Daily News 19

Author: Evan Mercer

  • HPC Presses CFTC to Prioritize Perpetual Contracts in Continued Policy Push

    HPC Presses CFTC to Prioritize Perpetual Contracts in Continued Policy Push

    Hyperliquid Policy Center Urges CFTC to Prioritize Perpetual Contracts in Innovation Agenda

    The Hyperliquid Policy Center (HPC) formally petitioned the Commodity Futures Trading Commission (CFTC) on Thursday, August 27, 2026, urging the regulator to place perpetual contracts at the center of its innovation roadmap. The filing arrives as U.S. traders remain largely excluded from a global perpetual derivatives market that has surpassed $500 billion in offshore volume.

    Perpetual Contracts Dominate CFTC Innovation Advisory Committee Meeting

    The HPC statement follows the CFTC’s first Innovation Advisory Committee meeting on August 20. While the official agenda covered digital assets, artificial intelligence, and prediction markets, HPC reports that committee members raised perpetual contracts repeatedly across all three sessions.

    Citing timestamps from the meeting webcast, HPC identified several industry leaders who advocated for the product:

    • Tyler Winklevoss of Gemini stated that U.S. firms are falling behind as perpetual contracts constitute the bulk of global digital asset trading volume.
    • Don Wilson of DRW characterized perpetuals as essential risk tools that registered funds would prefer to hold alongside dated futures.
    • Brian Armstrong of Coinbase, Raghu Yarlagadda of FalconX, and Tushar Jain of Multicoin Capital also spoke in favor of perpetual contracts.

    HPC interpreted this unsolicited discussion as clear evidence of market demand. Signed by Chief Executive Jake Chervinsky and Senior Counsel Brad Bourque, the statement was submitted to Commission Secretary Christopher Kirkpatrick and advances four core arguments:

    1. Perpetual contracts are critical to the CFTC’s innovation mandate.
    2. They address genuine, ongoing hedging needs.
    3. A more receptive CFTC is already moving these markets onshore.
    4. Public blockchains can modernize derivative infrastructure, warranting regulatory updates.

    Why Perpetual Contracts Track Price Without Expiration

    A significant portion of the filing explains the mechanics of perpetual contracts. Unlike traditional futures, perpetuals have no settlement date, cannot be rolled over, and involve no physical delivery. Instead, periodic funding payments transfer value between long and short position holders, anchoring the contract price to a reference index.

    HPC argues this structure better serves exposures with no natural end date. The filing cites examples including:

    • An airline hedging continuous aviation fuel consumption
    • A fund managing persistent portfolio risk
    • An AI developer facing rising, ongoing compute costs

    In each case, hedging with dated futures introduces roll-cycle risk, timing uncertainty, and recurring transaction costs that perpetual contracts eliminate.

    Shifting Regulatory Landscape and Legal Challenges

    The filing coincides with a noticeable softening in the CFTC’s posture toward perpetual products:

    • May 2026: The CFTC approved the first U.S.-listed perpetual futures contract, Kalshi’s BTCPERP, and issued a policy statement and staff guidance addressing continuous trading.
    • June 2026: The agency requested public comment on extending perpetual contracts to storable energy commodities.
    • August 26, 2026: HPC and the HIP-3 deployer submitted a joint response to the energy commodity request.
    • August 24, 2026: HPC filed a separate response urging the SEC and CFTC to classify qualifying equity perpetuals as security futures.

    According to figures released by FIA President Walt Lukken, the CFTC now oversees 30 designated contract markets—up from 16 in 2003—with 17 pending applications. The agency also manages 6,700 listed contracts, a sharp increase from 2,100 in 2023.

    Opposition remains, however. CME Group filed suit against the CFTC in June, arguing that perpetual contracts constitute swaps rather than futures. CME’s outgoing chief, Terry Duffy, described the product as “a disaster waiting to happen.”

    About the Hyperliquid Policy Center

    HPC describes itself as an independent research and advocacy organization with ties to the Hyperliquid Foundation, which founded the center in February 2026.

  • Ripple Moves to Scrap Key XRPL Amendment

    Ripple Moves to Scrap Key XRPL Amendment

    Ripple has recommended that the XRP Ledger community withdraw the long-running XChainBridge amendment, known as XLS-38, which was designed to bring native cross-chain bridging capabilities to the network. According to the company, the technology is no longer required for its primary intended use case and has failed to attract sufficient developer demand.

