Solana Foundation’s Vibhu Norby Sparks Debate

This past weekend, Vibhu Norby, an executive at the Solana Foundation, sparked a heated discussion across the cryptocurrency ecosystem. Norby challenged XRP supporters to base their optimistic outlooks on tangible network metrics rather than mere aspirations. He expressed his desire for Ripple and XRP to achieve tremendous success but criticized the community for not grounding their arguments in available data. As an experienced engineer and truth seeker, he finds this reliance on fiction troubling.

Stagnation in XRP’s On-Chain Growth

Norby highlighted that, when measured by on-chain activity, the growth of the XRP Ledger has been rather lackluster compared to more rapidly expanding blockchains like Solana. He pointed to data from XRPScan, indicating that the number of active daily accounts has remained stagnant at around 25,000 for three years. In stark contrast, Solana boasts an average of over 2.5 million daily active accounts, a figure that is 100 times greater.

Transaction Volume Disparity

Norby emphasized the disparity in transaction volume between XRP and Solana. While XRP processes between 1 and 1.5 million daily transactions, Solana handles approximately 100 million, showcasing a significant lead in throughput. Independent dashboards corroborate this data, revealing that Solana’s transaction count far exceeds that of legacy chains, with peaks reaching over 1,000 transactions per second during high demand periods.

Value Transfer and Network Utilization

Beyond sheer transaction numbers, Norby drew attention to value transfer metrics. He noted that XRP’s monthly transfer volume hovers around $50–60 billion, whereas Solana’s stablecoin transfers alone reached nearly $2 trillion in October. He dismissed claims that Solana’s data is skewed by fake or bot transactions, arguing that both networks have similar transaction fees, making it unlikely for Solana to attract bots more than XRP.

Debate on Adoption and Use Cases

The debate expanded to encompass product-market fit, with some XRP supporters asserting that XRP is tailored for institutional use rather than retail applications. Norby countered this argument, pointing out that financial institutions are adopting stablecoins instead of XRP. He attributed Solana’s relative outperformance to its superior technology, positioning it as a bridge currency.

RippleNet vs. On-Chain Activity

Norby also clarified the distinction between RippleNet and the XRP Ledger. He argued that RippleNet’s progress as a private enterprise messaging and settlement network should not be conflated with actual on-chain traction. He emphasized that RippleNet can operate independently of XRP unless specific corridors utilize On-Demand Liquidity mechanisms.

Community Reactions and Norby’s Challenge

In response to Norby’s assertions, community members highlighted XRP’s institutional focus and the impact of a “HODL-heavy” holder base on daily active address counts. Norby acknowledged that Solana also has passive investors but emphasized that Solana is actively used by its community. He concluded by challenging any community member or Ripple executive to a livestream debate, inviting them to present facts and letting the internet decide the outcome.

Future Prospects and Investment Considerations

Despite his criticisms, Norby acknowledged the potential for XRPL’s future success, framing his arguments as a present-tense analysis rather than a final judgment. He advised XRP investors to carefully evaluate the worthiness of their investment in the face of current metrics and trends.

Current Market Situation

At the time of writing, XRP was trading at $2.40. The cryptocurrency had recently fallen below the 0.5 Fibonacci level, as shown on the 1-day chart.