When the XRPL EVM sidechain launched on June 30, 2025, expectations were sky-high. The team behind it projected a total value locked (TVL) of between $600 million and $12 billion. Fast forward to July 14, 2026, and the reality is starkly different: the sidechain currently holds a mere $25,741 in total value.
Disappointing Numbers
The chain, despite being technically sound and fully audited, has failed to attract users or investment. In fact, it has recorded no chain fees, revenue, or trading volume over a recent week. The largest protocol operating on the sidechain, XRiSE33 Network, manages only $11,909, while the second largest, a launchpad named Riddle, holds just $8,831. Moai Finance, the only protocol to show any significant trading activity, has amassed a cumulative spot volume of $95,008 since its inception, but currently holds only $1,117.
This is a far cry from the initial projections. The low end of that range promised $600 million in TVL, highlighting just how disappointing the actual figures are. The gap between expectation and reality is not just significant; it represents a complete miscalculation of demand for the EVM-compatible features.
Technical Success vs. User Engagement
While the technical implementation of the XRPL EVM sidechain has been praised, with its Cosmos SDK design and Ethereum Virtual Machine compatibility, the lack of user uptake illustrates a critical flaw. Even with 90 entities purportedly building on the sidechain and the promise of a smooth connection to the XRP Ledger mainnet via the Axelar bridge, the anticipated demand has not materialized.
The XRP ecosystem did see growth in institutional mainnet activities during this period, contrasting starkly with the stagnation of the EVM DeFi sector. The figures suggest that simply offering EVM compatibility doesn't automatically drive engagement or interest without a pre-existing user base eager for more efficient or cost-effective solutions.
This article is for informational purposes only and should not be considered financial advice.
