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Ripple’s XRP Sales Fall to $1.75M While The Volume Of The ODL Network Triples

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Ripple’s XRP Sales Fall to $1.75M While The Volume Of The ODL Network Triples
Ripple’s XRP Sales Fall to $1.75M While The Volume Of The ODL Network Triples

Ripple’s On-Demand Liquidity (ODL) payments network tripled in transaction volume over the last quarter according to the just-released Q1 2020 XRP Markets Report. The dollar value transacted using ODL increased by more than 294%, which is good news for token holders with the report describing XRP liquidity as the “lifeblood of Ripple’s [ODL] for cross-border payments.” In further good news, Ripple has again reduced its total XRP sales from $13.08 million in Q4 2019 to $1.75 million in Q1 2020. The company had been criticized for propping up its balance sheet with XRP sales. The report also notes the token was integrated into “a number of additional exchanges and liquidity instruments.”

The report attributes part of the increase in ODL to cost-saving measures implemented by the network which eliminates the need to pre-fund international accounts. It highlights the partnership between Ripple and UK-based digital money transfer service Azimo as an example:

“Azimo launched its service to send payments to the Philippines and, within a few months, ODL saved the company 30%-50% when arranging currency transfers between customers in the Philippines and those in the UK and Europe.”

Numerous other transfer services worldwide use RippleNet’s ODL product including U.K.-based financial software firm Finastra, South Korean money transfer service providers Sentbe and Hanpass, and mobile and online-based cross-border remittance services firm WireBarley.

XRP’s volatility doubled, from 3.1% in the final quarter of 2019 to 6.2% in Q1 of 2020. According to the report, “XRP’s volatility over the quarter was higher than that of BTC (5.8%), and lower than that of ETH (7.3%).” Daily volume increased overall from $187.34 million in Q4 of 2019 to $322.66 million in Q1.

After looking as if it may pull away from a correlation with other major tokens like Bitcoin (BTC), Ethereum (ETH), and Bitcoin SV (BSV), XRP spiked towards a 100% correlation following the major crypto downturn in March.

Those monitoring XRP whale activity may have noticed Ripple releases one billion coins every month, usually half at the first of the month:

The report notes that across Q1 2020, 3 billion XRP tokens were released out of escrow. However, 2.7 billion of these were “returned and subsequently put into new escrow contracts.”

Altcoin News

3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income

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3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income

In a special announcement made at the Unitize conference on July 6,  Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:

“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”

Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.

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Telegram Is Set To Shut Down The TON Testnet By August 2020

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Telegram Is Set To Shut Down The TON Testnet By August 2020
Telegram Is Set To Shut Down The TON Testnet By August 2020

Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.

Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.

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Binance Supports An Ontology Upgrade

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Binance Supports An Ontology Upgrade
Binance Supports An Ontology Upgrade

Binance, one of the world’s biggest crypto exchanges, has announced on July 5 that it will support the upcoming Ontology 2.0 network upgrade. Ontology 2.0 will include the integration of a number of community-led upgrades to its MainNet. Binance says that it will end support of Neo Enhancement Protocol 5-based, or NEP5, ONT tokens deposits. Any future deposits of NEP5 ONT will not be credited to users’ Binance account, it indicates. Deposits and withdrawals of ONT will be stopped starting July 6 at 9 a.m. UTC. Users will be notified when the Ontology upgraded network becomes stable and deposits and withdrawals are reopened, says Binance.

The Ontology network upgrade will not result in a new token creation and ONG staking rewards for ONT will not be affected. Ontology uses a dual token (ONT and ONG) model. ONT is the coin and can be used for staking in consensus, whereas ONG is the utility token used for on-chain services. MainNet ONT started to release ONG as soon as Ontology MainNet went live two years ago. According to Ontology, from 9 to 12th June 2020, it will give its community the opportunity to have a say in the development of its governance and staking economic model, especially for the Triones node results. However, The Ontology Foundation’s first three-year bonus to the top 49 nodes and the distribution method remains unchanged.

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