Unit Value and Return Rate
Historical NAV of XMM unit, measured in different currencies:
| (exchange rate)^ | |||||
| XMM/XRP | XMM/USD* | XMM/BTC* | USD/XRP | BTC/XRP | |
| 28/02/14 | 1.000 | 0.01420 | 0.00002481 | 70.44 | 40,300 |
| 31/03/14 | 1.426 | 0.01306 | 0.00002755 | 109.14 | 51,761 |
| 30/04/14 | 2.590 | 0.01370 | 0.00003103 | 188.98 | 83,466 |
| 31/05/14 | 3.084 | 0.01243 | 0.00002057 | 248.08 | 149,903 |
| 30/06/14 | 3.433 | 0.01312 | 0.00002153 | 261.646 | 159,415 |
| 31/07/14 | 2.675 | 0.01397 | 0.00002390 | 191.503 | 111,912 |
* Calculated based on the exchange-rates listed on the right columns.
^ exchange-rates are vwap of IOU.Bitstamp on the last day of each month (source: ripplecharts.com).
Montly return rate, measured in different currencies:
| ~XRP | ~USD | ~BTC | average | |
| Mar-2014 | 42.6% | -8.0% | 11.0% | 15.2% |
| Apr-2014 | 81.6% | 4.9% | 12.6% | 33.0% |
| May-2014 | 19.1% | -9.3% | -33.7% | -8.0% |
| Jun-2014 | 11.3% | 5.5% | 4.7% | 7.2% |
| Jul-2014 | -22.1% | 6.5% | 11.0% | -1.5% |
| 3-months Return (30/4 ~ 31/7) | 3.3% | 1.9% | -23.0% | -5.9% |
Review and Comment:
During the month, NAV of our fund dropped 22% against XRP, but appreciated 6.5% against USD and 11% against BTC. The average figure was a loss of 1.5%. For the 3-months period ended 31st-Jul, our Fund experience a loss of 5.9% in average.
July was the first full-month in which our market-making tasks were fully operated by bots. It seems that our bots were not doing well during a high-volatile period like July. One of the reasons is because our bots were configured to make-market with some minimal spreads which is not enough to cover the risk in a highly-volatile environment.
I will be keep adjusting the trading-logics and configurations of our bots to balance between providing-liquidity-to-market and making-profit-for-holders.
XMM's Contribution to Liquidity
Here's some tables that show our trading volume during the last 7-days of July (25/7~31/7).
BTC/XRP and BTC/USD markets:
| XMM Trade Volume | % of Total volume | |
| BTC.Bitstamp / XRP | BTC 12.86 | 1.50% |
| BTC.SnapSwap / XRP | BTC 18.55 | 2.33% |
| BTC.JustCoin / XRP | BTC 3.25 | 4.02% |
| BTC.TheRock / XRP | BTC 0.36 | 16.07% |
| BTC.Bitstamp / USD.Bitstamp | BTC 1.17 | 0.44% |
| BTC.Bitstamp / USD.SnapSwap | BTC 1.18 | 5.11% |
| BTC.SnapSwap / USD.Bitstamp | BTC 1.62 | 5.33% |
| BTC.SnapSwap / USD.SnapSwap | BTC 2.9 | 3.21% |
(* BTC/USD pairs were added to our supported lists during second half of July.)
Fiats/XRP and Fiats/USD markets:
| XMM Trade Volume | % of Total volume | |
| USD.Bitstamp / XRP | USD 5,644 | 0.48% |
| USD.SnapSwap / XRP | USD 5,225 | 1.81% |
| CNY.RippleChina / XRP | CNY 33,535 | 3.41% |
| CNY.RippleCN / XRP | CNY 34,319 | 4.67% |
| EUR.SnapSwap / XRP | EUR 878 | 4.77% |
| EUR.TheRock / XRP | EUR 59 | 18.48% |
| NZD.Coinex / XRP | NZD 109 | 11.48% |
| USD.Bitstamp / CNY.RippleChina | USD 2,358 | 4.48% |
| USD.Bitstamp / CNY.RippleCN | USD 2,621 | 3.60% |
| USD.SnapSwap / CNY.RippleChina | USD 2,625 | 15.73% |
| USD.SnapSwap / CNY.RippleCN | USD 2,448 | 11.41% |
| USD.Bitstamp / EUR.SnapSwap | USD 160 | 5.40% |
| USD.Bitstamp / EUR.TheRockTrading | USD 7.5 | 0.09% |
| USD.Bitstamp / NZD.Coinex | USD 9.5 | 50.00% |
Metals markets:
| XMM Trade Volume | % of Total volume | |
| XAG.RippleSingapore / XRP | XAG 0.028705 | 0.02% |
| XAU.RippleSingapore / XRP | XAU 0.3557 | 12.9% |
| XAG.RippleSingapore / USD.Bitstamp | XAG 0.08106 | 0.07% |
| XAU.RippleSingapore / USD.Bitstamp | XAU 0.1671 | 6.92% |
All data above were obtained through queries with RippleCharts API.
(a simple tool available at: http://ripplerm.github.io/XMM-utilities/volume.html)
Units and Holders Analysis
| Unit in Circulation | |
| 28/02/14 | 111,042 |
| 31/03/14 | 167,198 |
| 30/04/14 | 245,885 |
| 31/05/14 | 424,209 |
| 30/06/14 | 479,689 |
| 31/07/14 | 455,570 |
| Stats of holders on 31st-July | |
| < 10 unit | 13 |
| [10 – 100) | 7 |
| [100 – 1000) | 20 |
| [1k – 10k) | 29 |
| >= 10k | 12 |
| TOTAL | 81 |
Unit-in-circulation decrease by ~24k or 5% as compared to end-of-June. The issuing/redemption processes was fully automated since June. Quotes from hotwallet was maintained at ~5% spread through out the whole month of July.
Others
I had just launch a new virtual-gateway named Ripple Dividend. It could be considered an extension of XMM project -- Ripple Dividend will raise fund through issuing IOUs, try to make profit from market-making and distribute its earning to the holders in the form of XRP dividends. A portion of the gross-profit would be retained for covering the operation cost.
Contrast to XMM, Ripple Dividend will be mostly concentrating on some mature markets of low-volatility, in which our bots work better as compared to XRP-market. Its funds might be more suit to the needs of those who are uncomfortable with the high-volatility of XRP prices. The initial sales of four IOUs -- FMM, USD, CNY, BTC was launched yesterday. Please visit blog.rippledividend.com for more info.
I will be keep managing XMM in a non-profit manner. In future, XMM might be gradually switching away from some mature-markets, and giving more supports to those less-popular currency pairs.
