Flare Network Launches FXRP to Enhance XRP’s DeFi Capabilities
Flare Network is enhancing XRP's role in decentralized finance (DeFi) with FXRP, a fully collateralized, non-custodial representation of XRP on Songbird. Key points include:
- Flare validates off-chain data without external middleware, securing FAssets like FXRP.
- FXRP minting uses a multi-collateral system with stablecoins and FLR, maintaining a 2x over-collateralization ratio.
- All agents involved are KYC’d and monitored on-chain, ensuring compliance.
- FXRP is live on Songbird; mainnet rollout is imminent.
- Uphold plans to integrate FXRP, holding 1.8 billion XRP.
- VivoPower has committed $100 million in XRP for the Flare network.
- Firelight Protocol will launch stXRP, a liquid staking derivative for FXRP.
- FXRP enables XRP holders to engage in DeFi activities like lending and yield farming while retaining asset custody.
- XRPFi offers institutions a method to generate yield on typically static XRP holdings.
This development may significantly expand XRP’s utility within DeFi ecosystems.