On-chain report
The first AMM pool on the XRP Ledger
XSG/XRP opened 70 seconds after the XRP Ledger's automated market maker switched on, with 3 XSG and 1,000 XRP. It is still running, and its creator has not touched it since.
- Published
- Subjects
rXSGjb9nTn46LZh8PEgeRXKd239AYuZHarXSGuKAkUGkPL6iUMJWX1Fi5bogsVYPMsr4Xt6n57NW1qEgm3RhZrYE7uTdzkCy8eqL- Ledger index
107396777- Scope
- Mainnet only. Read at ledger 107,396,777, 3 October 2026.
- Sources
- Ripple's full-history public servers (s1.ripple.com, s2.ripple.com).
The XRP Ledger's automated market maker — a pool that quotes prices from its own balances, with no one posting orders — switched on at 20:11:41 UTC on 22 March 2024. Seventy seconds later the first pool existed: XSG against XRP, opened with 3 XSG and 1,000 XRP by one account that has not transacted since.
It is still running. It holds 269.08 XRP and 17.37 XSG today, and the price of XSG inside it has fallen about 95% from the price it opened at.
Everything below is read from Ripple's full-history public servers. Where I interpret rather than report, the line says my read.
How I know it was first
- The switch-on. The
EnableAmendmenttransaction that activated the feature (amendment8CC0774A3BF66D1D22E76BBDA8E8A232E6B6313834301B3B23E8601196AE6455, transaction75F52BB86416717288999523063D54E24290EFEA2E99DF78E80A12BD1C8FAC99) is in ledger 86,795,265, which closed at 20:11:41 UTC on 22 March 2024. - The scan. I read every ledger from 86,795,265 to 86,795,344 and looked for any transaction
whose type begins with
AMM, failures included. There are six in that span, and the first is the pool creation in ledger 86,795,283. - What followed. The next pool came 100 seconds later, two more at 20:15:50, and a fifth at 20:16:32. Five pools existed within five minutes of the feature going live.
- Scope. Mainnet only. The feature ran on test networks long before this.
The creation
| Field | Value |
|---|---|
| Transaction | BDCC35ED3EEA1F6E4AC76C21395F98239BACF9D59708CF3A4560830FF734AEF7 |
| Ledger and time | 86,795,283 · 22 March 2024, 20:12:51 UTC |
| Creator | rXSGjb9nTn46LZh8PEgeRXKd239AYuZHa |
| Deposited | 3 XSG and 1,000 XRP |
| Opening price | 333.33 XRP per XSG |
| Trading fee | 0 |
| Transaction cost | 2 XRP |
| Pool account | r4Xt6n57NW1qEgm3RhZrYE7uTdzkCy8eqL |
| LP tokens issued | 54,772.2557505166 |
Four of those terms, in plain words:
- Pool account. The protocol creates an account to hold the pool's two balances. Nobody holds its keys, and nobody can sign for it.
- LP tokens. A receipt for a share of the pool. The first batch is the square root of the two deposits multiplied together, counting XRP in drops, which are millionths of an XRP: √(3 × 1,000,000,000) = 54,772.2557, which is exactly what was issued.
- The 2 XRP cost. Creating a pool consumed one owner reserve, which was 2 XRP at the time. It is not a fee paid to anyone; it is the amount the ledger requires an account to keep aside for each object it owns.
- Auction slot. A seat that gives one account a discounted trading fee for 24 hours. The creator received it free at creation, priced at zero LP tokens, and it expired on 23 March 2024 at 20:12:50 UTC. The pool's record still names the creator in that slot, long expired.
The two tokens
XRP has no issuer and no creation event. It has existed since the ledger started in 2012.
