Токеноміка Ripple (XRP)

The token economics of XRP, the native asset of the XRP Ledger (XRPL), are characterized by a fixed total supply created at inception, a highly centralized initial allocation, and a unique deflationary mechanism driven by transaction fee burning. The supply is managed by Ripple through a large, time-locked escrow system designed to control the circulating supply.

Issuance Mechanism

The XRP token has a fixed total supply of 100 billion XRP.

• Creation at Inception: All 100 billion XRP were created instantly when the XRP Ledger was launched in 2012.
• No Mining or Staking Rewards: The XRPL does not utilize a Proof-of-Work (PoW) or Proof-of-Stake (PoS) consensus mechanism. Consequently, no new XRP is created through mining or staking rewards, and validators do not receive fees or additional tokens for their participation.
• Deflationary Pressure: The total supply is subject to a deflationary mechanism where all transaction fees paid in XRP on the network are permanently burned (destroyed). This burn mechanism ensures that the total supply of XRP gradually decreases over time.

Allocation Mechanism

The initial distribution of the 100 billion XRP was highly centralized, primarily allocated to Ripple and the project's founders.

Details of Initial Allocation:

• Ripple's Share: Ripple received 80 billion XRP. Of this, 55 billion XRP were later placed into a cryptographic escrow in December 2017 to manage the circulating supply. The remaining 25 billion XRP were either distributed, sold, or held by Ripple.
• Founders' Share: The 20 billion XRP allocated to the founders was distributed as follows:
  • Chris Larsen: 9.5 billion XRP
  • Arthur Britto: 9.5 billion XRP
  • Jed McCaleb: 1 billion XRP

Usage and Incentive Mechanism

XRP serves several critical functions within the XRP Ledger ecosystem, primarily focused on facilitating payments and securing the network.

Primary Use Cases:

1. Transaction Fees and Network Security: XRP is used to pay transaction fees on the XRPL. These fees are burned, which acts as a spam prevention mechanism, protecting the ledger from denial-of-service attacks.
2. Reserves: Accounts on the XRPL are required to hold a minimum reserve of 10 XRP to interact with the network. Additionally, accounts that own "Trust Lines" on the XRPL must maintain an additional reserve requirement of two XRP per Ripple token.
3. Bridge Currency (On-Demand Liquidity - ODL): XRP is utilized by Ripple's On-Demand Liquidity (ODL) service to facilitate fast, efficient, cross-border payments for institutions. XRP acts as a bridge currency, allowing financial institutions to access liquidity on demand without needing to pre-fund nostro accounts in various currencies.
4. Decentralized Exchange (DEX): XRP facilitates currency bridging within the XRPL's native decentralized exchange.

Incentives:

• No Direct Rewards: XRP token holders or XRPL users do not earn fees, additional tokens, or any form of compensation (like staking rewards) for holding XRP or interacting with the network.
• Validator Incentives: Validators on the XRPL, which use a Byzantine Fault Tolerance-based consensus mechanism, are not rewarded with tokens. Their incentive is primarily to support the decentralization and integrity of the network.
• Liquidity Incentives: Ripple has previously indicated plans to introduce an XRP incentive program to algorithmically rebate market makers who provide liquidity through XRP, aiming to accelerate market thickness and reduce volatility. Furthermore, the introduction of an Automated Market Maker (AMM) to the protocol allows liquidity providers to earn a share of trade fees on their tokens.

Locking Mechanism and Unlocking Schedule

The primary locking mechanism for XRP is the cryptographic escrow established by Ripple in 2017.

Escrow Mechanism:

• Locked Amount: 55 billion XRP of Ripple's initial allocation was placed into escrow.
• Monthly Release: 1 billion XRP is released from escrow to Ripple each month.
• Rollback Feature: Any XRP that is unspent or undistributed by Ripple during that month is immediately placed back into a new escrow contract, rather than rolling over to the next month's available supply. This mechanism is designed to prevent Ripple from flooding the market and ensures a controlled, predictable release schedule.
• Duration: This system of monthly releases and re-escrowing will continue until the remaining approximately 41 billion XRP becomes liquid.

Unlocking Time:

The unlocking process began in December 2017 with a monthly granularity release of 1 billion XRP. The total amount of 55 billion XRP is being released over a period of several years through this mechanism. Once all escrowed tokens become liquid, the only variable affecting the circulating supply will be the deflationary pressure from burned transaction fees.

The initial 20 billion XRP allocated to the founders and the 24.8 billion XRP retained by Ripple were considered instant unlocks from the launch date of the ledger in June 2012, though the founders' share was subject to various lockup agreements.