Panos, the CEO of Anodos Finance, has voiced worries regarding the performance of the XRP Ledger, highlighting falling ecosystem metrics and a lack of practical applications.
While maintaining an optimistic long-term outlook for XRP and the XRPL, he argues that the network requires better execution, deeper liquidity, and true adoption to reach its full capacity. Furthermore, his remarks place added accountability on Ripple to leverage its capital and market standing to foster ecosystem growth.
In a detailed post on X, Panos offered his perspective backed by over a decade in the cryptocurrency sector and multiple years spent building within the XRP ecosystem. He noted that backing XRP’s long-term potential does not obligate anyone to defend every choice made or blindly support those steering its future.
There seems to be a big controversy around XRP and XRPL. Again.
Here’s my perspective after more than a decade in this space, as an XRP holder and someone who spent years building and contributing to this ecosystem.
Am I bullish on XRP & XRPL long term? Yes.
Am I bullish on its… pic.twitter.com/KOOwdyR3Di— Panos (@panosmek) November 8, 2026
Panos Raises Concerns Over XRPL’s Performance
Panos reaffirmed his long-term confidence in XRP and the XRPL. Nonetheless, he offered a critical view of the network’s current trajectory and the decisions steering its progression.
He drew attention to shrinking ecosystem metrics, such as total value locked (TVL), trading volumes, and overall liquidity. A chart included in his X post indicated that the XRPL currently sees roughly $5 million in daily decentralized exchange (DEX) volume alongside about $35 million in TVL.
Given the history, industry ties, and resource availability of the XRPL, Panos feels these numbers should worry the community. He questioned the restrained liquidity, scarcity of diverse apps, and lack of compelling assets available to everyday users.
He also emphasized that partnerships and announcements alone cannot drive adoption. Tokenization initiatives and integrations must spur genuine demand, draw in users, and boost network activity. From his perspective, the XRPL requires products people actually utilize rather than another round of promotional statements and unfulfilled promises.
Ripple’s Success Does Not Guarantee XRP Growth
Additionally, Panos drew a line between Ripple’s corporate success, the expansion of the XRPL network, and XRP’s capability to capture value from that development.
He pointed out that headway in one sector does not automatically translate to success in others. Even if Ripple expands its business operations and brings more activity to the XRPL, XRP holders still need a clear explanation regarding how this expansion creates sustained demand for the digital asset.
Consequently, he questioned the economic linkage between network utility and the value of XRP. Panos asserted that token holders are fully justified in asking how heightened activity benefits the asset, noting that such inquiries do not amount to fear, uncertainty, and doubt (FUD).
Panos Places Greater Responsibility On Ripple
Panos also touched upon Ripple’s sway over the ecosystem. While conceding that Ripple does not exercise unilateral control over the XRPL, he underlined that the firm’s financial backing, industry connections, and market standing give it substantial leverage to speed up development.
He maintains that smaller, independent teams cannot make up for a lack of urgency from an entity possessing Ripple’s assets—especially when low revenue and minimal network activity make project sustainability difficult for developers.
Panos mentioned that he has voiced these worries for over a year while chronicling his journey as a builder and the obstacles confronting independent groups.
Despite these criticisms, he underscored his desire to see the XRPL succeed. He noted that he has stepped back from community engagement due to ongoing disagreements and the discrepancy between promised upgrades and actual outcomes.
His current focus is on developing practical products and delivering them to users. Even so, he feels the XRPL requires stricter execution, genuine adoption, and a community prepared to demand higher standards.