the XRPL CLOB order book engine, and reserve state changes from XRPL AMM pools triggered by swap transactions, covering XRP Ledger

## 3. Step-by-step calculation

### Component A: XRPL CLOB trade counting

- **Purpose**: Count trades executed through the native order book
- **Logic**: Order fills are identified from the XRPL transaction history. Each fill represents a matched trade between a maker and taker. Trades involving denylisted tokens are excluded. Trades are aggregated by day.
- **Key fields**: `transaction_hash` for trade identification, `token_0` and `token_1` for asset pairs

### Component B: XRPL AMM trade counting

- **Purpose**: Count swaps executed through XRPL AMM pools
- **Logic**: XRPL AMM swaps are inferred from reserve state changes in liquidity pools. A lag window function tracks reserve deltas across consecutive transactions per pool. Only `Payment` and `OfferCreate` transaction types that modify both reserves are classified as swaps. Trades from denylisted pools are excluded. Trades are aggregated by day.
- **Key fields**: `transaction_hash` for swap identification, `reserve_0` and `reserve_1` for reserve tracking, `transaction_type` for swap classification

### Component C: Final aggregation

- **Purpose**: Combine trade counts across both products
- **Logic**: XRPL CLOB and XRPL AMM trade counts are summed separately by day and product. Daily granularity uses UTC day boundaries. Missing days are zero-filled to ensure complete time series coverage.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Number of trades executed on a decentralized exchange.

XRP LedgerXRP

Trade count

Trade count

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