In a recent development, RideOnWaves.io has observed the burning of approximately 21.5 million XTN tokens. This burning event has primarily seen smaller XTN holders transitioning to L2MP in order to take advantage of the high staking annual percentage yield (APY) offered on the platform.

However, market analysts speculate that a significant decline may occur once larger XTN holders, known as whales, begin to exit the market. Furthermore, it has been announced that the Waves L2 white paper will be released next week, hinting at further advancements in the Waves ecosystem.