On June 30, Ripple announced that the XRP Ledger’s long-awaited Ethereum Virtual Machine (EVM) compatible sidechain was live.
Ripple trumpeted “years of building and testing” to launch the mainnet, which would usher in “a new era of cross-chain DeFi.”
So far, that new era of cross-chain DeFi has attracted fewer than $100,000 across all coins held in its smart contracts, according to DefiLlama’s total value locked (TVL) tracker.
In fact, according to DefiLlama, this XRPL EVM has only four protocols worth tracking. Its most popular application has processed less than $1,100 in daily transactions over the last week.
As of yesterday, this ostensibly “innovative multi-chain DEX and cross-chain DEX aggregator, strategically positioned within the XRP ecosystem” called Moai Finance had processed just $26 worth of trades over the prior 24 hours.
The XRPL EVM was supposed to welcome thousands of computer developers who write code for Ethereum in the Solidity programming language. Despite its EVM running on mainnet for over a month, XRP still has at least 92% fewer developers than Ethereum, according to Developer Report estimates.
Ripple’s political victories fail to attract XRPL EVM developers
In addition to its EVM, Ripple has also made other efforts to welcome developers to work on the XRPL.
Ripple, which went all-in on politics and gained billions, also settled its landmark Securities and Exchange Commission lawsuit and earned clarity from a powerful US district judge that many secondary transactions of the XRP token weren’t securities offerings.
Read more: Ripple co-founder explains why most banks don’t use XRP
In addition, Ripple executives were present in person to cheer Donald Trump’s signature on the first US stablecoin law, the GENIUS Act. Ripple encourages developers to compose decentralized applications using its Ripple USD (RLUSD).
In order to maintain compliance with that law, RLUSD is backed by US dollars and Treasuries and operates under a New York Department of Financial Services Trust Charter.
Despite these efforts and Ripple executives’ powerful lobbying, RLUSD remains less than 0.03% of the $271 billion USD stablecoin market.
Got a tip? Send us an email securely via Protos Leaks. For more informed news, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
Source: https://protos.com/ripples-xrpl-evm-mainnet-is-live-top-exchange-did-26-volume-in-a-day/