Ripple CTO recently responded to researchers’ claims that XRP is the “largest financial fraud” the world has seen with its low DEX volume.
Discussions have emerged within the crypto circle after analyst Airo criticised XRP and called it the biggest financial fraud in history. His criticism focused on the claim that XRP had achieved a market capitalization of $140 billion, but still produced little value.
Ripple CTO responds to low claims on DEX volumes
Iro, who? Action Please investigate blockchain resource alpha. pointed Data suggesting that the XRP ledger (XRPL) was only $44,000 on distributed exchange (DEX) volumes 24 hours.
In particular, he shared a snapshot from defill To support his argument, he emphasized that such a low volume is not distinctive for XRP’s market-wide assets.
He further noted that the total XRPL value is locked (TVL) is only $80.63 million, which is significantly lower. that A major blockchain network with an established distributed financial (DEFI) ecosystem. His comments sparked debate over the actual utilities of XRP and its network.
During the discussion, Ripple’s Chief Technology Officer David Schwartz responded to Iro’s claims. He revealed that the specific data referenced is likely to account for only the Automatic Market Maker (AMM) of XRPL.
You can’t find the exact page you’re looking at, but you’re just looking at AMMs in XRPL, which is a small part of what XRP uses XRP.
– David “Joelkatz” Schwartz (@Joelkatz) March 21, 2025
As AMM represents just a small portion of network usage, it suggested that the volumes cited do not reflect the full range of XRP utilities.
In the context, XRP integrated AMM functionality was integrated, especially in March last year. Despite being a 10-year-old network, XRPL recently pivoted towards Defi, which incorporates NFT, AMM and Stablecoins. This relatively new adoption Defi Ecosystem It remains underdeveloped compared to its competitors.
Dunl Validator counters counters with more volume figures
Dunl Validator’s Vet dispelled Iro’s claims by presenting numbers for alternative volumes. According to VET, the actual 24-hour DEX volume for XRPL was around $9 million, not $44,000.
It is undoubtedly the biggest opportunity market across crypto.
Other blockchains have little competition and are not easily captured over 6,000,000 accounts on the chain. The XRP ledger is where you can fold your hands.
Also, it’s 9,000,000 vol 24h in Dex instead of 44K.
– Veterinarian (@vet_x0) March 21, 2025
Interestingly, he argued that this low volume compared to other blockchains offers market participants the opportunity to leverage XRPL’s growing defi ecosystem, hosting over 6 million wallets with minimal competition.
Directly respond to veterinarians and Schwartz stress Defillama’s data may not accurately reflect the complete trading activity of XRPL. He said he and Orchestra Finance worked with the Defilama team on their integration efforts.
The vet explained that when combining the median marginal order book (CLOB) and AMM numbers, the actual 24-hour transaction volume is around $9 million.
Why is the XRPL DEX volume low?
XRPL’s $9 million DEX volume remains significantly lower than its competitors, including Ethereum ($1.444 billion), Solana ($1.087 billion), and Binance Smart Chain ($2.6 billion), but this gap is primarily due to it. Historical focus of XRPL other than Defi.
The network has recently begun to expand into decentralized financial services, making it easier to understand that its on-chain trading activities have lagged behind other blockchains, which have been prioritized over Defi development for many years.
Further context emphasizes that Dex volumes alone do not determine the legitimacy of the blockchain. For example, Bitcoin has a huge market capitalization of over 1 trillion dollars. Defilama data It shows just $238,740 on DEX volume. This suggests that using Dex transaction numbers as the sole measure of blockchain usefulness or legitimacy can be misleading.
Iro’s argument also brings confusion, falsely supposes that certain individuals are referring to a total of 24 hours of XRP Transaction volume Not Dex volume. In reality, CoinMarketCap data shows that XRP’s global trading volume is $3.14 billion within the same period. This is a good number for assets of that size.
