Two XRPL AMM pools account for 97% of volume with just 185 trades
In brief
- Two TIX pools dominated XRPL's seven-day AMM volume at 97.24%, reporting $2.82 billion
- XPM/TIX and RLUSD/TIX pools generated only 69 and 116 trades respectively
- Neither pool contains XRP or recorded trades in the 24 hours before September 24
- Volume metrics raise questions about how AMM counts routed payments across multiple pools
Volume without XRP
The two pools were created on September 21 and list 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. Neither pool had recorded a trade in the latest 24 hours at the September 24 check.
The pools don't look like active markets. The XPM/TIX pool account held about 1,545 XPM and 9.69 million TIX in its reserves. The RLUSD/TIX account held only trace amounts of both assets and zero XRP.
Neither pool contains XRP, so the outsized reading says far more about the provider's volume measure. The ledger's AMM rules allow pools to exchange two issued assets without an XRP trading side, which is technically valid but rarely reflects real settlement activity.
What the ledger actually shows
A validated payment from September 22 routed through TIX and both AMM accounts, used about 5.89 XPM, and delivered 0.030177 RLUSD. That's one confirmed transaction. A routed payment can pass through more than one pool, so pool-level counts should not be read as separate end-to-end customer payments.
The gap between headline volume and real activity is stark. DefiLlama's XRPL DEX page showed 55.1 million dollars in seven-day volume, roughly 50 times lower than XRPL.to's figure. The discrepancy highlights how different methodologies value fills and route settlement across multiple pools.
XRP was up 2.30% over the past 24 hours and ranked number 5 by market cap at the time of reporting.
Frequently asked questions
Why do two pools show 2.8 billion in volume but only 185 trades?
The pools exchange issued tokens (TIX with XPM and RLUSD) without XRP involvement. Volume metrics count each leg of routed payments separately across pools. A single payment routed through multiple pools inflates the total count. DefiLlama reported only $55.1 million in actual seven-day volume, showing how methodologies differ.
Can AMM pools on XRPL trade without XRP?
Yes. XRPL's AMM rules allow pools to exchange two issued assets directly without an XRP trading side. This is valid on the ledger but rarely reflects real settlement activity. The TIX pools illustrate this edge case.
Were these pools active when the volume was reported?
No. Both pools were created on September 21 and had recorded zero trades in the 24 hours before the September 24 check. The XPM/TIX pool held about 1,545 XPM and 9.69 million TIX, while the RLUSD/TIX pool held only trace amounts.