    Ripple Cannot Unilaterally Remove the Amendment

    Because Ripple controls only a single validator vote on the XRP Ledger, the company cannot remove the feature on its own. The withdrawal must proceed through the network’s standard amendment process, requiring broader validator consensus.

    Original Purpose of XLS-38

    XLS-38 was created to provide a native bridging framework for the XRP Ledger. The proposal would have allowed assets to move between the XRPL mainnet and connected sidechains with the assistance of “witness servers.” The system was designed to support custom sidechains, including private and permissioned networks as well as experimental chains. It was also originally intended to serve as the bridge connecting the XRP Ledger to the XRPL EVM Sidechain.

    Axelar Selected as the Alternative

    Ripple has instead selected the Axelar network to power the XRPL EVM Sidechain. Axelar’s network currently operates with more than 75 validators and supports broad interoperability with over 50 blockchain networks.

    Ripple initially decided to use Axelar for the XRPL EVM Sidechain in June 2024. At the time, the company stated it would continue leaving XLS-38 available for a community vote. However, Ripple now says there is little evidence that such demand exists.

    “The primary use case that motivated XLS-38’s development is fully addressed, and we believe better addressed, by the Axelar integration,” RippleX said.

    Code Maintenance Cited as Liability

    The company also argued that maintaining the dormant implementation has become a liability. Removing XChainBridge would allow developers to eliminate more than 10,000 lines of code from the codebase.

    Decision Remains Reversible

    Ripple indicated that its decision could be reversed. Developers who are actively building around XLS-38 have been asked to present compelling use cases that could convince the company to change its position.

  • Global Crypto Tax Net Has Massive Gap; China’s Taxable Crypto Only One-Fifth of US

    Global Crypto Tax Net Has Massive Gap; China’s Taxable Crypto Only One-Fifth of US

    Last year, potentially taxable global onchain crypto asset activity surpassed $457 billion, according to a new report from blockchain intelligence firm Chainalysis. Of that total, $125.1 billion is attributed to European countries, $112.6 billion to the United States, and $21 billion to China, where onshore crypto trading is banned.

    These figures represent a lower-bound estimate and encompass gains from centralized and decentralized exchanges, income from mining, staking, lending, and gambling, as well as crypto-denominated payments. However, China’s trading ban complicates estimates for Chinese users, as much of that activity has moved offshore.

    CARF Captures Only 14% of Global Taxable Activity

    The report highlights a significant gap in the OECD’s Crypto-Asset Reporting Framework (CARF), which takes effect next year. Analysts say CARF captures just 14% of the global total.

    “The remaining 86% — encompassing DEX activity, peer-to-peer transfers, onchain income streams, and payments — falls outside the framework’s practical scope,” Chainalysis, which sells onchain activity tracking tools to governments and companies, said.

    Source: Chainalysis

    Designed as a tax-related risk detection tool, CARF applies only to centralized exchanges, brokers, retailers, and certain wallet providers. At least 46 countries have committed to implementing it in 2027 and will begin collecting and sharing crypto user data across jurisdictions. Another 29 nations are expected to join in 2028, while the United States plans to adopt the framework in 2029.

    What CARF Misses: DEX, P2P, and Self-Custody

    Chainalysis analysts argue that CARF will fail to capture the vast majority of taxable crypto income because it does not cover decentralized exchange activity, peer-to-peer transfers, self-custody transactions, mining rewards, staking yields, lending income, or many goods and services payments.

    Gains — realized capital gains from CEX and DEX trading; Income — earnings from mining, staking, lending, and gambling; Payments — crypto-denominated payments. Source: Chainalysis

    Additionally, exchanges often lack data on crypto assets acquired elsewhere, making accurate gain/loss calculations difficult. Not all countries will participate in CARF, and the framework may reveal what a person sold their crypto for but not what they paid, complicating profit determination.

    EU’s DAC8 Directive Adds Data Collection Requirements

    CARF is not the only regulatory push targeting crypto taxes. In the European Union, the DAC8 directive took effect this January, requiring crypto exchanges to collect customers’ sensitive personal data for sharing with national tax authorities starting in 2027.

    Life-Threatening Dangers of Tax Data Leaks

    The crackdown on tax evasion carries significant risks for crypto holders. This summer, bitcoin-only exchange Bull Bitcoin launched a legal challenge in France to overturn the decree implementing DAC8 locally. The exchange, which also develops the privacy-focused Bull bitcoin wallet, argues the EU directive creates “a massive international financial-data honeypot linking people’s legal identities, home addresses and crypto activity, including information with no relevance whatsoever to taxation.”

