Solana Exec Says XRP War Is Over, But Who Won?

Solana executive Vibhu recently alluded to content about how the war with XRP was over. This follows the integration of the wrapped XRP (wXRP) on the Solana network, which the Solana executive indicated is a positive for the crypto space. 

Solana Exec Spotlights XRP War As Being Over

In an X post, Vibhu stated that XRP being on Solana was greater than both tokens being pitched against one another. This came as he shared a video from the XRP Las Vegas conference that included an ad for XRP’s integration on SOL, with the content describing the war between the two ecosystems as over. 

The ad notably included comparison articles of XRP vs. Solana, with both tokens and their ecosystems frequently put side by side. XRP currently ranks as the fourth-largest crypto asset by market cap ($86.5 billion), while SOL isn’t far behind, with the token 7th at a market cap of $48.9 billion. 

It is worth noting that XRP has seen significant demand since the launch of wXRP on the Solana network last month. Solscan data shows that the wrapped token currently has a circulating supply of 830,648 with 1,125 holders. However, this is still well behind the circulating supply of 50 million wXRP on the Ethereum network, although wXRP launched on ETH last year. 

The XRP community has largely welcomed the integration of XRP into the SOL network. However, XRP Ledger (XRPL) validator Vet once warned that issued assets have real counterparty risk. He noted that wXRP is an issued asset and that while it is great to get XRP exposure on SOL this way, it doesn’t come close to holding native XRP through self-custody from a risk point of view. As such, he urged investors to know what they hold. 

SOL And XRP Going Head-To-Head In Tokenization Race

Amid XRP’s integration on Solana, Solana and the XRPL are competing for dominance in the tokenization race. RWA.xyz data show that the XRP Ledger is currently ahead of SOL in total RWA value across both networks. The XRPL has a total RWA value of $3.5 billion, up over 79% in the last 30 days. Meanwhile, SOL’s total RWA value stands at $2.5 billion, up over 14% in the last 30 days. 

However, both the XRP Ledger and Solana are still behind Ethereum, which has a total RWA value of $16.7 billion. Despite this, Flare Network’s founder, Hugo Philion, recently opined that the XRPL could be highly successful in RWA issuance. He explained that this could happen because the XRPL has the best distribution channel among the chains in the U.S., Japan, and Korea. As such, Philion believes that asset issuers seeking distribution will naturally choose the XRPL.

Featured image from Freepik, chart from Tradingview.com

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