Activity on Ripple’s XRPL EVM Slows Two Weeks After Launch – Crypto News – Crypto News
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Activity on Ripple’s XRPL EVM Slows Two Weeks After Launch Activity on Ripple’s XRPL EVM Slows Two Weeks After Launch

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Activity on Ripple’s XRPL EVM Slows Two Weeks After Launch – Crypto News

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12 months ago

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The XRPL EVM sidechain posted a strong start but daily users are now down 77% from launch day.

Roughly two weeks after launch, Ripple’s Ethereum-compatible sidechain shows signs of fading on-chain engagement, especially when compared to the surge seen on day one.

As of July 14, over 1,300 smart contracts have been deployed on the XRPL EVM via infrastructure provider Peersyst. The network has processed more than 17,000 transactions and facilitated over 1,500 XRP transfers, per data from the XRPL EVM explorer.

More than 120 tokens have also been issued, and bridged assets include stablecoins from multiple protocols, as well as real-world asset (RWA) tokens from Midas and Falcon Stable, DWF Labs’ synthetic stablecoin that depegged in early July amid concerns over collateral and yield.

Yet, a closer look at the XRPL EVM explorer dashboard shows most of the activity clustered around launch day on June 30. That day saw 818 contracts deployed and 640 new accounts created, with a clear spike in active users.

XRPL EVM data

But since then, activity has dropped off. Daily contract deployments and new accounts have fallen to single digits, with recent days barely crossing 50 contracts. Active user numbers remain below 150, down about 77% from launch day.

The XRPL EVM is an Ethereum-compatible environment designed to enable Solidity-based smart contracts to run within the XRPL ecosystem. It operates as a Layer 2 sidechain that settles to the XRP Ledger, aiming to bring EVM functionality to a user base more familiar with the XRP token. Ripple claims the sidechain can handle up to 1,000 transactions per second with far lower fees than Ethereum.

the-defiant
Base data

Compared to other Ethereum-compatible Layer 2s like Base and zkSync Era, XRPL EVM’s post-launch buzz feels a bit quieter.

For example, Coinbase’s Base network surpassed 90,000 daily active users on its launch day and now averages over 1 million daily active users, according to data from Blockscout’s Base explorer. Meanwhile, zkSync Era recorded more than 18,000 active users on its launch day.

The Defiant contacted Ripple for comment but did not receive a response by press time.

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