This is a project that is currently unique in the XRPL ecosystem. I have organized its core logic, data performance, and upcoming opportunities.
The only viable option currently on the XRPL chain.
Although the XRPL chain is quite old, it has not developed a significant DeFi ecosystem. Before @doppler_fi came out, holding XRP basically meant you could only let it sit. Doppler's current positioning is very clear; it is the only protocol on the entire chain that can provide users with native yield. Simply put, if you want to earn some interest on the XRPL chain, currently there is no other option besides it.
This first-mover advantage is very evident in the Korean and Japanese markets. There are many holders of XRP there, so Doppler has a solid user base in South Korea and Japan. For those looking to establish a position in the XRP ecosystem, this is a must-watch Beta project.
The real data that has emerged in the past six months.
But this project is not a newly released PPT; it has been running for a while. The XRP treasury was launched in February 2025 and has been operating very steadily since then. I also dug into their current on-chain and operational data, and several characteristics can be observed:
Not small in scale: The TVL peak has already reached $103.64m. For a single-chain ecological project, this level of capital accumulation is acceptable.
There are quite a few large holders: Although the number of independent users is close to 10,000, the average deposit size per person is around $11,000. This indicates that the entrants are not just retail investors looking to make a quick profit, but rather significant capital.
Is this CeDeFi model safe?
Doppler's approach is very similar to Ethena, belonging to the CeDeFi architecture. It earns revenue through a neutral hedging strategy, which is relatively stable in volatile markets.
What everyone is most concerned about is where the money actually is. They have not thrown their assets directly into the hot wallet of a centralized exchange, but instead used an Over-the-Counter Settlement (OES) solution. The specific risk control measures mainly include these points:
Asset custody: It uses institutional custodians like Ceffu and Copper to reduce the risk of exchanges running away.
Transparency: The app allows real-time viewing of proof of reserves (PoR), and a detailed transparency report will be issued each quarter. For example, the report for Q4 2025 has already been made public.
Who are the investors and partners?
The seed round investors include established institutions like DCG and HashKey Capital.
More importantly, it is very tightly bound to the Ripple ecosystem, which can be considered its moat:
SBI Ripple Asia: This is a joint venture between Ripple and SBI, and they are already collaborating with Doppler.
Evernorth: This is a billion-dollar XRP fund supported by Ripple and Arrington Capital, and is also a partner of Doppler.
Other collaborations: Companies like VivoPower, Bitget, and various wallets are also integrating with them.
The next main event is RLUSD.
If the XRP treasury is the base, then RLUSD is the next growth point. Doppler launched the RLUSD treasury in August 2025, but has yet to generate yield or promote it, clearly holding back for a big reveal.
Ripple is currently placing great importance on promoting its stablecoin RLUSD, and has already provided incentives on leading protocols like Aave and Curve on Ethereum. Judging by the current pace:
Timing: It is very likely that there will be movements in January or February.
Expectations: Since this is Ripple's strategic focus, the incentive scale provided to Doppler, this 'favorite child', should not be small.
Calculate the time cost before entering.
The liquidity of this product is not immediate.
Doppler has adopted a T+N redemption mechanism. Whether it is the XRP or RLUSD treasury, users need to wait about seven to eight days for the funds to be credited after applying for withdrawal. This means your money cannot be moved during these seven to eight days. If you are someone who needs to rotate funds urgently, this time cost must be considered; but if you are a long-term holder, this cycle is not a concern.