A recent claim labeling XRP as the 'biggest financial scam' has sparked debate, prompting a response from Ripple's CTO, David Schwartz.
Ripple CTO Addresses XRP DEX Volume Criticism
Aylo, an analyst for Alpha Please, criticized XRP for its market cap not reflecting its real-world utility due to low DEX volume. David Schwartz responded, explaining that reported figures likely only included AMM transactions, a feature recently introduced to XRPL in March 2024.
Disputes Over Volume Figures
Following Schwartz’s response, Vet, a validator on XRPL, contested Aylo’s claim, stating the actual DEX volume was closer to $9 million. Vet mentioned their collaboration with DeFiLlama to enhance data integration for accuracy.
Why Is XRPL’s DEX Volume Relatively Low?
Despite the revised $9 million DEX volume figure, XRPL trails behind other major blockchains. Analysts attribute this to XRPL’s focus on cross-border payments rather than DeFi, with DeFi features being recent additions.
The debate over XRP’s true trading volume highlights complexities in crypto valuation based on DEX metrics. As XRPL’s DeFi space grows, so might its DEX volume.
