Enertoken’s More Than $800 Million in Energy Assets Does Not Show XRP Holder Conviction

Black Swan Capitalist founder Versan Aljarrah cited Enertoken in a Monday, Nov. 9 post urging XRP holders to look beyond weekly prices, though the project’s reported value does not measure holder behavior.

“Nobody tokenizes $800 million of electricity on a network they think is going away. Real businesses don’t make 10-year infrastructure decisions based on a weekly chart,” Aljarrah wrote.

YPF Luz announced that Enertoken had tokenized contracts and energy assets worth more than $800 million. YPF Luz and Justoken developed the Argentine platform on the public XRP Ledger. The figure describes the project’s contracts and energy assets, not XRP held by the companies or trading volume for the token.

The platform is designed for companies and large energy users to contract for and manage renewable and thermal electricity online. YPF Luz described tools to estimate costs, sign contracts electronically, track electricity use, manage billing and view reports. A planned second phase would add a customer portal for 90 companies that already use YPF Luz electricity.

Enertoken demonstrates a business use for the XRP Ledger, but its announced asset value does not quantify use of XRP itself. The ledger supports tokens other than XRP, its native asset. Accounts use small amounts of XRP for reserves and transaction fees, but the project announcements do not quantify Enertoken’s XRP transactions or fee spending.

Aljarrah’s reference to 10-year infrastructure decisions was a general argument; YPF Luz’s announcement did not set a 10-year term for Enertoken or link the project’s value to XRP’s market price. His post included no survey or other measure of how long XRP holders stay invested. A previous discussion of how ledger activity might translate into XRP value also left that relationship open. Enertoken’s announced value alone does not establish how its use affects XRP demand or holder behavior.