The XRP Ledger (XRPL) is gearing up for a new phase of growth, leveraging its reputation as a fast and efficient payment network while also making strides in decentralized finance and tokenization.
Recent data from Dune Analytics reveals a staggering 430% increase in weekly payment transactions on XRPL in less than two years, with over 8 million transactions recorded this year. These payments make up a significant portion of all chain activity, highlighting XRPL’s role as a high-throughput, low-cost settlement layer.
The network’s success can be attributed to its fast finality, minimal transaction fees, and support for real-world asset tokenization. XRPL’s regulatory-friendly features also make it an attractive option for enterprise applications.
One of the key drivers behind this growth is the integration of stablecoins like RLUSD and USDC, as well as other options such as EURØP, USDB, and XSGD. These additions have expanded XRPL’s ecosystem and strengthened its position in cross-border payments. In fact, institutions like the European Central Bank have shown interest in using XRP for payment flows within distributed ledger and wallet solutions.
In addition to its payment capabilities, XRPL is also making a name for itself in the decentralized finance (DeFi) space. With a total value locked nearing $60 million, according to DeFiLlama, XRPL is proving to be a hub of innovation. Developers point to the network’s pioneering features, including deflationary tokenomics, DeFi functionalities, decentralized exchanges, tokenization, and more.
Anodos Finance co-founder Panos Mekras emphasized XRPL’s role in shaping the DeFi landscape, stating that the network laid the groundwork for many of the features now commonplace in the industry. XRPL hosts one of the longest-running decentralized exchanges, powered by a native order book rather than smart contracts. The platform also offers unique features like auto-bridging and native liquidity pools.
While XRPL’s DeFi adoption may trail behind that of competitors like Ethereum, recent updates such as an Ethereum Virtual Machine (EVM)-compatible sidechain are expected to open up new possibilities for XRPL. Enhancements like enhanced cross-chain capabilities, batch transactions, token escrow, and permissioned DEXs are poised to drive further network activity and solidify XRPL’s position in the evolving DeFi landscape.