Conversations about cryptocurrencies and real world assets (RWA) have often focused on Ripple and XRP lately. This is not surprising, as the cryptocurrency company has made great strides in moving into this potential trillion-dollar market over the past few years, making it one of the most recognized names in the space. However, when looking at the space as a whole and reviewing the numbers, it appears that despite Ripple’s efforts, blockchain is not the leader.
Ripple lags behind others in terms of RWA value
Data from RWA.xyz, a website that tracks the RWA market and the performance of blockchains in the space, shows who the RWA leaders are in terms of numbers, and unfortunately Ripple is lagging behind. While the XRP Ledger is doing good numbers, other blockchains continue to lead in this regard.
One example of this is that when it comes to the total value of RWA distributed, Ethereum is the leading blockchain and not XRP Ledger. In fact, using this metric, Ripple’s XRP Ledger doesn’t even fall into the top five in terms of volume, with competitors taking over in this regard.
The top 5 RWA chains in terms of distributed value are Ethereum, BNB Chain, Solana, Stellar, and Liquid Network. Their values are $15.54 billion, $3.5 billion, $1.949 billion, $1.41 billion, and $1.32 billion, respectively. The XRP Ledger comes in eighth place with $458.46 million, which puts it behind the likes of Arbitrum and Avalanche.
XRP Ledger ranks low for RWA users
Distributed value isn’t the only metric where the XRP Ledger lags behind competitors. Another metric is the number of users, where the XRP Ledger suffers worst. In this case, the network ranks 10th with less than 5,000 users. This is a stark contrast to Plume’s 259,000 users, Solana’s 184,000, and Ethereum’s 164,000, making them the top 3 chains in terms of user base.
However, one metric where the XRP Ledger seems to shine when it comes to RWA is the value represented on the blockchain. Although it is still in first place, it is behind the ZKsync Era at $2.2 billion for the ZKsync Era and $1.5 billion for the XRP Ledger. This puts it ahead of the likes of Ethereum, Solana and Plume in this metric, showing that there is still active participation in the blockchain.
However, the RWA space appears to be rising rapidly as the site shows that the total value of assets distributed across the blockchain has exceeded $27.68 billion. Meanwhile, there are more than 710,000 holders, and $441.38 billion in asset value represented.
Featured image from Dall.E, chart from TradingView.com
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