As a seasoned analyst with over two decades of experience in the tech and finance industries, I must say that the recent surge in user activity for Xaman, a self-custodial wallet built for the XRP Ledger (XRPL) ecosystem, has piqued my interest. The 250% increase in active weekly users since summer, with last week’s numbers reaching an impressive 212,000, is a clear indication of renewed interest in the XRPL ecosystem.
The surge of enthusiasm surrounding XRP and the impending rollout of Ripple’s USD-backed stablecoin (RLUSD) has led to an uptick in user engagement for Xaman, a self-managed digital wallet specifically designed for the XRP Ledger (XRPL).
Over the past few months, the number of active users on Xaman per week has significantly increased by a staggering 250%. This surge in activity reached an impressive peak of approximately 212,000 active users last week, as reported by Xaman’s chief operating officer, Robert Kiuru to CryptoMoon.
User activity on Xaman is noticeably higher, indicating a growing curiosity towards the XRPL environment, fueled by the current surge of XRP (XRP), as well as the upcoming release of the Ripple USD (RLUSD) stablecoin.
In March of 2020, the platform known as Xaman made its debut; previously, it was called Xumm. Notably, Xpring, the investment branch of Ripple, has provided indirect funding for Xaman. In October 2020, Xpring underwent a rebranding and is now recognized as Ripplex.
80,000 new users join Xaman amid XRP rally
By December 2023, Xaman was seeing approximately 80,000 active users each week. However, this number dropped to about 60,000 users during the summer of 2024.
Over the past while, Xaman has experienced a significant surge in user engagement due to approximately 80,000 new registrations and a large number of returning users. This upsurge coincides with XRP regaining its spot as the third-largest cryptocurrency by market capitalization on December 2nd.
As a researcher, I’ve noticed an uptick in activity surrounding XRP volatility and the upcoming launch of RLUSD, as expressed by my findings. It appears that approximately 90% of this surge in active user engagement can be linked back to fluctuations in the XRP price.
Xaman leverages XRPL fork for smart contracts
Starting in May 2023, the previously known as Xumm has been rebranded to Xaman. This wallet provides self-custody services and offers access to both entry points (on-ramps) and exit points (off-ramps) through platforms such as Uphold’s Topper.
Although XRP Ledger (XRPL) does not offer smart contract capabilities, smart contracts are available on the Xahau Network, which is an independent blockchain that’s a spin-off from XRPL. According to Xaman’s Kiuru, this is one of the unique features of the Xahau Network.
According to Kiuru’s remarks, smart contracts on the platform Xahau incorporate Hooks, a tool created by XRPL Labs. These Hooks offer a lightweight set of functionalities specifically designed for both developers and users.
Nearly all XRPL projects incorporate Xaman through the ‘Sign in with Xumm’ feature, ensuring a safe and smooth transaction experience,” he pointed out.
Xaman secured indirect investment from Ripple in 2019 and 2020
In the years 2019 and 2020, the investment division of Ripple, previously known as Xpring, provided funding to Xaman by investing in XRPL Labs.
As a proud recipient, I can share that my project was among the initial grant recipients from Ripple, funded through their Xpring program. Excitingly, this significant investment came to us in early 2019 by Xpring.
Initially called the Xumm wallet, Xaman was developed by renowned Ripple programmer Wietse Wind, who is also responsible for creating tools such as XRParrot and XRPTipBot using XRP.
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2024-12-16 21:06