XRP (XRP) טוקנומיקה

The XRP Ledger (XRPL) is a decentralized, blockchain-based protocol designed primarily for cross-border payments and institutional settlement. Its native token, XRP, was created with a fixed total supply and operates under a unique set of economic principles that distinguish it from Proof-of-Work (PoW) or Proof-of-Stake (PoS) networks.

Issuance Mechanism

XRP does not have an ongoing issuance or "mining" mechanism. The entire total supply of 100 billion XRP was created at the inception of the ledger in 2012. Because all tokens were pre-mined, no new XRP can ever be created.

The supply is subject to two primary forces:

• Deflationary Pressure: Every transaction on the XRPL requires a small fee paid in XRP. These fees are not paid to any party but are instead permanently burned (destroyed), slightly reducing the total supply over time.
• Inflationary Pressure (Circulating Supply): While the total supply is fixed, the circulating supply increases as tokens are released from escrow accounts held by Ripple.

Allocation Mechanism

The initial 100 billion XRP tokens were distributed among the company and its founders as follows:

The 20% allocated to the founders was further divided:

• Chris Larsen: 9.5% (9.5 billion XRP)
• Jed McCaleb: 9.5% (9.5 billion XRP)
• Arthur Britto: 1.0% (1 billion XRP)

Ripple has used its 80 billion XRP allocation to fund operations, incentivize ecosystem development through grants (such as the 1 billion XRP "XRPL Grants" program), and strengthen market liquidity.

Usage and Incentive Mechanism

XRP serves several critical functions within the network ecosystem:

• Transaction Fees: XRP is used to pay for transaction costs. Most transactions cost approximately 10 "drops" (one millionth of an XRP).
• Anti-Spam Reserves: To prevent ledger bloat and Sybil attacks, the XRPL requires minimum reserves. Accounts must hold a base reserve of 10 XRP to exist on the ledger. Additionally, each "Trust Line" (required to hold non-native assets) requires an owner reserve of 2 XRP.
• Bridge Currency: In Ripple’s On-Demand Liquidity (ODL) service, XRP acts as a bridge between different fiat currencies, allowing financial institutions to settle cross-border payments without pre-funding accounts in foreign jurisdictions.
• DEX and AMM Utility: XRP is the primary intermediary for "auto-bridging" on the XRPL’s native decentralized exchange (DEX). With the introduction of Automated Market Makers (AMMs) via the XLS-30 standard, liquidity providers can earn a share of trading fees by contributing XRP to liquidity pools.

Incentives for Validators: Unlike most blockchains, the XRPL does not provide financial rewards (newly minted tokens or transaction fees) to its validators. Validators are primarily incentivized by the desire to maintain the health, security, and decentralization of a network they use for their own business purposes.

Locking Mechanism and Unlocking Time

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

• Escrow Lockup: Ripple placed 55 billion XRP into a series of escrow contracts.
• Unlocking Schedule: These contracts are programmed to release 1 billion XRP on the first day of each month.
• Re-Escrowing: Any portion of the 1 billion XRP that Ripple does not spend or distribute during that month is placed back into a new escrow contract, which is set to unlock only after all previously scheduled escrows have expired. This effectively extends the total timeline for the full release of the supply.
• Current Status: As of early 2024, approximately 40.51 billion XRP remained held in these escrow accounts, with roughly 59.48 billion XRP in circulation. This monthly release mechanism is expected to continue until the remaining escrowed supply becomes liquid.

Beyond the corporate escrow, the XRPL also features native Escrow and Payment Channel functionalities that allow any user to lock up XRP for conditional payments or asynchronous settlement.