First Ledger Review: Fees, Token Launches and Custody
First Ledger is a website and Telegram bot for launching and trading XRP Ledger tokens; xrpl.to lists 16,687 tokens launched there. It charges 1% per trade, keeps your keys in your browser, and blackholes every token it launches.
xrpl.to also launches and trades tokens, so we compete with First Ledger in part. Every fact below links to First Ledger’s own docs.
What it costs
- Trading: “First Ledger has a 1% transaction fee when trading tokens”. Its docs split it 20% to referrals, 25% to the team, 10% to infrastructure and 45% “TBA” (First Ledger: Fees).
- Launching a token: a 5 XRP First Ledger fee, at least 25 XRP for the starting liquidity pool, and about 3.84 XRP of account reserves and network fees (First Ledger: Launching a coin).
What happens to a token at launch
The starting liquidity “will be burned on launch and the token will be blackholed shortly after”. In First Ledger’s words: “the starting liquidity can never be removed and no more tokens can be minted for that token” (First Ledger).
A creator who puts in more than 50 XRP of starting liquidity can allocate up to 50% of the supply to themselves before launch. That allocation is held in escrow and unlocks over set periods. Before buying, check how much of the supply the creator holds or has in escrow; First Ledger tokens are listed on xrpl.to’s First Ledger page.
Who holds the keys
First Ledger’s docs call it “a self custody wallet”: the encrypted wallet is stored in the browser where you created it, so a wallet made in the Telegram bot lives in Telegram’s mini-app browser and one made on the website lives in Chrome or Safari (First Ledger: Wallet setup). They state that “First Ledger DOES NOT have access to your private keys”, and add: “Treat this as a hot wallet and only funds you wish to use for trading” (First Ledger: Wallet encryption).
One out-of-date line in the docs
First Ledger’s funding page says “The XRPL requires 10 xrp to activate the wallet” (First Ledger). The XRP Ledger’s base reserve is now 1 XRP (xrpl.org: Reserves).
Questions
What are First Ledger’s fees?
First Ledger charges 1% on token trades. Launching a token costs a 5 XRP fee, at least 25 XRP of starting liquidity, which is burned, and about 3.84 XRP of reserves and network fees.
Is First Ledger custodial?
No. Its docs say First Ledger is self-custodial and does not have your private keys; the encrypted wallet is stored in the browser where you made it. The docs also say to treat it as a hot wallet.
Can a First Ledger token’s creator mint more?
No. First Ledger blackholes every token it launches shortly after launch, so no more can be issued, and the starting liquidity is burned so it cannot be removed.
How much XRP does a new wallet need?
The XRP Ledger’s base reserve is 1 XRP. First Ledger’s funding page still says 10 XRP, the reserve before the ledger lowered it.