The Ripple CTO recently responded to a researcher’s claim that XRP is the “biggest financial scam” the world has ever seen over low DEX volume.
A discussion has emerged within crypto circles after analyst Aylo criticized XRP, calling it the largest financial scam in history. His criticism centered on the claim that XRP had produced little value despite reaching a massive $140 billion market capitalization.
Ripple CTO Responds to Low DEX Volume Claims
Aylo, who conducts research for blockchain resource Alpha Please, pointed to data suggesting that the XRP Ledger (XRPL) had only $44,000 in decentralized exchange (DEX) volume over a 24-hour period.
Particularly, he shared a snapshot from DeFiLlama to support his argument, emphasizing that such a low volume was uncharacteristic for an asset with XRP’s market size.
He further noted that the XRPL’s total value locked (TVL) stood at just $80.63 million, significantly lower than that of leading blockchain networks with established decentralized finance (DeFi) ecosystems. His comments triggered discussions about the actual utility of XRP and its network.
Amid the discussion, Ripple’s Chief Technology Officer, David Schwartz, responded to Aylo’s assertion. He clarified that the specific data referenced likely only accounted for Automated Market Makers (AMMs) on the XRPL.
I can’t find the exact page you’re looking at, but I bet that’s just looking at AMMs on XRPL, a miniscule fraction of what people use XRP for.
— David “JoelKatz” Schwartz (@JoelKatz) March 21, 2025
Since AMMs represent just a fraction of the network’s usage, he suggested that the quoted volume did not reflect the full scope of XRP’s utility.
For context, XRP integrated AMM functionality recently, specifically last March. Despite being a decade-old network, XRPL had only recently pivoted toward DeFi, incorporating NFTs, AMMs, and stablecoins. This relatively new adoption has resulted in a DeFi ecosystem that remains underdeveloped compared to competitors.
dUNL Validator Counters with Higher Volume Figures
Vet, a dUNL validator, dispelled Aylo’s claim by presenting alternative volume figures. According to Vet, the actual 24-hour DEX volume on XRPL was around $9 million, not $44,000.
It’s arguably the biggest opportunity market in whole crypto.
No other blockchain allows such an easy capture of over 6,000,000 accounts on chain with so little competition. XRP Ledger the place to build hands down.
Also it’s $9,000,000 vol 24h on the dex not 44k pic.twitter.com/AK4whdpRbJ
— Vet (@Vet_X0) March 21, 2025
Interestingly, he claimed that this lower volume compared to other blockchains presents an opportunity for market participants to leverage the XRPL’s growing DeFi ecosystem, which has hosted over 6 million wallets with minimal competition.
Responding directly to Schwartz, Vet stressed that DeFiLlama’s data might not accurately reflect XRPL’s full trading activity. He mentioned that he and Orchestra Finance had collaborated with DeFiLlama’s team on integration efforts.
Vet explained that the actual 24-hour trading volume, when combining the Central Limit Order Book (CLOB) and AMM figures, was approximately $9 million.
Why is XRPL DEX Volume Low?
While XRPL’s $9 million DEX volume remains significantly lower than those of competitors, such as Ethereum ($1.44 billion), Solana ($1.087 billion), and Binance Smart Chain ($2.61 billion), this gap is largely due to XRPL’s historical focus outside of DeFi.
The network has only recently begun expanding into decentralized financial services, making it understandable that its on-chain trading activity lags behind other blockchains that have prioritized DeFi development for years.
Further context highlights that DEX volume alone does not determine a blockchain’s legitimacy. Bitcoin, for instance, has an enormous market cap exceeding $1 trillion, yet its DeFiLlama data shows a mere $238,740 in DEX volume. This suggests that using DEX trading figures as the sole measure of a blockchain’s utility or legitimacy can be misleading.
Aylo’s argument also led to confusion, with certain individuals mistakenly assuming he was referring to XRP’s total 24-hour trading volume rather than its DEX volume. In reality, CoinMarketCap data indicates that XRP’s global trading volume stands at $3.14 billion within the same period, an appropriate figure for an asset of its size.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
