VanEck's latest enterprise-grade blockchain ranking places XRP Ledger (XRPL) at the top, ahead of Base, JPMorgan's Kinexys, Canton, and Robinhood Chain. The article indicates that this ranking doesn't solely consider narrative popularity, but rather emphasizes network valuation, liquidity depth, and on-chain usage.

Ranked higher than Base and Kinexys

Those included in the same category are mostly blockchain networks geared towards institutional and enterprise scenarios, covering areas such as payments, tokenization pilots, and on-chaining of real-world assets. Base has expanded rapidly in recent years thanks to its Coinbase background and its Ethereum Layer 2 positioning, while Kinexys is a bank-affiliated blockchain project driven by JPMorgan Chase, focusing on tokenized deposits, interbank settlements, and institutional payments.

XRPL's ranking ahead of the other two has brought renewed market attention to how institutions define "enterprise availability." Within this framework, the focus of evaluation is shifting from ecosystem narratives and developer growth to more quantifiable on-chain and financial metrics.

VanEck places more emphasis on practical performance metrics

The article mentions that XRPL's implied market capitalization is approximately $88 billion, a figure based on an estimate of XRP's market value. Meanwhile, the total value locked in DeFi on XRPL is approximately $47 million, reflecting some liquidity usage and early DeFi activity within the network.

• Network valuation
• Liquidity depth
• Actual signal usage

This also means that when evaluating enterprise-grade blockchains, institutions may no longer only look at general smart contract capabilities, but pay more attention to whether the network is suitable for specific financial scenarios.

The positioning of payment and settlement has attracted attention.

Unlike public blockchains that focus on general-purpose application ecosystems, XRPL has long emphasized payment efficiency, rapid settlement, and liquidity coordination. Based on this, the article argues that institutional interest in specialized financial infrastructure is rebounding, particularly in payment and commercial access scenarios.

The report also mentioned that XRPL is being used in broader business integration efforts, including attempts related to merchant expansion and business applications related to platforms such as Shopify. Meanwhile, the Bank for International Settlements continues to emphasize that tokenized currencies may become an important foundation for the next generation of payment systems.

Against this backdrop, XRPL is described as a network more geared towards financial infrastructure than a public chain focused on competing with general-purpose smart contracts. VanEck's rankings also bring a clearer differentiation in the metrics for measuring enterprise-level blockchain competition.