Panos Mekras, CEO of Anodos Finance, has voiced concerns regarding the XRP Ledger’s (XRPL) current ecosystem performance, pointing to a downturn in key metrics and a lack of widespread, practical applications for users.
XRPL sees declining activity and liquidity
Despite maintaining a long-term positive outlook for XRP and the XRPL network, Mekras highlighted a number of issues holding the ecosystem back from reaching its full potential. In a post on X, he underscored the need for stronger execution, more robust liquidity, and genuine user adoption.
Mekras referenced recent ecosystem data to illustrate his concerns. According to metrics he shared, XRPL is recording around $5 million in daily decentralized exchange (DEX) volume and about $35 million in total value locked (TVL) in current protocols.
| XRPL Metric | Current Value |
|---|---|
| Daily DEX Volume | $5 million |
| Total Value Locked (TVL) | $35 million |
He warned that considering XRPL’s long history and Ripple’s extensive industry connections, these figures should be cause for concern. Mekras also noted the network’s persistent liquidity limitations and its limited range of available applications as barriers to attracting mainstream users.
He argued that while partnerships and announcements may bring attention, they do not automatically result in real, sustainable adoption. For XRPL to progress, Mekras emphasized the need for practical products and services that generate actual user engagement, rather than simply new strategic plans or promotional campaigns.
There seems to be a big controversy around XRP and XRPL again. While I remain bullish on the long-term future, metrics like low liquidity and minimal TVL indicate there’s significant work ahead. Partnerships and announcements are not enough—XRPL needs products that real users actively engage with to drive genuine growth.
XRP value growth tied to ecosystem utility
Mekras distinguished between the achievements of Ripple, the San Francisco-based blockchain company behind key developments on XRPL, and the actual performance and adoption of the XRPL network or the XRP asset. He cautioned that Ripple’s business expansion and increased XRPL network activity do not necessarily ensure higher demand or value for the XRP token itself.
He questioned the direct connection between network growth and sustained token demand, stressing that token holders should seek clear mechanisms showing how increased utility benefits XRP.
Ripple urged to take greater responsibility
Mekras also addressed Ripple’s role and influence within the XRP ecosystem. While acknowledging that Ripple does not fully control the XRPL network, he said the company’s substantial financial resources, market relationships, and overall position grant it outsized influence in accelerating network development.
He expressed concern that smaller independent teams cannot close the gap created by a lack of urgency or support from Ripple, particularly given the challenges independent developers face amid limited network activity and low project revenues.
Mekras stated that he has aired these criticisms for more than a year as both a developer and community member. He explained he has stepped back from public discussions due to persistent disagreements and unfulfilled ecosystem promises but remains committed to building products aimed at broadening XRPL utility.
He concluded that in order for XRPL to progress, it requires decisive execution, significant adoption, and a community that holds stakeholders accountable for meaningful outcomes.
Mini dictionary: Anodos Finance is a company focused on developing decentralized finance (DeFi) solutions and actively participates in the XRP Ledger ecosystem by building and supporting blockchain-based products.
Progress for XRP holders comes from clear, strong links between network utility and actual sustained demand for the token, not just from Ripple’s growth or announcements. These are legitimate questions that the community should continue to raise.
