A new paper has been released which studies the transaction activity of highly-scalable blockchains, including Ripple (XRP), EOS, and Tezos (XTZ), and apparently almost all of the transactions on all three of these blockchains are valueless.

Ripple (XRP) has the highest percentage of valueless transactions, with 98% of transactions transferring zero value, while 2% do transfer value. Apparently the 98% of zero value transactions are related to Ripple’s (XRP) built-in decentralized exchange. In particular, Huobi or a company tied close to Huobi is generating tons of offers on the exchange, although practically none of these exchange offers lead to an actual trade.

Meanwhile, 95% of EOS transactions are valueless, but for different reasons. The EIDOS token airdrop, which is essentially a spam attack disguised as an airdrop, accounts for 95% of all transactions on the EOS network. Since EIDOS is effectively worthless, this means that 95% of EOS transactions are valueless.

As for Tezos (XTZ), 18% of all transactions do involve value transfers, while 82% of all transactions are endorsement operations, where each block is endorsed 32 times in order to confirm it. Basically, 82% of all Tezos (XTZ) transactions involve the consensus mechanism for the network, and aren’t transferring any value.

This paper reveals that transaction throughput on a blockchain is not really a useful statistic, since even with major cryptocurrencies like Ripple (XRP), EOS, and Tezos (XTZ), most of those transactions could be valueless.