The XRP Ledger has seen an unanticipated spike in activity in the previous 24 hours, with daily transactions surging by an incredible 350% to reach a startling 4.11 million transactions. This activity level surpasses the record set in November 2021 and is the greatest in the last two years.
Examining the information from XRP Scan, it was possible to find that throughout the same time period, there was an equally astounding 168% increase in unique sender addresses. Furthermore, there were 3.2 million transfers between accounts, which is a record high not seen since November 2019. The cryptocurrency world was perplexed when XRP Ledger, the primary blockchain for XRP, appeared to be experiencing an on-chain frenzy.
The recently revealed project XRP Script, which is creating waves in the XRP community, is the reason for this spike. The goal of this project is to add inscriptions to the XRP Ledger, which will enable users to insert any kind of data and so create native digital artefacts, or NFTs.
Inscriptions, but with XRP
This new frontier was swiftly embraced by market players, who showered XRPL with “XRP20” inscriptions. They tried using sats to write random data on XRP drops, the smallest value of XRP, in a manner akin to how inscriptions functioned in Bitcoin. The XRP Ledger was overloaded as a result of the spike in transactions, which was also observed on other networks that accepted inscriptions.
Well-known XRPL engineers expressed their opinions on the matter; XRPL Labs’ chief technical officer dismissed the effort as meaningless spam. Neil Hartner of Ripple observed that although the XRPL inscription mint was suspended, transaction spamming continued.
On the other hand, Wietse Wind thanked bogus inscription transaction spam for the inadvertent stress test on the XRPL mainnet.
