XRPL DeFi Struggles to Close Gap with Solana Amid Native Lending Vote

The XRP Ledger is on the verge of introducing native lending capabilities, which will embed loan rules directly into its base code. This development comes as Doppler Finance, a leading DeFi application on XRPL, has surpassed $130 million in deposits.

This upgrade requires approval from 80% of validators for at least two weeks to activate. The new feature will allow all wallets and applications to use the same built-in lending feature without developing individual lending contracts.

The XRP Ledger's DeFi sector currently lags behind Solana, with $181 million in total deposits compared to Solana's $6.7 billion. Doppler Finance accounts for most of XRPL's DeFi value, holding about three times the combined total of other XRPL DeFi applications.

Solana has an advantage when it comes to product development, as any team can launch a new app without needing a network-wide vote. The XRP Ledger, on the other hand, implements new core features one amendment at a time, resulting in more uniform rules but slower progress.