XRPL yield protocol SOIL under fire as analyst alleges insider wallets dumped tokens into XRP liquidity 🚜

An on-chain analyst using the handle "Skeptic" has accused the newly launched XRP Ledger yield protocol SOIL of channeling insider token sales through the chain's native XRP liquidity, drawing sharp scrutiny from the XRPL community just days after the XRP Ledger v3.2.0 release.

The allegations focus on the distribution pattern of SOIL tokens, which debuted on the XRP Ledger in recent weeks. According to Skeptic, on-chain data shows that the bulk of selling pressure on SOIL did not originate from ordinary market participants but from wallets that received SOIL allocations directly from the issuer before routing them into an automated market maker paired against XRP. "The main sell pressure is not coming from random holders. It is coming from wallets that received SOIL directly from the issuer and then quickly sold into the AMM," Skeptic wrote on X.

Blockchain records cited by the analyst detail three specific wallets that received and then liquidated substantial SOIL holdings, including one wallet that took part in roughly 20 transactions, accumulated approximately 68,766 SOIL and later sold that stack for approximately 11,457 XRP. A second wallet received about 17,098 SOIL before offloading around 17,998 SOIL for 6,769 XRP, while a third wallet received 20,000 SOIL and subsequently sold approximately 17,628 SOIL for 6,683 XRP.

The SOIL team has rejected the accusations, maintaining that the transactions in question reflect normal post-launch market activity and not coordinated insider dumping.

The dispute arrives at a sensitive moment for the XRP Ledger ecosystem, as the network's latest software update has been followed closely by developers and liquidity providers evaluating new native DeFi primitives. Independent on-chain observers have begun tracing the flagged wallets to determine whether the SOIL inflows originated from treasury allocations, liquidity provisioning arrangements or private pre-launch sales, with several analysts indicating that further wallet clustering analysis is underway.