XRPL EVM, the sidechain that was designed to bring Ethereum smart contract compatibility to the XRP Ledger ecosystem, has posted a poor performance days after it launched with only $100K TVL.
According to a recent data point posted by DeFiLlama, the sidechain currently hosts three DEXs and one launchpad, and the total value sitting across them is about $100,818. Another underwhelming data shows that the combined 24-hour trading volume is around $3,238, with most of the funds coming from Moai Finance. The other listed chains are yet to record any trading activity at the time the data was taken.
XRPL EVM sidechain records a poor start
Things are presently not looking good for the project that was launched with bold promises. During its launch on June 30, the project positioned itself in the new era of cross-chain DeFi. It aimed to include Solidity developers in its quest to build, port, and deploy EVM dApps while “tapping into the deep liquidity that XRPL provides and a 12+ years of operational stability.”
According to developer report data, XRPL EVM has just 168 developers, compared to about 8,448 that Ethereum boasts. The difference is a staggering 98%, with the number translating to its tiny TVL and near-zero trading activity, and the main reason why it has failed to gain real traction.
Ripple’s stablecoin RLUSD has also been underperforming, with the token yet to cross above the $1 billion mark while sitting at $642 million market cap. About 10.25% of the entire figure is on the XRPL Ledger, representing about $65.81 million. The figure is only 0.024% of the $271 billion stablecoin market. For context, USDT holds $164 billion and USD holds around $65 billion.
Ripple has been making a big push, rubbing shoulders with politicians. The company recently bought stablecoin firm Rail for $200 million, and its CEO, Brad Garlinghouse, also testified before the United States Senate Banking Committee to call for clear rules on digital assets and stablecoins.
In January, Garlinghouse and CLO Stuart Alderoty had a private dinner with President-elect Donald Trump at Mar-a-Lago. Garlinghouse called it “a great dinner” and “a strong start to 2025.” A few months later, in March, Garlinghouse attended Trump’s crypto summit at the White House. He praised the president’s vision of a “multichain world” and welcomed XRP’s inclusion in a proposed U.S. crypto reserve.
Ripple’s lobbying seemed to pay off when Congress passed the GENIUS Act, the first U.S. stablecoin law, which Trump signed on July 18. Alderoty was at the White House for the signing, calling it “the most crypto-forward Administration we’ve ever seen.” The momentum continued with a major win in August when the SEC ended its long-running lawsuit against Ripple, with the company paying a $125 million fine.
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