The product named On-Demand Liquidity (ODL) developed by Ripple continues to grow rapidly. This product, which had limited use until a few months ago, broke two new records a few hours ago.
Australia and Mexico
According to the information conveyed by Liquidity Index Bot, two new records were broken in the corridors established by Ripple in Australia and Mexico. The volume of these two corridors has reached a higher level than ever before.
The record for the payment corridor that Ripple established with BitGo in Mexico was at the level of 22.46 million XRP. However, with the large scale transactions made a few hours ago, 23 million XRP dams have been exceeded.
We can see a similar picture in Ripple’s Australian corridor. This narrower corridor compared to Mexico has exceeded the 8 million XRP dam and broke the previous 7.7 million XRP record.
The reason for Ripple to break these records may be the large scale transactions made in the last 24 hours. Since these transactions are anonymous, we do not know exactly by whom they are made. However, according to the information provided by U.Today, these transactions are thought to be related to names such as Coinbase and BitGo.
Benefits of ODL
Ripple has made a big impact on the financial world with this product named ODL. Because this product significantly simplifies trading with different currencies.
According to Ripple’s explanations, trading with different currencies under normal conditions is both costly and difficult.
”Especially, companies in developing countries need to open an account and keep the counterparty currency in this account in order to make an international payment transaction. This is a costly process that reduces the resources of companies. But companies using XRP to provide liquidity can use their capital as they wish. ”
In this context, the product named On-Demand Liquidity offers an undeniable alternative to SMEs and start-ups (also to large companies). Companies do not have to keep foreign currency in order to provide liquidity thanks to ODL, they can use XRP instead. In this way, they do not have to dedicate some of their company resources to foreign currency accounts.
According to Ripple’s claims, companies using ODL can also trade faster than usual:
“RippleNet users can bridge two different currencies within 3 seconds using XRP.”