Crypto enthusiast Mason Versluis has questioned why the XRP Ledger generates considerably less network activity than Solana, using daily transaction fees, application revenue, active addresses, and decentralized exchange volume to support his assessment.
Although his comparison paints a difficult picture for XRP’s current ecosystem activity, Versluis insists that he has not lost confidence in the cryptocurrency.
After holding XRP for seven years, he still believes the asset serves a purpose that differs from Solana’s focus on decentralized applications and retail participation.
In a recent video, Versluis described XRP as technically a dead chain compared to Solana. He then presented figures from both networks to explain his position.
$XRP = DEAD CHAIN?!
Warning: This one is for objective high IQ’s only!
— MASON VERSLUIS (@MasonVersluis) November 4, 2026
XRP And Solana Network Activity Compared
Versluis began his comparison with the XRP Ledger’s performance over a 24-hour period. According to the figures he presented, the network generated approximately $1,300 in chain fees, while applications built on the network produced around $2,000 in revenue.
He also reported fewer than 60,000 active addresses and approximately $6 million in decentralized exchange volume.
Solana recorded considerably higher figures across the same metrics. Versluis cited approximately $584,000 in chain revenue and $500,000 in chain fees. He also reported that applications operating on Solana generated around $4 million in revenue, while application fees reached approximately $10 million.
The difference in active addresses also stood out in his comparison. Solana recorded approximately 2.4 million active addresses, significantly exceeding the figure he presented for XRP.
Versluis used these numbers to argue that Solana currently attracts substantially more activity than the XRP Ledger.
Solana Has Attracted More Developers, Versluis Says
Versluis attributed Solana’s performance to its success in attracting developers, entrepreneurs, and businesses that build applications for the network.
He specifically mentioned Phantom as an example of a major cryptocurrency application that operates within Solana’s ecosystem. He believes Solana has successfully attracted talented application developers and created an ecosystem where several projects generate considerable activity and revenue.
According to Versluis, XRP has not achieved comparable success in attracting developers and building applications. He believes this difference explains much of the gap between the two networks’ daily activity figures.
However, he clarified that his criticism does not mean he intends to sell his XRP holdings.
Why Versluis Remains Bullish On XRP
Versluis revealed that he has held XRP for seven years and intends to maintain his position. He explained that he does not believe retail participation represents the primary purpose of XRP.
Instead, he sees XRP as a banking-focused cryptocurrency designed to serve a different function from networks such as Solana.
Several commenters challenged his assessment. Panthro_650 referenced Franklin Templeton, SBI Japan, Rakuten, Bitwise, and the Bank for International Settlements, questioning how Versluis could describe the XRP Ledger as dead despite institutional interest and research involving the network.
Another commenter, RonBrungSun, raised a question about the network’s adoption, asking, “Have we seen full utility yet?”
That question touches on an important distinction in the debate. Current network activity measures what users and applications generate today, while institutional adoption and financial infrastructure represent different aspects of a blockchain’s potential use.
Frequently Asked Questions
Why did Mason Versluis call XRP a “dead chain”?
Mason Versluis used the term to describe the XRP Ledger when comparing its lower daily transaction fees, application revenues, active addresses, and decentralized exchange volumes to the significantly higher metrics generated by Solana.
Does Mason Versluis plan to sell his XRP?
No. Despite pointing out lower ecosystem activity, Versluis stated that he has held XRP for seven years, maintains his position, and believes the asset serves a different fundamental purpose than retail-focused networks like Solana.
How do the active addresses on Solana and XRP compare?
In the comparison presented, Solana recorded roughly 2.4 million active addresses, whereas the XRP Ledger recorded fewer than 60,000 active addresses.
What is the alternative viewpoint regarding the XRP Ledger?
Critics of Versluis’s assessment—such as social media commenters pointing to entities like Franklin Templeton, SBI Japan, Rakuten, Bitwise, and the Bank for International Settlements—argue that institutional interest and banking infrastructure demonstrate ongoing utility and potential beyond basic retail transaction metrics.
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Written by
Elara Winter
