u.today
The $XRP Ledger (XRPL) has just been demoted in on-chain real world asset (RWA) tokenization market cap. According to data from DeFiLlama, $XRP Ledger is now the 11th largest protocol for tokenization of real-world assets.
$XRP Ledger and tokenization market
Per the data, $XRP Ledger is now worth just about $61.86 million in RWA valuation. This has seen its displacement by Plume Network, which boasts an on-chain capitalization of $74.02 million for its tokenized products.
The pursuit of on-chain tokenization has intensified in recent times, with almost every layer-1 blockchain optimizing to win a market share. Thus far, the RWA market remains dominated by Ethereum, with over $13.3 billion in RWA on-chain market cap.
Binance Smart Chain, Solana, Arbitrum and Aptos complete the top five list, with $2.63 billion, $2.16 billion, $1.21 billion and $558.9 billion. These figures dwarf $XRP Ledger’s value and are arguably justified by the smaller number of active asset issues registered by DeFiLlama.
With a massive projection that RWA tokenization will continually grow, $XRP Ledger’s ecosystem developers are already exploring avenues to shift the tide. From amendments launched on the chain to partnerships inked by Ripple Labs, expectations for a boost in the long-term remain high.
RWA realities highlighted
Contrary to the data projections from DeFiLlama, another RWA profiling platform, RWA.xyz, pegged $XRP Ledger as a more active chain for tokenized products.
As reported earlier by U.Today, $XRP Ledger flipped Solana in the represented tokenization trend. This platform places the value of tokenized products on the $XRP Ledger at over $1.9 billion.
Over the past year, Ripple Labs has made significant moves to enrich the integration of tokenized products on the $XRP Ledger. As announced recently, the firm just helped facilitate the tokenization of $280 million worth of diamonds, one of many to come on XRPL mainnet.