Rynes Sparks Debate on XRP Ledger's Relevance in Evolving Crypto Markets

Zach Rynes, Community Liaison at Chainlink, recently made a bold claim about the XRP Ledger: it's a 'ghost chain.' According to Rynes, the XRP investment thesis has failed to keep pace with how crypto markets and financial infrastructure have evolved. He argues that stablecoins have become the dominant bridge assets for payments, trading, and finance.

Rynes' central argument is that the XRP Ledger was designed in a different era, before modern high-throughput chains, programmable smart contracts, and fiat-backed stablecoins existed. He claims that this outdated design has hindered the adoption of XRPL as a settlement layer for tokenized real-world assets.

He also pointed to the success of USD-backed stablecoins like Hyperliquid, which use dollar-denominated stablecoins rather than XRP for positions across multiple markets. Rynes' argument is not just about ledger design but also about Ripple's business model, which he claims 'socializes costs to XRP holders and privatizes gains for its equity shareholders.'