How 76 Million RLUSD Tokens Took Aave by Storm in Four Whirlwind Days!

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Once upon a terribly exciting time on the crypto playground, a cheeky little thing called Ripple USD (RLUSD) decided to throw a party on Aave, the grandest liquidity protocol in the land.

Lo and behold, in just four blink-and-you’ll-miss-it days, users flung a staggering $76 million worth of RLUSD tokens into this lively bash!

On April 21, the wise wizards of Aave announced a shiny new trick: you could now supply and borrow this stablecoin on the snazzy Aave V3 Ethereum Core market — the latest and greatest version of their magical protocol.

This means clever folks can earn some tasty interest by lending out RLUSD or borrow a few coins themselves. But—*whispers*—no one’s allowed to use RLUSD as collateral. Why? Because even magic has its rules.

Data from the Aave crystal ball shows the borrowing is capped at $10 million, like a strict guardian keeping things from going completely bonkers with the new shiny asset. This explains why RLUSD’s utilization rate is a modest 14.86%, like a shy kid peeking from behind the curtains.

RLUSD’s market cap is tiptoeing up to a mind-boggling $300 million 🎩✨

Meanwhile, the total market cap of RLUSD is inching towards $300 million, according to the trusty oracle CoinGecko.

The masterminds behind RLUSD, hatched just last December, dream of it becoming one of the biggest tokens by the grand finale of 2025—quite the stakes for a newbie!

On a particularly thrilling Thursday, Ripple performed their famous “burn-to-mint” dance: they incinerated and conjured 27 million tokens quicker than you can say “abracadabra,” says a social media wizard who tracks such spells.

This magical shuffle moves tokens back and forth between the XRP Ledger and Ethereum, all while making sure our beloved stablecoin stays steady as a rock (or, well, as stable as crypto can be!), with a wee 20-second delay—just enough time to grab a cup of tea ☕.

Of course, don’t let the word “burn” fool you into thinking it’s actually deflationary—in truth, only a tiny XRP network fee gets zapped in the process. Pretty anticlimactic, right?

Right now, RLUSD only dances on two blockchain stages, but don’t be surprised if it pirouettes its way onto other platforms like Cardano someday soon!

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2025-04-25 20:01