XRP surges, reviewing 9 related ecosystem projects with issued tokens
Keep up with the rise of XRP?Author: flowie, ChainCatcher
Editor: Nianqing, ChainCatcher
The situation of favoring new projects over old ones is reversing. The long-established public chain Ripple's XRP has been surging continuously, with an increase of over 360% in the past month, and today its market capitalization has surpassed USDT and SOL, becoming the third-largest cryptocurrency. Additionally, XRP's market cap has also surpassed Pinduoduo, China Life, and Citibank, rising to the 138th position in global asset rankings.
According to RootData's trend data, the popularity of project tokens related to the XRP ecosystem is rapidly climbing. ChainCatcher has provided a brief overview of projects related to the XRP ecosystem.
XRP Ledger (XRPL) Ecosystem Projects
XRP Ledger (XRPL) is a public chain launched by Ripple in 2012, and in the past two years, Ripple has been actively exploring the development of the XRPL ecosystem.
This year, Ripple has expanded the programmability of the XRP ledger and plans to launch the XRPL EVM sidechain in 2025, further expanding the Ripple ecosystem.
Ripple's upcoming stablecoin RLUSD has also undergone Beta testing on the XRPL chain this year. In addition, Ripple has expanded its cooperation with the UK crypto trading platform Archax, planning to introduce hundreds of millions of dollars in tokenized real-world assets into XRPL over the next year, aiming to make XRPL one of the leading blockchains for RWA tokenization.
According to RootData statistics, there are currently 10 projects in the XRPL ecosystem, with six of them—Evernode, Sologenic, Kaiju, Heirloom, Trustline, and Thallo—existing solely on the XRPL chain.
Among them, Evernode, Sologenic, and Xahau Network have issued tokens, with Evernode and Sologenic's token prices increasing by 3 times and over 5 times, respectively, in the past month.
1. Evernode (EVR) ------ Customized Layer 2
Evernode was established in 2021 as a permissionless, decentralized Layer 2 network specifically designed for hosting highly flexible and scalable dApps, which act as customized mini-blockchains ("AppChains"), allowing developers to build and scale according to their chosen language, features, and geographical location without the need to invent their own consensus mechanism.
The Evernode token EVR was launched in February this year, and as of the time of writing, the EVR price is reported at $0.2952, up 18% in 24 hours, and up 336% in the past month, with a market cap of $7.38 million and an FDV of $21 million.
2. Sologenic (SOLO) ------ Tokenization Ecosystem
Sologenic is a tokenization ecosystem that helps users invest, trade, and tokenize assets such as stocks, ETFs, and fiat currencies on the XRP Ledger.
As of the time of writing, the Sologenic token SOLO is reported at $0.5858, up 8.5% in 24 hours, and up 509% in the past month, with a market cap of $232 million and an FDV of $232 million.
3. Xahau Network (XAH) ------ Programmable Smart Blockchain
Xahau Network is a smart blockchain with account-based programmability. Xahau introduces IOU token custody and PayChannels as unique features, enhancing transaction flexibility and security. Hooks are the native smart contracts on the Xahau network.
As of the time of writing, the Xahau Network token XAH is reported at $0.1159, up over 80% in the past month, with an FDV of $68.89 million.
XRP Ledger (XRPL) Technical Partners
4. Coreum (COREUM) ------ Launching XRPL Cross-Chain Bridge
Coreum was launched by the Sologenic Development Foundation on December 20, 2021. It is a Layer 1 blockchain built on the Tendermint core BFT. In March of this year, Coreum launched an upgraded XRPL bridge, allowing users to seamlessly transfer XRP to Coreum, the Cosmos ecosystem, and dozens of networks built on the Ethereum Virtual Machine.
As of the time of writing, the Coreum token COREUM is reported at $0.3186, up 19% in 24 hours, and up 423% in the past month, with a market cap of $123 million and an FDV of $174 million.
5. Evmos / Tharsis Labs (EVMOS) ------ XRPL Sidechain Technology Provider
In May of this year, Ripple collaborated with Evmos to develop the XRP Ledger EVM sidechain, which will be built using evmOS technology. evmOS is a modular and customizable technology stack provided by Evmos, leveraging Cosmos SDK, IBC, and CometBFT to bring EVM compatibility to Web3 enterprises.
As of the time of writing, the Evmos token EVMOS is reported at $0.03, up 5% in 24 hours, and up 198% in just one month, with a market cap of $19.14 million and an FDV of $32.64 million.
6. Axelar (AXL) ------ Exclusive Cross-Chain Protocol for XRPL Sidechain
In June of this year, the XRP Ledger announced the upcoming launch of a sidechain called "XRPL EVM sidechain." Ripple and the XRP community are committed to bringing new programmability to the XRPL ecosystem through the XRPL EVM sidechain (which is already in progress) by 2025, including smart contracts, and exploring native features on the XRPL mainnet.
Axelar will serve as the exclusive cross-chain protocol, enabling users to convert XRP into wrapped XRP (eXRP) to be used as the native token for gas fees on the sidechain.
As of the time of writing, the AXL token price is $0.99, up 44% in the past month, with an AXL market cap of $853 million and an FDV of $1.17 billion.
7. Band Protocol (BAND) ------ Major Oracle Provider for XRPL
Band Protocol is a cross-chain data oracle platform aimed at building a high-quality suite of web3 development products. By the end of 2023, Band announced it would provide oracle price feed services for the XRP Ledger mainnet and its EVM sidechain.
As of the time of writing, the BAND token price is reported at $1.8, up 76% in the past month, with a market cap of $289 million and an FDV of $289 million.
Others
8. Stellar (XLM) ------ Another Payment Network Founded by Ripple Co-Founder
Stellar's founder, Jed McCaleb, was also a co-founder of Ripple. In 2013, due to differences over Ripple's proposed direction, Jed McCaleb left Ripple to establish the payment platform Stellar.
The price of Stellar's token XLM is often highly correlated with XRP. As of the time of writing, the XLM token price is reported at $0.5482, up 9% in 24 hours, and up over 490% in the past month, with a market cap of $16.05 billion and an FDV of $27.43 billion.
9. The Root Network (ROOT) / Futureverse ------ Metaverse Network Associated with XRPL
The Root Network is a decentralized blockchain network optimized for metaverse applications, games, and experiences. The developer of The Root Network, Futureverse, raised $54 million in July 2023, led by 10T Holdings and with participation from Ripple.
Futureverse adopts the XRPL NFT standard, using XRP as its gas token on the Root Network, and integrates with XRPL DEX to provide network liquidity.
As of the time of writing, the Root Network token ROOT is reported at $0.0433, up 160% in the past month, with a market cap of $62.63 million and an FDV of $51.95 million.
