Ripple launched its XRPL EVM mainnet on June 30 after “years of building and testing,” promising “a new era of cross-chain DeFi” The results? Less than $110,000 TVL across all protocols, and its top DEX processed just $26 in trades over 24 hours yesterday... 🧵
The XRPL EVM has only four protocols worth tracking per @DefiLlama. @MoaiFinance, described as an “innovative multi-chain DEX strategically positioned within the XRP ecosystem,” processed less than $8,000 in transactions over the past week. Revolutionary stuff right there.
Their EVM was supposed to welcome thousands of Ethereum developers who code in Solidity. After its EVM running on mainnet for over a month, $XRP still has 92% fewer developers than Ethereum according to Developer Report estimates. The migration never materialized.
Despite Ripple’s political victories - settling the SEC lawsuit, getting clarity on $XRP as a security, and its executives cheering Trump’s GENIUS Act - adoption remains dim. 👀 Ripple’s $RLUSD stablecoin represents less than 0.03% of the $271B USD stablecoin market.
Ripple went “all-in on politics and gained billions” yet their “new era of cross-chain DeFi” attracted fewer users yesterday than a small-town lemonade stand. More ⤵️
Ripple’s XRPL EVM mainnet is live — top exchange did $26 volume in a day
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