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.
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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.