How much value is locked in Doppler and which assets does it support?

The full answer

How much value does DeFiLlama show locked in Doppler?

DeFiLlama, a public data site that tracks deposits in crypto protocols, listed Doppler Finance at $134.3 million in total value locked in a September 2026 reading of its XRP Ledger page [1]. It put Doppler in its CeDeFi category and counted it on two chains. In that reading, Doppler’s figure was up 10.15% over one month and down 5.15% over seven days [1].

That listing gives a total and a chain count. It does not break the total down by asset, so the full asset list behind the figure is not shown there.

Doppler topped the protocol table on that page, ahead of the XRP Ledger’s built-in exchange, which DeFiLlama listed at $40.18 million in the same September 2026 reading [1].

Which assets does Doppler support?

DeFiLlama’s September 2026 listing shows a single dollar total and a chain count for Doppler [1]. It doesn’t name the tokens behind the total or say how much of the $134.3 million sits in each one. Nor does it name the two chains. DeFiLlama gives no asset-by-asset breakdown for Doppler as of October 6, 2026, so the asset list is left open below rather than filled in from memory.

How does Doppler’s figure relate to the XRP Ledger’s DeFi total?

DeFiLlama’s September 2026 page shows total value locked in DeFi on the XRP Ledger at $45.03 million, while listing Doppler alone at $134.3 million [1]. Since the protocol figure is bigger than the chain figure, the chain total can’t contain all of Doppler’s value. Treat them as two separate measures, not as a part and its whole.

The chain total was close to its level in March. CoinDesk reported on March 13, 2026 that DeFiLlama showed XRP Ledger total value locked at $47.54 million [4]. The page on measuring XRP liquidity beyond TVL covers why a single locked-value number gives a partial view, and the page on XRPL AMM liquidity explains why different trackers report different pool sizes.

What does a TVL number measure, and what moves it?

CoinMarketCap’s glossary defines total value locked as the value of digital assets deposited or locked in a protocol, a platform or a whole blockchain [2]. It gives the formula as the number of tokens locked multiplied by the current price of each token. CoinMarketCap says the figure changes daily with new deposits or withdrawals, price changes in the underlying assets, and changes in rewards [2].

That matters for reading Doppler’s number. A 10.15% monthly rise on DeFiLlama [1] can come from more tokens deposited or from the same tokens being worth more. The listing does not say which.

What is Doppler’s link to Evernorth?

Evernorth, an XRP treasury company backed by Ripple and SBI Holdings, said on January 8, 2026 that it and Doppler Finance had entered a strategic relationship [3]. In that release Evernorth called Doppler an XRPfi infrastructure provider. It described the arrangement as one “to explore potential collaboration,” including the design and pilot of institutional liquidity and treasury use cases on the XRP Ledger [3]. That wording describes a plan to explore and pilot. More on Evernorth’s own aims is on the page about what Evernorth is doing with its XRP.

What is the case that this figure is small?

The strongest critique comes from CoinDesk’s March 13, 2026 analysis. It reported XRP Ledger total value locked at $47.54 million on DeFiLlama, against roughly $4 billion for Solana and over $40 billion for Ethereum [4]. CoinDesk called that the entire DeFi ecosystem on a chain whose native token had an $84 billion market cap. It wrote that XRP’s DeFi layer is “a rounding error relative to its valuation,” with the market cap driven by speculative positioning and ETF expectations rather than capital locked into on-chain activity [4].

Doppler’s $134.3 million in September 2026 [1] is larger than that chain-wide figure, but small next to the Solana and Ethereum totals CoinDesk cited. For measures that track use rather than deposits, see what to watch instead of the XRP price.