Two token pools accounted for 97.24% of XRPL.to's reported seven-day automated market maker (AMM) volume, generating a combined 2.82 billion in trading activity. However, the outsized concentration raises questions about what headline volume figures actually measure on the network.
The XPM/TIX pool generated 1.68 billion in seven-day volume, while the RLUSD/TIX pool contributed over 1 billion. Both pools were created on September 21 and list the same TIX issuer and pool creator. XRPL.to recorded 69 trades in the XPM/TIX pool and 116 trades in the RLUSD/TIX pool over the rolling seven-day window, totaling 185 trades.
Limitations of Volume Measurement
Neither pool contains native XRP, which means the trading activity does not directly demonstrate fresh demand for the asset itself. The XPM/TIX pool held approximately 1,545 XPM and 9.69 million TIX in reserves, while the RLUSD/TIX account held only trace amounts of both assets and zero XRP.
A single validated payment from September 22 routed through both AMM accounts, using about 5.89 XPM and delivering 0.030177 RLUSD. However, such transactions do not establish how many independent traders participated or what individual fills were worth.
On-Chain Verification Needed
Pool-level trade counts should not be interpreted as separate end-to-end customer payments, as routed payments can pass through multiple pools. The XRP Ledger's AMM rules allow pools to exchange two issued assets without an XRP trading side, though transactions still incur XRP network fees.
XRPL dashboard data shows that token-token pools are excluded from headline XRP-paired value locked figures because those reserves are harder to price in dollars. DefiLlama's XRPL DEX page reported 55.1 million in seven-day volume using XRP-pair and AMM XRP-volume metrics, figures that cannot be directly compared to XRPL.to's token-token tally.
Until the conversion value attached to each TIX fill in XRPL.to's total can be verified against on-chain trades, the 97.24% concentration reflects the limitations of the reported measure rather than conclusive evidence of trading demand.