    France has seen a surge in physical attacks on crypto owners, partly fueled by personal data leaks from the national tax authority. In the first eight months of this year, a public database recorded 36 incidents — a 64% increase over the total for all of 2025. The actual number is likely higher, as many attacks go unreported.

  • ETH Price Eyes 35% Upside in September

    ETH Price Eyes 35% Upside in September

    Ethereum Price Analysis: ETH Breaks Out but Faces Critical Supply Zone Test

    Ethereum has traveled a significant distance from June’s $1,510 support level, where a double-bottom pattern initially formed. The subsequent rebound proved gradual, with the token contending with the pattern’s neckline from mid-July through mid-August. A decisive breakout finally arrived in late August, propelling ETH to $2,535.

    Technical Structure Shifts Bullish with Golden Cross Formation

    The chart now presents a cleaner bullish structure. A golden cross has formed between the 50-day and 200-day exponential moving average (EMA) bands, representing an important technical shift that could underpin a longer-term rally provided follow-up demand materializes.

    That conditional demand remains pivotal because ETH is currently wrestling with the $2,383–$2,495 range, which has functioned as supply. Should the price sustain above this zone and flip it into demand, September could become particularly interesting, with $2,791 and $3,381 standing as the next major upside targets. Conversely, losing the range would considerably weaken the setup, potentially sending ETH back toward the 200-day EMA near $2,150.

    Exchange Balance Data Reveals Accumulation Trend

    Beyond the chart, an unusual dynamic is unfolding. Ethereum exchange balances have declined from approximately 7.69 million coins on June 3 to roughly 6.28 million on August 27, an 18% reduction. The withdrawal trend did not pause during the rally; an additional 275,000 ETH left exchanges after August 19, pushing balances to their lowest point of the period.

    The timing is noteworthy because ETH has gained roughly 27% since August 16, meaning the exchange drain continued while prices were rising rather than falling. Meanwhile, Bitcoin exchange balances moved in the opposite direction, increasing approximately 0.25% over the same 12-week window.

    Mixed Indicator Signals Show Strength Alongside Exhaustion Risks

    The technical picture is not entirely one-sided. The Moving Average Convergence Divergence (MACD) is rising, the Awesome Oscillator (AO) histogram is improving, and the golden cross confirms strengthening bullish pressure.

    However, the Relative Strength Index (RSI) at 78.05 signals overheated conditions, while the Chaikin Money Flow (CMF) around 0.33 sits near a peak. These readings suggest the rally may require a cooling-off period before another sustained move higher.

    Key Level to Watch: $2,383–$2,495 Zone Dictates Next Direction

    For ETH price action, everything now hinges on the $2,383–$2,495 zone. Holding this area as demand emerges could open the path toward $2,791 followed by $3,381. Under bullish continuation these levels come into focus, but losing the range would collapse the price toward the 200-day EMA aligning near $2,150.

  • Predictable Wallet Seed Phrases Tied to $5.69M Theft, Security Firm Reports

    Predictable Wallet Seed Phrases Tied to $5.69M Theft, Security Firm Reports

    Critical CryptoJS Vulnerability Exposes Wallet Seed Phrases, $5.69M Stolen

    Blockchain security firm Coinspect has uncovered a critical vulnerability in the random number generator of the widely used CryptoJS library, making recovery phrases in at least five cryptocurrency wallet applications predictable. The flaw has been actively exploited since May, resulting in an estimated minimum of $5.69 million in stolen funds, according to a report by CryptoSlate.

    How the Vulnerability Was Exploited

    Coinspect’s analysis revealed that the flawed random number generator allowed attackers to predict seed phrases—the sequences of words used to back up and restore wallets. The firm documented three separate attack waves:

    • May 27: Approximately $3.14 million drained
    • May 30 – July 13: Additional $2.55 million traced
    • July 20 – 21: Third attack causing roughly $40,000 in losses

    Researchers noted that more than 2,000 seed phrases across five blockchain networks appear to have been affected. However, the specific list of impacted wallet applications and the full scale of damage remain unclear, as some victims may not have publicly reported losses.

    Implications for Wallet Security

    This incident highlights a persistent challenge in cryptocurrency security: even well-intentioned code can introduce systemic risks. CryptoJS is a popular JavaScript library used for cryptographic functions, and its random number generation was found to be insufficient for generating secure keys. While the library is widely used, not all applications may be affected—only those that relied on the vulnerable implementation for seed generation.

