2024

Value

DeFi

<ul class="news-points">
 <li>Magnetic X’s DeFi platform on XRP Ledger fuels yield farming rewards for users.</li>
 <li>Total value locked in XRP Ledger AMM pools surpasses $5.3 million.</li>
 <li>High APRs drive growing interest in yield farming on the XRP Ledger.</li>
</ul>
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.
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 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e2.png" alt="🟢" class="wp-smiley" style="height: 1em; max-height: 1em;">Results of 37 days of farming <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2714.png" alt="✔" class="wp-smiley" style="height: 1em; max-height: 1em;"> 703 unique farmers <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2714.png" alt="✔" class="wp-smiley" style="height: 1em; max-height: 1em;"> Farmers earned 50k+ XRP in 37 days <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2714.png" alt="✔" class="wp-smiley" style="height: 1em; max-height: 1em;"> MAG has 1.9M XRP liquidity <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2714.png" alt="✔" class="wp-smiley" style="height: 1em; max-height: 1em;"> MAG price is 2240 XRP Farming: <a href="https://t.co/1wNvRwYZHM" target="_blank" rel="noopener noreferrer nofollow">https://t.co/1wNvRwYZHM</a> <a href="https://t.co/Zb2HjybdOh" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Zb2HjybdOh</a>— Magnetic X (@MagneticXRPL) <a href="https://twitter.com/MagneticXRPL/status/1798445985909141552?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 5, 2024</a>
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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 <a href="https://coinedition.com/xrps-10-million-tvl-milestone-signals-growing-demand-for-ripples-token/" rel="noopener noreferrer nofollow">Total Value Locked</a> (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…
The post <a href="https://coinedition.com/magnetic-xs-farming-protocol-drives-liquidity-to-xrp-ledger/" rel="noopener noreferrer nofollow">Magnetic X’s Farming Protocol Drives Liquidity to XRP Ledger</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Magnetic X’s Farming Protocol Drives Liquidity to XRP Ledger

Coin Edition

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