اقتصاد توکنی XRP (XRP)

The XRP Ledger (XRPL) is a decentralized, layer-1 blockchain protocol that was launched in 2012. Unlike many other blockchain networks, XRP was not mined; instead, its entire supply was created at inception. The token serves as the native asset of the XRPL, facilitating cross-border payments, providing network security, and acting as a bridge currency for liquidity.

Issuance Mechanism

XRP has a fixed maximum supply of 100,000,000,000 (100 billion) tokens. All tokens were minted at the time of the ledger's launch in 2012. Because no new XRP can ever be created, the total supply is technically deflationary. This deflationary pressure is driven by a burn mechanism where transaction fees are destroyed rather than being paid out to validators or miners.

While the total supply is fixed, the circulating supply is subject to inflationary pressure through a programmatic escrow release system managed by Ripple. This system introduces previously locked tokens into the active market on a monthly basis.

Allocation Mechanism

The initial distribution of the 100 billion XRP tokens was divided primarily between the developing company (Ripple) and the project's founders.

Within the founders' 20% allocation, the distribution was further broken down:

• Chris Larsen: 9.5 billion XRP
• Jed McCaleb: 9.5 billion XRP
• Arthur Britto: 1 billion XRP

Usage and Incentive Mechanism

XRP is designed for utility within the XRPL ecosystem, primarily focusing on institutional and enterprise use cases.

Primary Use Cases

• Transaction Fees: Every transaction on the XRPL requires a small amount of XRP to be paid as a fee. These fees are not collected by any party but are permanently "burned" (destroyed) to prevent spam and DDoS attacks on the network.
• Reserve Requirements: To prevent ledger bloat, the XRPL requires accounts to maintain a minimum reserve. Currently, accounts must hold at least 10 XRP to exist on the network. Additionally, each "Trust Line" (an agreement to hold non-native assets) requires a reserve of 2 XRP.
• Bridge Currency: In Ripple’s On-Demand Liquidity (ODL) service, XRP acts as a bridge between two different fiat currencies, allowing for near-instant settlement without the need for pre-funded nostro accounts.
• Liquidity Provision: With the introduction of the XLS-30 standard, an Automated Market Maker (AMM) was added to the protocol, allowing users to provide liquidity to pools and earn a share of trading fees.

Incentive Structure

The XRPL utilizes a consensus mechanism based on Byzantine Fault Tolerance (BFT) rather than Proof-of-Work (PoW) or Proof-of-Stake (PoS). Consequently, there are no block rewards or staking yields paid natively by the protocol. Validators are not compensated with XRP; their incentive is the continued health, stability, and decentralization of a network they use for their own business operations.

Locking Mechanism and Unlocking Time

To provide transparency and predictability regarding the supply of XRP, Ripple implemented a formal escrow system in December 2017.

The Escrow System

Ripple placed 55 billion of its XRP holdings into a series of escrow contracts. These contracts are hard-coded into the ledger and follow a strict release schedule:

• Monthly Release: 1,000,000,000 (1 billion) XRP is released from escrow on the first day of each month.
• Re-locking Mechanism: Ripple uses a portion of the released XRP for its operations and sales to institutional partners. Any XRP that is not used or distributed by the end of the month is placed back into a new escrow contract, which is set to unlock only after all existing escrowed contracts have expired.
• Purpose: This mechanism is intended to prevent the market from being flooded with supply and to ensure that the distribution of Ripple's holdings occurs over a long-term horizon.

As of mid-2024, approximately 41 billion XRP remained in these escrow contracts. The process of unlocking and re-locking will continue until the entire supply held by Ripple has become liquid. This structured release has resulted in a circulating supply inflation rate of approximately 5.4% since 2021.