Two token‑token pools dominate XRPL AMM volume despite minimal trade count

XRPL.to’s feed for the seven‑day period ending September 24 recorded a total AMM volume of 2.82 billion units, with two token‑token pools responsible for 97.24% of that figure.

Pool composition and trade activity

The XPM/TIX pool logged 69 trades and the RLUSD/TIX pool logged 116 trades, for a combined 185 trades. Both pools were created on September 21, share the same TIX issuer and pool creator, and contain no native XRP.

On‑chain reserves

At the time of review, the XPM/TIX pool held roughly 1,545 XPM and 9.69 million TIX. The RLUSD/TIX pool held only trace amounts of its assets and zero XRP, indicating a liquidity shortfall.

Interpretation of volume figures

XRPL’s AMM rules allow pools to exchange two issued assets without an XRP side, but each transaction still incurs XRP network fees. The reported volume reflects the provider’s measurement methodology, not necessarily the economic value of each fill. A validated payment on September 22 routed through both pools moved 5.89 XPM and delivered 0.030177 RLUSD, illustrating how a single end‑to‑end payment can involve multiple pool legs.

Comparison with other metrics

DefiLlama’s XRPL DEX page shows $55.1 million in seven‑day volume based on XRP‑paired pools, which cannot be directly compared to XRPL.to’s token‑token tally because of differing valuation approaches.

Implications for XRP holders

Volume in pools that actually hold XRP and have verifiable reserves would provide a clearer signal of trading demand for XRP, as opposed to the current concentration in token‑token pools that lack XRP exposure.