梅薩里（Messari

梅薩里（Messari）的新比較研究設置了兩個加密貨幣上最受關注的網絡，並衡量每個企業的成功如何成功地求助

In a rapidly evolving digital landscape, new technologies are converging to create groundbreaking changes in the financial services industry. As enterprise capital increasingly seeks out promising ventures in the realm of Web3, two prominent crypto networks—Chainlink and the XRP Ledger (XRPL)—are coming into sharper focus.

在快速發展的數字景觀中，新技術正在融合，以創造金融服務行業的開創性變化。隨著Enterprise Capital越來越多地在Web3領域中尋找有前途的企業，兩個著名的加密網絡（ChainLink和XRP Ledger（XRPL））正處於Sparrper Focus。

Chainlink, a decentralized oracle network operating on Ethereum, serves as a foundational connectivity layer that already underwrites more than $20 trillion in on-chain value. Its Cross-Chain Interoperability Protocol (CCIP) is rapidly becoming the TCP/IP of tokenized finance, and the upcoming launch of the Chainlink Runtime Environment (CRE) in October 2024 will be a pivotal moment.

ChainLink是一個在以太坊上運行的分散的Oracle網絡，是一個基礎連接層，已經在鏈上價值超過20萬美元的鍊子上承銷。它的跨鏈互操作性協議（CCIP）迅速成為令牌融資的TCP/IP，即將在2024年10月的Chainlink Runtime Environment（CRE）推出將是一個關鍵時刻。

Capital-markets engineers will be able to design bespoke oracle workflows without the need for Solidity code, which is invaluable for institutions like banks. Moreover, Chainlink's pace of development is striking. Over the past year, GitHub activity from Chainlink contributors has frequently surpassed that of the Ethereum core-protocol repos. This achievement is attributed to the roll-out of CCIP v1.5, the launch of the network’s institutional sandbox, and the latest iteration of staking on Chain 2.0.

資本市場工程師將能夠設計定制的Oracle工作流，而無需堅固代碼，這對於像銀行這樣的機構是無價的。此外，Chainlink的發展速度令人震驚。在過去的一年中，ChainLink貢獻者的GitHub活動經常超過以太坊核心協議存儲庫的活動。這一成就歸因於CCIP V1.5的推出，網絡的機構沙盒的推出以及Chain 2.0上的最新均值迭代。

On the other hand, the XRPL’s trajectory unfolds from payments and tokenization into regulated DeFi. The ledger boasts a decade-long record of sub-second settlement times and features a native decentralized exchange. However, as Messari notes, “There’s no point in moving 100% of the Atomic Wallet code to an environment that settles in fractions of a cent and has no native DEX.”

另一方面，XRPL的軌跡從付款和令牌化中展開為受監管的defi。該分類帳擁有超過十年的定居時間的十年記錄，並具有當地分散的交換。但是，正如梅薩里（Messari）指出的那樣，“將100％的原子錢包代碼的100％轉移到一個以一分錢而沒有原生dex的環境中。”

The question of legal clarity is also paramount. Despite the recent progress of both ecosystems, the pending outcome of Ripple’s case with the U.S. Securities and Exchange Commission will have a significant bearing on their success.

法律清晰度的問題也至關重要。儘管這兩個生態系統最近取得了進展，但Ripple與美國證券交易委員會案的待定結果將對他們的成功產生重大影響。

In terms of financial metrics, the two ecosystems monetize traction in starkly different ways. At a market capitalization of roughly $10.35 billion, LINK is valued at roughly a third of XRP’s $34.82 billion, yet the oracle token trades at $15.65—some twenty-five times more than XRP’s $0.63.

在金融指標方面，這兩個生態系統以截然不同的方式使牽引力獲利。以市值約為103.5億美元，Link的價值約為XRP 348.2億美元的三分之一，但Oracle代幣交易的價格為15.65美元，比XRP的0.63美元高出25倍。

This disparity, argues Messari, reflects the “structural divergence between a scarce middleware token valued like a SaaS utility and a high-velocity settlement asset priced for a bulk-payments use case rather than crypto’s store-of-value appeal.”

