Headline XRPL automated-market-maker volume looked enormous — until you count who drove it. CryptoSlate, reviewing XRPL.to’s Sept. 24 seven-day feed, found two newly created TIX token–token pools generated about 97.24% of a reported ~$2.82 billion AMM total, and neither pool held native XRP.
XRPL.to’s tally included roughly $1.68 billion for XPM/TIX and more than $1 billion for RLUSD/TIX. The two pools were created Sept. 21, share the same TIX issuer and pool creator, and together logged only 185 trades in the rolling window (69 + 116). At the Sept. 24 check, neither had a trade in the latest 24 hours.
What the ledger showed
On-chain inspection found the XPM/TIX pool holding about 1,545 XPM and 9.69 million TIX; the RLUSD/TIX account held only trace balances of both assets and zero XRP. A validated Sept. 22 payment that routed through both pools used about 5.89 XPM to deliver roughly 0.030177 RLUSD — tiny end-to-end settlement versus the billion-scale reported legs.
XRPL AMM rules allow issued-asset pairs without an XRP trading side. Fees still settle in XRP, and longer payment paths can touch XRP elsewhere, but activity inside these two pools is not proof that someone bought new XRP.
How to read the tape
CryptoSlate notes DefiLlama’s XRPL DEX page showed about $55.1 million in seven-day volume on XRP-pair / AMM XRP metrics — a different yardstick that cannot be lined up 1:1 with XRPL.to’s token–token total. Until TIX fill valuations can be reproduced against on-chain trades, the 97% concentration is best treated as a feature of one reported measure, not a surge in XRP demand. Not investment advice.
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- CryptoSlate: Two obscure pools fuel 2.8B XRPL volume, but only 185 trades caused it (Sept. 24–25, 2026 coverage)
- XRPL.to AMM seven-day feed (Sept. 24 check); DefiLlama XRPL DEX volume as cited
