- 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.
Results of 37 days of farming703 unique farmers
Farmers earned 50k+ XRP in 37 days
MAG has 1.9M XRP liquidity
MAG price is 2240 XRP
Farming: https://t.co/1wNvRwYZHM pic.twitter.com/Zb2HjybdOh
— Magnetic X (@MagneticXRPL) June 5, 2024
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 op…
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