$44K XRP DEX Volume: Analyst Calls XRP ‘Biggest Financial Scam’

A new controversy emerged in the cryptocurrency world when blockchain analyst Aylo called XRP the “biggest financial scam.” This is because of its unexpectedly low trading volume on decentralized exchanges. Industry experts, such as Ripple’s CTO, have responded to clarify the situation. Aylo based his criticism on data showing the XRP Ledger (XRPL) had only $44,000 in 24-hour DEX volume. This seemed tiny compared to its huge market capitalization. However, Ripple’s CTO and community members argued that this number doesn’t fully reflect XRP’s utility and network activity.

XRP’s DEX Volume Raises Questions

The debate kicked off when Aylo, an analyst at Alpha Please, a blockchain analysis platform, highlighted DeFiLlama data. This data revealed XRPL’s DEX volume was extremely low. With XRP’s market cap topping $140 billion, the $44,000 trading volume looked remarkably small.

I think XRP is the biggest financial scam the world has ever seen.

There has never been something which has produced less value that has reached this market cap ($140B).

The XRP ledger did $44k in volume in the last 24h, according to DefiLlama. pic.twitter.com/i6crwO6NL4

— Aylo (@alpha_pls) March 21, 2025

Moreover, Aylo mentioned that XRPL’s total value locked stood at just $80.63 million. This is far less than what top DeFi networks like Ethereum and Binance Smart Chain boast. These figures sparked doubts about XRP’s role in decentralized finance and its broader blockchain impact.

Ripple CTO Clarifies Data Misinterpretation

Ripple CTO David Schwartz responded swiftly to Aylo’s claim, stating the numbers were misleading. He explained that the XRP DEX volume only covered Automated Market Makers (AMMs) on XRPL. Yet, AMMs represent just one part of the network’s operations. Schwartz added that XRP introduced AMM features only in March 2024. Thus, the XRPL DeFi ecosystem is still growing compared to established platforms like Ethereum. He stressed that XRPL’s use spans beyond AMMs, including various financial activities on and off the chain, which the reported volume overlooks.

Validator Presents Alternative Trading Volume Figures

Vet, a dUNL validator, challenged Aylo’s claim by sharing different data. This data suggested XRPL’s actual 24-hour DEX volume neared $9 million, not $44,000. Vet noted that DeFiLlama’s figures might miss some XRPL trading activity, which blends Central Limit Order Book (CLOB) and AMM transactions. Vet also highlighted that XRP Ledger supports over six million wallets, showing a growing yet immature DeFi ecosystem. He argued that the network’s lower DEX activity signals opportunity, not failure. This suggests potential for growth and innovation in the DeFi realm.

Assessing XRPL’s DeFi Positioning

Even with varying figures, XRPL DeFi presence lags far behind its competitors. For instance, Ethereum, Solana, and Binance Smart Chain log billions in daily XRP DEX volume. This gap shows how much XRP must catch up to compete in DeFi. Still, experts warn against judging a blockchain’s legitimacy solely by DEX volume. Bitcoin, with its trillion-dollar market cap, also posts low DEX numbers. This proves a network’s worth extends beyond decentralized exchange activity.

XRPL’s Future in DeFi

The low XRP DEX volume raises questions about its standing, but its recent focus on DeFi hints at change. By adding features like AMMs, stablecoins, and NFTs, XRP aims to boost its relevance in the space. Instead of calling XRP’s current DeFi performance a flop, industry watchers see it as a chance for growth. As XRPL’s ecosystem evolves, its influence on decentralized finance could rise sharply. This might shift the doubts surrounding its legitimacy.