FXRP Brings XRP to Flare DeFi

Ekaterina Bogatyreva

Flare, layer-1 blockchain for data, has launched FXRP v1.2, the first FAsset on its mainnet, allowing XRP holders to use their tokens within decentralized finance applications. With FXRP, users can mint representations of XRP on Flare and access services such as trading, lending, stablecoin minting, and staking.

FAssets are Flare’s protocol that enables non-smart contract cryptocurrencies like XRP to function on DeFi platforms. Each FXRP is backed one-to-one with XRP. Once issued, FXRP can move freely across Flare’s ecosystem, making it usable in multiple protocols without additional adjustments.

Security for FXRP is maintained through independent audits, bug bounty programs, and continuous monitoring. Users can obtain FXRP by minting it directly with XRP or through decentralized exchanges on Flare. Wallets such as Luminite and Oxen Flow also provide integrated FXRP support, including staking, swapping, and bridging functions.

At launch, Flare has introduced incentives in the form of rFLR tokens for pools that add liquidity and support network activity. Future updates are expected to expand FXRP’s role in lending, yield markets, and stablecoin issuance within the Flare ecosystem.

Image: Freepik

Source