VanEck’s latest enterprise blockchain ranking places the XRP Ledger (XRPL) at number one, above Base, JPMorgan’s Onyx, Canton, and Robinhood Chain. The article notes that this ranking is based not merely on narrative hype, but on network valuation, liquidity depth, and on-chain usage.
Ranked higher than Base and Kinexys
Networks categorized together are primarily blockchain networks targeting institutional and enterprise use cases, covering areas such as payments, tokenization pilots, and the on-chain representation of real-world assets. Base has expanded rapidly in recent years, leveraging its Coinbase backing and its position as an Ethereum Layer 2 solution. Kinexys is a banking-sector blockchain initiative driven by JPMorgan, focusing on tokenized deposits, interbank settlement, and institutional payments.
XRPL has now ranked ahead of both, refocusing the market on how institutions define "enterprise readiness." From this framework, the evaluation emphasis is shifting from ecosystem narratives and developer growth toward more quantifiable on-chain and financial metrics.
VanEck places greater emphasis on actual usage metrics.
The article mentions that the implied market capitalization of XRPL is approximately $8.8 billion, based on the market value of XRP. Meanwhile, the total value locked in DeFi on XRPL is around $47 million, reflecting existing liquidity usage and early DeFi activity on the network.
- Network valuation size
- Liquidity depth
- Actual usage signal
This also means that institutions evaluating enterprise blockchain solutions may no longer focus solely on general smart contract capabilities, but instead prioritize whether the network is suited for specific financial use cases.
Payment and settlement positioning has attracted attention.
Unlike public blockchains focused on general-purpose application ecosystems, XRPL has long emphasized payment efficiency, fast settlement, and liquidity coordination. The article argues that institutional interest in specialized financial infrastructure is rebounding, particularly in payment and commercial access scenarios.
The report also noted that XRPL is being utilized for broader commercial integration efforts, including initiatives related to merchant expansion and commercial applications on platforms such as Shopify. Meanwhile, the Bank for International Settlements continues to emphasize that tokenized currencies could form a critical foundation for the next generation of payment systems.
In this context, XRPL is described as a network positioned more as a financial infrastructure rather than a public blockchain competing primarily on general-purpose smart contracts. VanEck’s ranking has also led to a clearer differentiation in the criteria for evaluating enterprise blockchain competition.