彌賽里認為，這種差異反映了“像SaaS實用程序一樣價值的稀缺中間件令牌與高速設置的資產的結構差異，價格為批量付款的用例，而不是加密貨幣商店的吸引力。”

Partnership momentum is another key area of comparison. At SmartCon 2024, Chainlink disclosed integrations with 37 new blockchains and a string of proofs-of-concept with global custodians. However, one link-up stands out: Chainlink now supplies pricing oracles for Ripple’s incoming RLUSD stablecoin, a deal that dissolves the idea that the two projects exist in separate silos.

夥伴關係勢頭是比較的另一個關鍵領域。在SmartCon 2024，ChainLink披露了37個新區塊鏈的集成以及與全球託管人的一系列概念證明。但是，一個鏈接引人注目：ChainLink現在為Ripple即將到來的Rlusd Stablecoin提供定價甲骨文，這一協議消除了這兩個項目存在於單獨的筒倉中的想法。

From the XRPL side, the report highlights the network’s Multi-Purpose Token standard, compliance hooks for know-your-customer checks, and the rapid patching of an SDK vulnerability in April 2025 as signals that institutional risk desks are finally willing to run production traffic through an open public chain.

從XRPL一側，該報告重點介紹了該網絡的多功能令牌標準，知識客戶檢查的合規性掛鉤以及2025年4月對SDK漏洞的快速修補，因為這表明機構風險desk最終願意通過公開公開的公共連鎖店運行生產流量。

Finally, both projects are approaching regulatory posture in distinct ways. Chainlink, which lacks a payments layer of its own, has largely avoided the brunt of securities scrutiny. Its biggest regulatory lift is proving the determinism of its oracle engine—a task that is progressing smoothly.

最後，這兩個項目都以不同的方式接近監管姿勢。缺乏自己的付款層的ChainLink在很大程度上避免了證券審查的首當其衝。它最大的監管舉重是證明其甲骨文發動機的決定性，這是一項順利進行的任務。

On the other hand, XRP Ledger carries the scar tissue of the SEC’s enforcement era. But recent victories have turned that history into an advantage. Few other networks can show investors a playbook for navigating hostile regulators and emerging with a settlement, market cap largely intact, and enterprise pipeline expanding.

另一方面，XRP分類帳帶有SEC執法時代的疤痕組織。但是最近的勝利使這一歷史變成了一個優勢。很少有其他網絡可以向投資者展示一本用於導航敵對監管機構的劇本，並以解決方案，市值完好無損以及企業管道擴展。

Ultimately, the conclusion isn't an apogee to one project over another. Chainlink, says Messari, is rapidly becoming the indispensable data and interoperability layer for tokenized finance, while XRPL is positioning to be the settlement and asset-issuance backbone for banks that must obey strict compliance regimes.

最終，結論不是一個項目超過一個項目。 Messari說，Chainlink正在迅速成為令牌融資的必不可少的數據和互操作性層，而XRPL則將其定位為必須遵守嚴格合規性制度的銀行的沉降和資產 - 資產 - 問題。

Perhaps the most telling line in the report comes in the penultimate paragraph: “The future of crypto infrastructure is collaborative, not competitive.” By supplying oracles for Ripple’s own stablecoin, Chainlink is implicitly endorsing XRPL’s settlement layer. And by relying on Chainlink’s ATOM price feeds, Ripple is signaling that institutions will require best-in-class middleware, not closed-loop solutions.

該報告中最有說服力的行也許是在倒數第二段中：“加密基礎設施的未來是協作的，而不是競爭性的。”通過為Ripple自己的Stablecoin提供甲板，ChainLink隱含地認可XRPL的沉降層。通過依靠Chainlink的原子價格提要，Ripple發出信號表明機構將需要一流的中間件，而不是閉環解決方案。