XSG was created on 26 September 2021 by two accounts, both funded by the same source. Every line below is a transaction on the ledger:
| Time (UTC) | What happened |
|---|---|
| 15:44:40 | rJb5KsHsDHF1YS5B5DU6QCkH5NsPaKQTcy, which public explorers name as Binance, sends 100 XRP, creating the account that would open the pool |
| 15:56:20 | The same account sends 100 XRP, creating the issuer rXSGuKAkUGkPL6iUMJWX1Fi5bogsVYPMs |
| 15:59:11 | The future pool creator opens a trust line for up to 1,000 XSG — a holder's opt-in to hold a token |
| 16:00:11 | The issuer sets DefaultRipple, the setting a token needs before it can move between holders |
| 16:11:20 | The issuer pays 10 XRP to Bithomp, an explorer that charges for listing a token. My read: this is that listing |
| 16:13:41 | The issuer sends 1,000 XSG to the creator. This is the only issuance there has ever been |
| 16:43:00 | 1 XSG goes to a third account, rXSGSVCU4WU4oQvZ1dNUTfnQgiau7LY7G |
| 16:45:11 | The issuer sets its domain to xsgcoin.biz |
| 18:02:02 | The issuer sets its regular key — a backup signing key — to rrrrrrrrrrrrrrrrrrrrrhoLvTp, an address nobody holds the keys for |
| 18:02:10 | It sets DisallowXRP |
| 18:02:21 | It disables its master key |
Those last three transactions, eight hours after the token existed, ended the issuer for good. With the master key off and the regular key set to an address no one can sign for, no further XSG can ever be issued. The ledger still shows the issuer with those settings and 14.99 XRP in it.
What happened to the 1,000 XSG:
- The creator sent 535 payments in its life. 426 of them carried XSG, to 172 accounts, and 425 of those were exactly 1 XSG each. My read: an airdrop.
- 669.1965 XSG has been destroyed. A token paid back to its own issuer stops existing; of that total, 667 arrived in straightforward payments to the issuer and the rest through trades and rounding. The ledger's own supply figure for XSG is 330.8035, which is what 1,000 less 669.1965 leaves.
- At the moment the pool was created the creator held 36 XSG, and put 3 of them in.
xsgcoin.bizdid not answer when I checked. My read: the site is gone.- The three
rXSG…addresses are vanity addresses, searched for until they began with the chosen letters. My read: the shared funding source and the matching prefixes point to one person or group behind the issuer, the pool creator and the third account — but the ledger records keys, not people, so that is an inference and not a fact.
What the pool has done since
406 transactions have touched the pool account, from 124 different accounts:
| Kind | Count |
|---|---|
| Payments routed through the pool | 287 |
| Order-book offers that traded against it | 106 |
| Deposits | 6 |
| Withdrawals | 3 |
| Fee votes | 3 |
| The creation itself | 1 |
- The first trade by anyone else came at 22:39:10 on the same day:
r3KUXhNucXwrMHYxPu97yzK8wLwGXiMYs9sold 1.70077 XSG for 361.81 XRP. - The XRP side has ranged from a low of 97.26 XRP on 2 December 2024 to a high of 1,188.73 XRP on 11 December 2024.
- The last activity was on 28 September 2026.
Where it stands at ledger 107,396,777:
| Reserves | 269.08 XRP and 17.3658 XSG |
| Price | 15.49 XRP per XSG, down 95.4% from the 333.33 it opened at |
| Trading fee | 0.299% |
| LP tokens | 67,228.7510 in total |
| The creator's share | 54,772.2558, or 81.5% |
| The creator's last transaction | The creation itself, 22 March 2024 |
The 0.299% fee is worth explaining, because nobody chose it. Liquidity providers vote on the fee, and each vote counts in proportion to the LP tokens held. Three accounts have voted: the creator for 0%, with a weight of 70,143, and two others for 1%, with weights of 14,493 and 15,365. The weighted result is 298.58 in units of a thousandth of a percent, which the ledger records as 299. One of those two is named by explorers as Milady Capital.
So the pool's fee is set by holders of 30% of it, against a creator who holds 81.5% and voted for zero. My read: the creator stopped paying attention in March 2024, and the fee drifted to whatever the remaining voters wanted.
What this is and is not
The first pool on the ledger was not a serious market. It was opened with 1,000 XRP and three units of a token that had been dormant for two and a half years, by an account that never came back, and it has traded 406 times in two and a half years.
What it does show is the mechanism working from the first minute: the protocol created the pool account, minted the right number of LP tokens, handed out the auction slot, took the fee votes and has quoted a price ever since, with nobody operating it.
Not claimed: who holds any of these keys; why the creator never returned; whether the airdrop reached real people. The ledger records transactions, and none of those three is a transaction.