TL;DR
This paper analyzes XRP's transaction network, introduces the Flow Index to characterize node activity, and explores the network's global structure, revealing bow-tie and walnut configurations.
Contribution
It proposes the Flow Index as a novel metric for analyzing transaction behavior in cryptocurrency networks.
Findings
Flow Index effectively characterizes node transaction activity.
The XRP network exhibits bow-tie and walnut structural patterns.
Abstract
XRP is a modern crypto-asset (crypto-currency) developed by Ripple Labs, which has been increasing its financial presence. We study its transaction history available as ledger data. An analysis of its basic statistics, correlations, and network properties are presented. Motivated by the behavior of some nodes with histories of large transactions, we propose a new index: the ``Flow Index.'' The Flow Index is a pair of indices suitable for characterizing transaction frequencies as a source and destination of a node. Using this Flow Index, we study the global structure of the XRP network and construct bow-tie/walnut structure.
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