Artur Kirjakulov, the founder of XPMarkets, has opposed passing two key amendments on the XRP Ledger (Credentials and Permissionsed Domains).
His team is voting against them, urging other validators to follow suit.
According to Kirjakulov, these amendments serve hypothetical institutional use cases that are in little demand right now.
In order to prove his point, Kirjakulov cited some damning data. For instance, there were only three Digital Identity (DID) transactions last month.
The RLUSD stablecoin is "barely used," according to Kirjakulov, and there is zero institutional presence on the ledger.
According to Kirjakulov, there are also no meaningful real-world asset use cases on the chain.
He has opined that the XRPL remains mainly a "gambling-focused chain" amid the growing popularity of meme coins.
"Meanwhile, XRPL is becoming a gambling-focused chain for meme coins, while serious developers have no incentive to build quality products," the XPMarket founder added.
Only four decentralized applications (dApps) generate revenue on the XRP Ledger.
He believes that developers lack the necessary tools that would let them create meaningful applications.
Kirjakulov has opined that implementing such tools as batch transactions, advanced trading, and token escrow could substantially improve the utility of the ecosystem.
"As validators, we're taking a stand…It's time to make XRPL work for those who are building, not those who aren't even here," he stressed.
Vladislav Sopov