    For users, the incident underscores the importance of using wallets with audited, battle-tested code and hardware wallets for significant holdings. It also raises questions about the responsibility of open-source maintainers to ensure cryptographic primitives meet current security standards.

    What Users Should Do

    Wallet users who suspect they may be affected should immediately transfer funds to a newly generated wallet with a hardware device or a reputable software wallet that uses audited random number generation. They should also monitor blockchain addresses associated with their seed phrases for unauthorized transactions.

    For developers, this serves as a reminder to use established libraries for random number generation, such as those based on Web Crypto API, and to conduct thorough security reviews.

    Conclusion

    The discovery by Coinspect reveals a serious flaw in a widely used library, leading to significant financial losses. While the full impact is still being assessed, the incident emphasizes the need for rigorous security practices in cryptocurrency wallet development and user vigilance. As the investigation continues, affected users are advised to act promptly to secure their assets.

    FAQs

    What is a wallet seed phrase?

    A wallet seed phrase is a set of words that acts as a backup for a cryptocurrency wallet. It allows users to recover their funds if the wallet is lost or damaged.

    How can I tell if my wallet is affected by this vulnerability?

    If you used a wallet app that relied on the CryptoJS library for seed generation, you may be at risk. Check the wallet’s documentation or contact the provider. If you suspect exposure, move funds to a new wallet immediately.

    What should developers do to avoid such vulnerabilities?

    Developers should use cryptographically secure random number generators, such as those provided by the Web Crypto API, and avoid relying on general-purpose libraries for security-critical functions. Regular security audits are also essential.

  • Ripple-Finastra Deal Connects 11,000 SWIFT Members

    Ripple-Finastra Deal Connects 11,000 SWIFT Members

    Ripple-Finastra Partnership Opens Potential Pathway Into Global Banking Infrastructure

    Ripple’s strategic partnership with Finastra is attracting renewed attention from market analysts, who suggest the deal could provide the blockchain payments firm with a scalable entry point into a vast network of financial institutions. The collaboration gains additional significance following Finastra’s recent designation as a Nacha Preferred Partner for ACH experience, ISO 20022 migration, and risk and fraud prevention.

    Finastra’s Payment Modernization Suite

    Finastra’s modern ACH solutions — including Global PAYplus and Payments To Go — are engineered to help financial institutions manage rising payment volumes, support Same Day ACH, and modernize legacy payment processes. These capabilities align with the industry-wide push toward ISO 20022 adoption and real-time payment infrastructure upgrades.

    Distribution Potential Across 11,000 SWIFT-Connected Institutions

    For Ripple, the strategic value lies in distribution. Finastra supplies banking software and payments infrastructure to financial institutions worldwide. This established footprint could allow Ripple to integrate its technology into platforms already embedded in bank operations, potentially reducing the need to negotiate individual relationships with each institution.

    Industry observers frequently reference the 11,000 SWIFT member figure when discussing this partnership’s reach. However, the Ripple-Finastra agreement does not grant Ripple direct access to all 11,000 SWIFT members. Such a claim would exceed what the partnership formally establishes. Instead, Finastra’s global network provides Ripple with a potential route into a much larger ecosystem of institutions connected to the international payments infrastructure — a distinction that makes the opportunity more credible rather than less.

    Finastra as a Strategic Distribution Channel

    Finastra’s payments infrastructure emphasizes high-volume processing, automation, ISO 20022 readiness, and legacy system modernization — all priorities for banks upgrading their payment stacks. Many institutions require solutions that integrate with existing infrastructure rather than replace it entirely, creating a natural opening for Ripple’s interoperability-focused technology.

    Ripple has steadily expanded beyond its original XRP-centric identity, building a broader institutional presence across payments, digital assets, and financial infrastructure. Partnerships with established banking technology providers accelerate this strategy by placing Ripple’s capabilities closer to the systems financial institutions already rely on daily.

    Institutional Reach: The Core Value Proposition

    The Finastra relationship addresses one of the most persistent challenges in enterprise blockchain adoption: distribution. If Ripple can embed its technology into platforms serving thousands of financial institutions, it may avoid the slow, resource-intensive process of pursuing each bank individually. A single strategic infrastructure partnership could unlock opportunities across multiple downstream institutions simultaneously.

