You might expect that the blockchain behind the world’s third-largest cryptocurrency would earn top marks for security after more than a decade of operation.
But you’d be wrong — at least according to blockchain research firm Kaiko.
The XRP Ledger, which underpins the XRP token, ranked last for security in Kaiko’s latest quarterly Blockchain Ecosystem Ranking, scoring just 41 out of 100.
That was the lowest among the 15 blockchains analysed, trailing Polygon at 44 and Stellar at 45, while Ethereum topped the category with 83.
Kaiko’s ranking evaluates blockchain networks across five criteria: governance, integration, liquidity, operational efficiency, and security.
The security component includes assessments of operational resilience, validator decentralisation, audit frequency, and past incidents to evaluate infrastructure risks.
While Kaiko did not publish individual sub-scores, senior analyst Adam Morgan McCarthy told DL News that “the main issues were the hack earlier this year, a poor Nakamoto coefficient, and a low number of validators.”
The Nakamoto coefficient score is a metric that estimates how many entities would need to collude to compromise the network, compared to other proof-of-stake chains.
In April, a hacker compromised an official software package used by XRPL developers, injecting malicious code capable of stealing users’ private keys.
Although the core ledger and GitHub repository were not affected, the breach put users at risk and raised alarms around XRPL’s software supply chain security.
The network’s relatively small number of validators and its approach to decentralisation are also points of contention.
Unlike Ethereum and Solana, which rely on large, open validator sets — over 1 million and 1,700, respectively — the XRP Ledger operates with around 190 active validators.
However, only 35 of these are included in its default unique node list — a trusted subset used by most participants to reach consensus.
While this design aims to optimise speed and reliability, critics say it limits diversity and makes the system more vulnerable to coordinated disruption.
This limited validator distribution is reflected in XRP Ledger’s low Nakamoto coefficient score.
XRP Ledger architect and Ripple CTO David Schwartz did not immediately respond to requests for comment. Ripple also didn’t respond to requests for comment.
Ripple’s founders developed XRP. The blockchain now underlines several of the company’s services.
