The XRP Ledger Is About to Get Native Lending and Its Biggest DeFi Protocol Just Passed $130 Million. Can XRPL DeFi Catch Solana?

The XRP Ledger, the technology that supports XRP (CRYPTO:XRP), is voting on a native lending update. This comes just as its leading DeFi application, Doppler Finance, has topped $130 million in deposits. This situation raises an important question: can XRPL DeFi close the gap with Solana (CRYPTO:SOL)?

Right now, the difference is significant. Solana’s DeFi applications hold around $6.7 billion, which is about 37 times the total of $181 million across all of XRPL DeFi, including Doppler. As of October 2, 2026, XRP is trading at around $1.52, but this latest development hasn’t significantly impacted its price.

XRPL Validators Are Voting on Native Lending

Lending Protocol V1.1, introduced in version 3.4.0 of the XRPL server software, is awaiting approval from validators—independent servers that confirm transactions and decide on rule changes. Changes to the ledger take effect only if at least 80% of these trusted validators support them for at least two weeks, meaning native lending is not yet active on the XRP network.

This native lending will embed loan rules directly into the ledger’s base code. Unlike Solana, where independent teams create lending applications with specific terms, XRPL will let all wallets and applications use the same built-in lending feature without developing and auditing individual lending contracts.

The upgrade introduces two main components: closed-ended vaults that gather deposits for a specific subscription period, lend them out, and then return funds during a later redemption period—similar to closed-end funds. Cash-basis accounting records interest only when the borrower pays it, preventing vaults from reporting income they haven’t yet received.

Doppler Finance Holds Three Times the Rest of XRPL DeFi

Doppler Finance currently holds about $136 million in deposits, up about 14% over the past month. Virtually all these deposits are on the XRP Ledger. This amount is three times greater than the combined total of roughly $45 million held by all other XRPL DeFi applications, including the built-in exchange, which accounts for about $40 million.

As a result, Doppler is responsible for the majority of XRPL’s DeFi value. Data tracker DefiLlama categorizes it as CeDeFi, meaning a company runs it using on-chain tools. It’s worth noting that total value locked (TVL), which measures the dollar value of deposits, can increase when token prices rise, even if no new money enters the market. Consequently, part of Doppler’s growth aligns with XRP’s upward trend.

Solana’s DeFi Apps Hold $6.7 Billion, 37 Times XRPL’s Total

The gap between XRPL and Solana is substantial, and no single upgrade can bridge it quickly. Solana’s DeFi applications hold around $6.7 billion in deposits, while its stablecoin supply is about $16.3 billion—about 12 times XRPL’s $1.3 billion.

Solana also has the advantage of faster product development; any team can launch a new app without needing a network-wide vote. Meanwhile, XRPL implements new core features one amendment at a time, resulting in more uniform rules but slower progress. Meanwhile, Solana is preparing for its Alpenglow upgrade.

Ripple’s RLUSD stablecoin constitutes roughly 93% of the stablecoins on XRPL. If the new vaults primarily lend RLUSD, the lending capacity on the ledger could increase significantly without generating much new demand for XRP.

DeFi Growth Has Done Little for XRP and Solana Prices

Every transaction on XRPL incurs a small fee paid in XRP, but these fees are fractions of a cent, so even a surge in lending activity would have minimal effect on XRP’s overall supply. Ripple, which proposed the upgrade and holds a significant amount of XRP, stands to benefit from a more active ledger regardless of the specific lending dynamics.

On price, both coins have declined. Solana’s larger DeFi presence and an influx of ETF investments haven’t stopped its price from dropping about 45% over the past year, while XRP has declined nearly 49% in the same timeframe. This shows that both cryptocurrencies have followed broader market trends rather than those driven by their respective applications.

Will XRPL DeFi Ever Catch Up to Solana?

In the near future, it seems unlikely that XRPL DeFi will close the gap with Solana. XRPL DeFi currently lags significantly in terms of deposits and is still in the process of approving its first native lending feature. While this upgrade could give builders and institutions consistent, ledger-enforced lending rules, with one application holding most of XRPL’s DeFi assets, uncertainty remains about which assets the new vaults will actually lend.

Ultimately, the relationship between XRPL DeFi and Solana raises questions about potential gains for XRP holders. One key factor to monitor is collateral—tokens that borrowers lock in to secure a loan. If the new vaults accept XRP as collateral when the amendment goes live, it could reduce the amount of XRP available in the market for the duration of each loan. If, on the other hand, lending focuses primarily on RLUSD, XRPL DeFi may expand while XRP’s price continues to reflect overall market conditions.

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