    Finastra’s new Nacha Preferred Partner status further strengthens its position within the evolving payments landscape, particularly around ACH modernization, ISO 20022 compliance, and fraud prevention frameworks.

    Outlook: Closer to Traditional Finance Plumbing

    The bullish case centers on Ripple moving closer to the core plumbing of traditional finance. The 11,000-SWIFT-member narrative should be interpreted as potential reach rather than guaranteed access. As Ripple continues embedding its technology into established financial infrastructure, its institutional footprint could extend well beyond the banks it signs directly — making the Ripple-Finastra connection a partnership warranting close observation.

  • Coinbase, Binance Whales Set XRP Profit Targets at $15, $32 as Bull Rally Resumes

    Coinbase, Binance Whales Set XRP Profit Targets at $15, $32 as Bull Rally Resumes

    XRP Faces Major Whale Sell Walls at $15 and $32 as Price Attempts Recovery

    XRP is encountering significant long-term selling pressure as whales on Binance and Coinbase maintain large sell walls at the $15 and $32 price levels. The order-book liquidity appears as the token attempts to resume its rally following a recent pullback.

    Binance and Coinbase Whales Stack Sell Orders

    According to CryptoQuant author CW, Binance whales previously established a sell wall extending to $15, and that liquidity remains in place. Meanwhile, Coinbase whales have created new sell walls reaching as high as $32 this month. CW emphasized the current dynamic in the order books.

    “Currently, it is Coinbase whales that are blocking the rise,” CW said, adding that the group has been forming multiple sell walls.

    These sell walls represent clustered limit-sell liquidity rather than firm price targets or guarantees that XRP will reach those levels. Analyst ChartNerd cautioned that order-book liquidity is transient because traders can cancel or move their orders at any time. While large sell walls can act as supply ceilings, they do not necessarily signal an impending rally.

    XRP Price Action: Pullback and Rebound

    The whale activity coincides with XRP’s attempt to recover from a correction after last week’s rally. The token climbed to $1.70 before declining 19.18% over the following days to reach $1.3632. At press time, XRP has rebounded to approximately $1.45, marking its intraday high. The recovery aligns with broader crypto market strength as Bitcoin reclaimed the $80,000 level, reviving bullish sentiment.

    Key Technical Levels: Support and Resistance

    ChartNerd identified $1.36 as key four-hour support. Immediate resistance sits between $1.51 and $1.55. A successful breakout above that zone opens the path toward $1.80 and $1.94. Conversely, rejection would likely send XRP back toward the $1.36 support area.

    $1.54: The Critical Battleground

    The analyst highlighted a confluence between XRP’s lower-timeframe resistance and the weekly 50 EMA (Exponential Moving Average) around $1.54. He stated that a close above this moving average remains the “main objective” for a continuation higher, as failure to reclaim it could signal renewed weakness.

    In a subsequent update, ChartNerd summarized the setup on X (formerly Twitter):

    Long story short..
    You’ve heard it enough times..
    Until $1.54 is reclaimed..$XRP’s upside move is under pressure
    — 🇬🇧 ChartNerd 📊 (@ChartNerdTA) August 27, 2026

    This makes the $1.51–$1.55 region a near-term battleground. A move above it could strengthen the bullish case and put the $1.70 high back within reach.

    Whale Accumulation Offsets Sell-Wall Pressure

    Adding a bullish counter-narrative, CryptoQuant author Darkfost reported that whales withdrew more than 231 million XRP from Binance in a single day, worth over $335 million at the time. The outflows represented a sharp increase from the 90-day average of $40 million and marked the highest level of whale withdrawals from Binance in six months.

    Such movements reduce the immediately tradable supply on exchanges, which typically supports a price rally. With whales accumulating XRP off-exchange while major holders maintain large sell walls at higher prices, the market awaits a decisive move.

    Whether XRP can overcome the $1.54 resistance and resume its advance remains the central question for traders in the coming sessions.

  • Nottingham Forest Bid £22m for Crystal Palace Star Daniel Munoz, Per Ornstein

    Nottingham Forest Bid £22m for Crystal Palace Star Daniel Munoz, Per Ornstein

    Nottingham Forest Submit £22m Bid for Crystal Palace Wing-Back Daniel Muñoz

    Nottingham Forest have formally entered the race to sign Crystal Palace right wing-back Daniel Muñoz, lodging a bid valued at up to £22 million, according to a report from The Athletic.

