The launch of XRPL EVM has sparked discussions within the cryptocurrency industry concerning its low adoption rate and calls for clearer regulatory frameworks in the U.S.
Minimal Asset Adoption on XRPL EVM
The launch of the XRPL EVM, conducted by Ripple and its partners, shows limited growth with a total value locked (TVL) of only $100,000 sourced from four blockchains. This low figure raises questions about cryptocurrency integration and its implications for digital finance despite high expectations and calls for clearer U.S. crypto regulations.
Call for Regulatory Clarity in the U.S.
The crypto community is responding with concern over XRPL EVM’s low adoption. There are calls for clearer regulations that could act as a catalyst for growth within the sector. "Clear crypto regulations in the U.S. will fuel growth not just for XRPL, but for the broader blockchain industry," said Monica Long, President of Ripple.
Comparison with Successes of Solana and Cardano
Historically, new Layer 1 launches such as Cardano and Solana have experienced rapid liquidity expansion. The underwhelming TVL of XRPL EVM starkly contrasts with past successes. If the regulatory environment improves and strategic deployments continue, XRPL’s growth could mirror previous successes in the blockchain sector.
The low adoption rate of XRPL EVM raises serious questions about the platform's future prospects and the need for clarity in cryptocurrency regulation.
