XRP, long known as a payment-focused digital asset with high liquidity and institutional use, now sees its on-chain utility expand. This shift addresses previous limitations, particularly in decentralized finance (DeFi), where most XRP holdings previously remained idle. Now, according to Jeremy Koch, a researcher at Messari, that dynamic could be shifting.
XRP, long known as a payment-focused digital asset with high liquidity and institutional use, now sees its on-chain utility expand. This shift addresses previous limitations, particularly in decentralized finance (DeFi), where most XRP holdings previously remained idle. Now, according to Jeremy Koch, a researcher at Messari, that dynamic could be shifting.
In a recent , Koch highlighted Doppler Finance, a platform built on the XRP Ledger (XRPL) that allows users to earn passive returns on XRP through structured yield strategies. The platform’s current total value locked (TVL) surpasses $15 million.
Doppler is now gaining an ege in terms of momentum being part of a broader effort to build what some call “,” DeFi activities native to XRPL.
Unlike legacy DeFi protocols or failed CeFi platforms from 2022, Doppler employs a hybrid approach known as CeDeFi (centralized-decentralized finance).
The platform combines on-chain proof-of-reserves with institutional-grade custody via providers like Fireblocks and Ceffu. This model enables Doppler to deploy XRP into off-chain strategies such as arbitrage and basis trading while maintaining user transparency and control.
Deposited assets remain visible on-chain and can be withdrawn by users with a seven-day notice.
The emergence of Doppler coincides with technical upgrades on XRPL, including the rollout of AMM DEX pools, native stablecoin issuance (e.g., RLUSD), and hooks. These developments are gradually expanding the potential for DeFi-like applications on the network.
Koch notes that XRP’s dormant capital, bolstered by its rank as the fourth-largest digital asset by market cap and over six million active accounts, represents an opportunity. Platforms like Doppler aim to activate that capital by offering yield while keeping users within the XRPL ecosystem.
Doppler’s roadmap spans four stages, beginning with foundational infrastructure and leading toward more advanced concepts such as liquidity staking tokens (LSTs) and multichain restaking.
The platform also features a points-based incentive program to reward early participants based on deposit size and duration.
While the concept of “XRP-Fi” is still in its early stages, the rapid uptake of initial deposit rounds suggests growing interest. Koch concludes that the introduction of trust-minimized yield options like Doppler may help redefine how XRP can be used beyond payments.
