梅萨里（Messari

梅萨里（Messari）的新比较研究设置了两个加密货币上最受关注的网络，并衡量每个企业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.

在快速发展的数字景观中，新技术正在融合，以创造金融服务行业的开创性变化。随着Enterprise Capital越来越多地在Web3领域中寻找有前途的企业，两个著名的加密网络（ChainLink和XRP Ledger（XRPL））正处于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是一个在以太坊上运行的分散的Oracle网络，是一个基础连接层，已经在链上价值超过20万美元的链子上承销。它的跨链互操作性协议（CCIP）迅速成为令牌融资的TCP/IP，即将在2024年10月的Chainlink Runtime Environment（CRE）推出将是一个关键时刻。

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.

资本市场工程师将能够设计定制的Oracle工作流，而无需坚固代码，这对于像银行这样的机构是无价的。此外，Chainlink的发展速度令人震惊。在过去的一年中，ChainLink贡献者的GitHub活动经常超过以太坊核心协议存储库的活动。这一成就归因于CCIP V1.5的推出，网络的机构沙盒的推出以及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的轨迹从付款和令牌化中展开为受监管的defi。该分类帐拥有超过十年的定居时间的十年记录，并具有当地分散的交换。但是，正如梅萨里（Messari）指出的那样，“将100％的原子钱包代码的100％转移到一个以一分钱而没有原生dex的环境中。”

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.

法律清晰度的问题也至关重要。尽管这两个生态系统最近取得了进展，但Ripple与美国证券交易委员会案的待定结果将对他们的成功产生重大影响。

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.

在金融指标方面，这两个生态系统以截然不同的方式使牵引力获利。以市值约为103.5亿美元，Link的价值约为XRP 348.2亿美元的三分之一，但Oracle代币交易的价格为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.”

弥赛里认为，这种差异反映了“像SaaS实用程序一样价值的稀缺中间件令牌与高速设置的资产的结构差异，价格为批量付款的用例，而不是加密货币商店的吸引力。”

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.

伙伴关系势头是比较的另一个关键领域。在SmartCon 2024，ChainLink披露了37个新区块链的集成以及与全球托管人的一系列概念证明。但是，一个链接引人注目：ChainLink现在为Ripple即将到来的Rlusd Stablecoin提供定价甲骨文，这一协议消除了这两个项目存在于单独的筒仓中的想法。

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.

从XRPL一侧，该报告重点介绍了该网络的多功能令牌标准，知识客户检查的合规性挂钩以及2025年4月对SDK漏洞的快速修补，因为这表明机构风险desk最终愿意通过公开公开的公共连锁店运行生产流量。

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.

最后，这两个项目都以不同的方式接近监管姿势。缺乏自己的付款层的ChainLink在很大程度上避免了证券审查的首当其冲。它最大的监管举重是证明其甲骨文发动机的决定性，这是一项顺利进行的任务。

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分类帐带有SEC执法时代的疤痕组织。但是最近的胜利使这一历史变成了一个优势。很少有其他网络可以向投资者展示一本用于导航敌对监管机构的剧本，并以解决方案，市值完好无损以及企业管道扩展。

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.

最终，结论不是一个项目超过一个项目。 Messari说，Chainlink正在迅速成为令牌融资的必不可少的数据和互操作性层，而XRPL则将其定位为必须遵守严格合规性制度的银行的沉降和资产 - 资产 - 问题。

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.

该报告中最有说服力的行也许是在倒数第二段中：“加密基础设施的未来是协作的，而不是竞争性的。”通过为Ripple自己的Stablecoin提供甲板，ChainLink隐含地认可XRPL的沉降层。通过依靠Chainlink的原子价格提要，Ripple发出信号表明机构将需要一流的中间件，而不是闭环解决方案。