Two New TIX Pools Drove 97% of Reported XRPL AMM Volume Without Holding XRP
Two TIX pools made up almost all of a 2.82 billion volume figure
Two recently created pools on the XRP Ledger (XRPL) exchanged the token TIX for other issued tokens and together accounted for 97.24% of the seven-day automated market maker (AMM) volume reported by XRPL.to on its Sept. 24 feed, according to an analysis by CryptoSlate.
An AMM is a pool of tokens that trades automatically using a set formula instead of buyers and sellers matching orders directly. XRPL.to listed a seven-day volume total of 2.82069 billion, with 1.68 billion attributed to the XPM/TIX pool and about 1.06 billion to the RLUSD/TIX pool.
Neither pool holds XRP, the native asset of the XRP Ledger. Because of that, the large figure shows how one data provider counts volume rather than proof of new demand for XRP, the report says.
Key numbers from the Sept. 24 check
- XRPL.to listed 2.82069 billion in seven-day AMM volume.
- XPM/TIX accounted for 1.68 billion and RLUSD/TIX for about 1.06 billion, or 97.24% combined.
- Both pools were created on Sept. 21 and share the same TIX issuer and pool creator.
- XRPL.to counted 69 XPM/TIX trades and 116 RLUSD/TIX trades in its rolling seven-day window, a total of 185.
- Neither pool had recorded a trade in the latest 24 hours at the Sept. 24 check.
- Neither pool contains XRP.
What the XRPL ledger shows about the two pools
A check of the XPM/TIX pool account found about 1,545 XPM and 9.69 million TIX in its reserves, according to the report.
The RLUSD/TIX account held only trace amounts of both assets and zero XRP. The report describes the nearly empty account as a current liquidity warning, adding that the earlier trading window would need dated balances to show what a trader could have exchanged at the time.
A validated payment from Sept. 22 offers one view of settlement in practice. It routed through TIX and both AMM accounts, used about 5.89 XPM, and delivered 0.030177 RLUSD. Its ledger records show the token balance changes at each pool, but they do not explain why an end-to-end payment and the two pool legs involved are counted differently.
The trade counts show that trades happened. They do not establish how many separate traders took part or what those trades were worth. A payment can also be routed through more than one pool, so pool-level counts should not be read as separate end-to-end customer payments.
Why pools can trade without XRP
The XRP Ledger's AMM rules allow pools to exchange two issued assets without an XRP trading side. Transactions still pay network fees in XRP, and a longer payment route can use XRP elsewhere. The report says neither of those mechanisms turns activity inside these two pools into evidence that someone bought new XRP.
To establish that kind of demand, the trades would need to be traced through any XRP legs and separated from inventory that participants already held.
Other trackers measure XRPL activity differently
The XRPL dashboard leaves token-to-token pools out of its headline XRP-paired value locked, because those reserves are harder to price in dollars.
DefiLlama's XRPL DEX page showed $55.1 million in seven-day volume. Its adapter uses XRP-pair and AMM XRP-volume metrics.
Those figures cannot be compared directly with XRPL.to's token-to-token tally as if they counted the same trades at the same prices, the report says.
What is confirmed
XRPL.to's Sept. 24 feed reported the 2.82069 billion total, the two pool figures, and the trade counts described above. The two pools were created Sept. 21 and share the same TIX issuer and pool creator. On-chain checks found the reserves described for both pool accounts, and the Sept. 22 payment was validated on the ledger.
What is still unclear
The value attached to each TIX trade inside XRPL.to's total has not been reproduced against the on-chain trades. Until that conversion can be checked, the 97.24% concentration is best understood as a feature of one reported measure, according to the report.
The sources do not show whether the activity reflects one window of trading or demand that continues as the pools age and their initial liquidity changes.
Why this matters for XRP holders
Large headline volume numbers can be mistaken for broad trading demand. In this case, most of the reported volume came from two new pools that do not hold XRP and saw 185 trades in the seven-day window.
The report says recurring volume in pools that actually hold XRP, backed by verifiable reserves and valued trades, would be a more direct sign of trading demand.
Sources
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