    Deal Structure and Valuation

    The proposed package comprises £20 million upfront with a further £2 million in performance-related add-ons. The 30-year-old Colombian international has established himself as a key component of Palace’s defensive structure since arriving in the Premier League.

    Potential Reunion with Oliver Glasner

    A move to the City Ground would see Muñoz reunite with Oliver Glasner. The Austrian coach oversaw the player’s most productive spell at Selhurst Park before his departure from the South London club this summer. Glasner’s system previously allowed Muñoz to flourish as an attacking outlet from the right flank, a profile that aligns with Forest’s current tactical requirements.

    Strategic Fit for Forest

    Forest’s pursuit signals a clear intent to reinforce the right-wing-back position with proven Premier League experience. Muñoz offers defensive reliability combined with the capacity to contribute in the final third, attributes that would add immediate depth to Nuno Espírito Santo’s squad options for the upcoming campaign.

  • Andoni Iraola confirms Federico Chiesa to miss Nottingham Forest clash

    Andoni Iraola confirms Federico Chiesa to miss Nottingham Forest clash

    Chiesa Ruled Out of Liverpool’s Premier League Opener Against Nottingham Forest

    Liverpool head coach Andoni Iraola has confirmed that summer signing Federico Chiesa will miss the club’s second-round Premier League fixture against Nottingham Forest due to a minor muscle injury.

    Injury Sustained During Pre-Season Friendly

    The Italy international picked up the issue during Liverpool’s pre-season meeting with Como, forcing the winger to the sidelines for the early stages of the competitive campaign. Chiesa, who joined the Reds in the current transfer window, had been building match fitness during the club’s summer preparations.

    Impact on Squad Depth for Forest Clash

    The absence of the 26-year-old attacker reduces Iraola’s attacking options for the trip to the City Ground. Liverpool will need to rely on existing forward resources as they look to maintain their early-season momentum against a Nottingham Forest side that has historically proven difficult opposition at home.

    Recovery Timeline Unspecified

    The club has not disclosed a specific return date for Chiesa, though the injury is described as minor. Medical staff will monitor the player’s progress over the coming days, with a potential return targeted for subsequent league fixtures or cup competitions.

  • 21Shares Reveals Crucial XRP Data: “It Outperformed Its Competitors!”

    21Shares Reveals Crucial XRP Data: “It Outperformed Its Competitors!”

    As XRP experiences a significant resurgence, reclaiming the $1.4 price threshold alongside a broader cryptocurrency market recovery led by Bitcoin, crypto asset management firm 21Shares has published a detailed analysis examining the token’s supply dynamics.

    The report reveals that XRP has achieved a notable milestone, recording the lowest annual supply dilution rate among major payment-focused digital assets compared in the study.

    Understanding XRP’s Supply Dilution and Escrow Releases

    According to the 21Shares analysis, the circulating supply of XRP expanded by 5.5% year-on-year during the first half of 2026. This increase in circulating supply is primarily driven by the programmatic release and subsequent lock-up of tokens from escrow accounts. Based on the firm’s calculations, approximately 272 million XRP are added to the active market on average each month.

    For investors, this 5.5% supply expansion translates to an equivalent annual dilution of their holdings under current transaction fee structures. Analysts at 21Shares point out that, all other factors remaining equal, the market price of XRP needs to appreciate by at least 5.5% annually for holders to maintain their purchasing power and achieve a break-even state.

    The Gap Between XRPL Fees and Token Inflation

    The analysis emphasizes that transaction fees generated by the network are currently insufficient to neutralize this supply expansion. To completely offset the impact of the newly released supply over the next year at current valuation levels, the fee revenue generated by the XRP Ledger (XRPL) would need to increase by 12,700 times.

    This revenue gap is further highlighted by a downward trend in network activity fees. The 21Shares data indicates that XRPL revenues during the first half of 2026 experienced an 81.6% year-on-year decline, falling from $6.43 million to $1.18 million.

    How XRP Compares to Stellar and TON

    Despite the dilution challenges, XRP compares favorably against other prominent cryptocurrencies positioned as utility and payment networks. 21Shares compared XRP’s supply metrics against similar assets, revealing the following annual supply dilution rates:

    • XRP: 5.5%
    • Stellar (XLM): 8.8%
    • Toncoin (TON): 9.6%

    With a 5.5% rate, XRP maintains the lowest annual supply dilution among the payment-centric cryptocurrencies evaluated in the 21Shares study.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice.