Mason Versluis, a prominent crypto content creator and market commentator, has raised concerns over the current level of activity on the XRP Ledger compared to Solana. In his latest comparison, Versluis highlighted several key network metrics—including daily transaction fees, decentralized application revenue, active addresses, and decentralized exchange volume—where XRP trails Solana by a considerable margin.
XRP and Solana network metrics show stark differences
Versluis presented figures showing the XRP Ledger’s daily chain fees at approximately $1,300 and application revenue of around $2,000. The network reported fewer than 60,000 active addresses and about $6 million in decentralized exchange volume over the same period.
In contrast, he cited significantly higher numbers for Solana. The Solana network reportedly captured around $584,000 in chain revenue and $500,000 in chain fees. Applications developed on Solana generated approximately $4 million in daily revenue, while cumulative application fees reached $10 million. The comparison also revealed over 2.4 million active addresses participating on Solana—dramatically above XRP’s reported activity.
| Metric | XRP Ledger | Solana |
|---|---|---|
| Chain Fees (24h) | $1,300 | $500,000 |
| Application Revenue (24h) | $2,000 | $4,000,000 |
| Application Fees (24h) | – | $10,000,000 |
| Active Addresses (24h) | <60,000 | 2,400,000 |
| DEX Volume (24h) | $6,000,000 | – |
Versluis described these figures as evidence that Solana, a blockchain network focused on high transaction throughput and decentralized application development, currently commands much stronger user and developer engagement than the XRP Ledger.
Developer attraction key to Solana’s ecosystem strength
According to Versluis, Solana’s outperformance is largely due to its success in attracting application developers and businesses. He cited Phantom as one example of a successful cryptocurrency application built on the network, highlighting how Solana has created a thriving ecosystem where various projects generate high levels of activity and revenue.
Phantom is a popular non-custodial wallet designed for the Solana blockchain, enabling users to manage tokens, collectibles, and decentralized applications securely.
Mini dictionary: Phantom, a widely used digital wallet application tailored for the Solana blockchain, is known for its user-friendly interface, NFT support, and integration with various Solana-based decentralized applications.
By contrast, he argued that the XRP Ledger has struggled to attract the same level of developer interest, resulting in lower on-chain activity and revenue compared to its competitor. Despite the disparity, Versluis stated that his analysis was not intended to suggest XRP lacked potential.
Versluis acknowledged, “Solana has managed to attract the best developers and a vibrant application layer, which shows up in network statistics, but my long-term optimism for XRP remains unchanged.”
Versluis maintains long-term faith in XRP’s potential
Despite describing the XRP Ledger as comparatively inactive, Versluis clarified that he continues to hold XRP and does not view current activity metrics as a complete measure of the network’s value proposition. After holding XRP for seven years, he stated that he considers its primary design to serve institutional and banking use cases—a purpose he regards as distinct from the retail and developer-driven activity characterizing Solana’s growth.
Several community members challenged Versluis’s assertion that XRP was a “dead chain.” Notably, one user, Panthro_650, pointed to ongoing interest from institutions such as Franklin Templeton, SBI Japan, Rakuten, Bitwise, and the Bank for International Settlements, which have all interacted with or researched the XRP Ledger in various capacities.
Another commenter, RonBrungSun, questioned whether the network’s full utility had been realized, highlighting a distinction between current activity and future adoption as financial infrastructure grows. These exchanges reflect ongoing debates regarding the role, current status, and future trajectory of networks like XRP as compared to developer-centric blockchains such as Solana.
While the data underscores Solana’s lead in transaction volume and user engagement, several industry participants have argued that institutional integration and future utility may eventually shape new narratives for $XRP.
