XPMarkets Founder Opposes XRPL Amendments Over Low Institutional Demand

Artur Kirjakulov, founder of XPMarkets, has voiced strong opposition to two proposed amendments on the XRP Ledger—Credentials and Permissioned Domains—arguing they cater to hypothetical institutional use cases with little current demand. His team is actively voting against the changes and urging other validators to do the same.

Kirjakulov supports his position with key data points, noting only three Digital Identity (DID) transactions occurred last month, and the RLUSD stablecoin sees minimal usage. He also claims that institutional presence on XRPL is virtually nonexistent, with no meaningful adoption of real-world asset (RWA) applications.

He emphasized that the XRP Ledger is shifting toward meme coin speculation, labeling it a "gambling-focused chain" rather than a platform for serious decentralized application development. According to him, only four dApps on XRPL currently generate revenue, reflecting a broader lack of developer interest due to missing essential tools.

Kirjakulov advocates for features such as batch transactions, advanced trading functions, and token escrow to better support developers and boost XRPL's overall utility. He believes that without these tools, the network fails to incentivize quality development.

“As validators, we're taking a stand,” Kirjakulov stated. “It’s time to make XRPL work for those who are building, not those who aren’t even here.”

This critique comes amid broader debates over the direction of the XRP Ledger and whether recent technical proposals align with real user needs. With XRPL adoption increasingly driven by retail and speculative activity, Kirjakulov’s comments spotlight growing concerns among developers and validators over the chain's strategic direction.