How much liquidity is in XRPL AMMs, and why do figures differ?

The full answer

How much do the main sources report?

DefiLlama’s XRPL DEX entry showed $41.59M in total value locked on September 29, 2026 [1]. DefiLlama files the entry as “AMM pools for the XRP Ledger Blockchain.”“”" Its method finds every AMM pool on the ledger, reads each pool’s reserves, values them in XRP and adds them up [1]. DefiLlama reported that the figure rose 11% in the 30 days to September 29, 2026 [1].

A September 2026 capture of DefiLlama’s XRPL chain page showed $45.03M of total value locked in DeFi, with XRPL DEX at $40.18M as the largest protocol counted in that total [2]. The same page listed Doppler Finance at $134.3M in a separate CeDeFi category [2].

xrpl.to, a ledger analytics site, publishes an AMM endpoint. Its documentation shows an example response whose summary lists a totalLiquidity of about 27,965,920.58 and an xrpTokenLiquidity of about 23,871,582.08 [3]. The summary names no currency.

The native AMM itself is not new. The XRP Ledger’s AMM amendment went live on March 22, 2024 [7]. For how the pools price trades and pay fees, see how XRP Ledger AMMs work.

Why do the figures differ?

Four things separate the numbers: scope, timing, unit and the difference between capital and volume.

Scope. DefiLlama’s $41.59M covers AMM pools only [1]. Its $45.03M chain figure adds other protocols [2]. Doppler Finance’s $134.3M is larger than that whole total, so it cannot be inside it [2]. A writer who adds Doppler to the chain figure produces a much larger “XRPL DeFi” number.

Timing. The same DefiLlama data appeared as $41.59M on the protocol page [1], $40.18M in a chain-page capture [2], and $40.1M in text generated on the protocol page [1]. A spread of about $1.5M within one source comes from when the page was read, not from method.

Unit. xrpl.to’s documentation says its minLiquidity filter is measured in XRP [3]. This points to the 27.97 million total being counted in XRP. At the $1.49 XRP price shown on a September 2026 DefiLlama capture [4], 27.97 million XRP is about $41.7M. That is close to DefiLlama’s $41.59M.

Capital against volume. DefiLlama counted $203.54M of DEX volume in the 30 days to September 29, 2026. That volume is “all spot token swaps on the DEX,” including order-book trades [1]. Volume measures trading, not money held in pools, so the two should not be added. Dividing one by the other gives about 4.89 times in 30 days. That overstates AMM turnover, because the numerator includes order-book trades. The DEX liquidity turnover page covers the ratio in detail.

How has AMM liquidity changed over 30, 60 and 90 days, measured in XRP rather than dollars?

The Crypto Basic (September 3, 2026) reports that order-book trading made up 81% of all DEX activity in Q2 2026, compared with 54% a year earlier [5]. DefiLlama’s reported 30-day change of 11% is in dollars [1], so it mixes pool growth with XRP price moves. DefiLlama says its XRPL DEX entry finds all AMM pools on XRPL, checks their reserves, calculates TVL in XRP for each pool and sums them up [1]. xrpl.to’s documentation lists a GET /v1/amm/liquidity-chart endpoint for “Historical TVL chart data” [3]. The Crypto Basic (September 3, 2026) reports that XRP-paired pools grew 26% over six quarters while trading through them fell 74% [5]. No public source gives 60-day or 90-day changes in XRP terms as of September 30, 2026.

A six-quarter series comes from a report by Evernorth, which The Crypto Basic on September 3, 2026 described as the largest XRP treasury firm by total holdings [5]. The figures on XRP-paired pool growth and order-book trading share come from a secondary news report, The Crypto Basic, published September 3, 2026. As reported by The Crypto Basic on September 3, 2026, XRP-paired pools grew 26% over six quarters while trading through them fell 74% [5]. The report as quoted does not say whether that growth is measured in XRP or dollars.

Is the liquidity spread across many providers or a few large ones?

According to The Crypto Basic (September 3, 2026), XRP-paired pools grew 26% across a six-quarter period while trading through those pools fell 74% [5]. xrpl.to’s example response, shown in its September 2026 API documentation, lists liquidity-provider token holders pool by pool, with a holder count of 431 for one pool and 66 for another [3]. No public source gives the share of total AMM liquidity held by the largest providers as of September 30, 2026.

How does this compare with AMM liquidity on other chains?

On September 29, 2026, DefiLlama ranked XRPL DEX #32 by TVL among the DEX protocols it tracks. That was 0.3% of a $14.737B category [1]. PancakeSwap AMM, listed as a competitor, held $1.876B, and Uniswap V3 held $1.701B [1]. A like-for-like comparison of activity across chains, from one source and one period, is on the page about XRP Ledger activity versus Ethereum, Solana and Stellar.

What is the case that XRPL AMM liquidity is thin, or matters less than it looks?

The strongest evidence against reading AMM growth as rising use comes from Evernorth’s own data. As reported by The Crypto Basic, Evernorth said trading through XRP-paired pools fell 74% over the same six quarters in which those pools grew 26% [5]. It also reported that order books made up 81% of XRPL DEX activity in Q2 2026, up from 54% a year earlier [5]. On those figures, capital in pools has grown while trading through pools has shrunk.

TVL also says nothing about the price impact of a given trade. That question is covered for one pair on XRP/RLUSD pool depth. The wider question of whether TVL is the right yardstick is on measuring XRP liquidity beyond TVL. For market liquidity across all venues, see how deep XRP’s market liquidity is.

Who could add capital to the pools?

The AMM has run since March 2024 [7], and DefiLlama’s figure is a sum of pool reserves [1]. Deeper pools therefore need more deposits, not new features.

One named candidate is Evernorth. According to CoinDesk on March 19, 2026, Evernorth’s S-4 filing said the company and Pathfinder Digital Assets held about 473.1 million XRP at the end of 2025 [6]. CoinDesk reported that the company plans to use RLUSD in XRP-based DeFi activity, including RLUSD/XRP liquidity pools, and expects to provide automated market-maker liquidity [6]. These are plans. No public source shows that deployment had started as of September 30, 2026. How Evernorth differs from a fund is on Evernorth versus an XRP ETF. Institutional access to the pools is covered on Ripple’s AMM APIs for institutions.