Flare Network launches FXRP, allowing XRP to be used in DeFi applications

PANews reported on September 24th that, according to The Block, Layer 1 blockchain Flare Network has launched FXRP, a packaged version of XRP, now available for use in DeFi applications. FXRP is the first real-world deployment of Flare's "FAssets" system, which transforms non-smart contract tokens like XRP into "overcollateralized" assets that can interact with DeFi protocols. XRP holders can deposit collateral through Flare's "independent agent" network to mint FXRP at a 1:1 ratio, enabling the asset to be traded, lent, or used to provide liquidity on the Flare ecosystem platform.

Initially, a cap of 5 million FXRP will be set for minting in the first week of launch, with the cap gradually increasing. Users can mint FXRP directly or acquire it through decentralized exchanges like SparkDEX, BlazeSwap, and Enosys. Wallets like Luminite and Oxen Flow also support FXRP minting, redemption, and cross-chain bridging. To attract liquidity, FXRP pools will initially receive rFLR incentives. Initially, the FXRP/USDT0 liquidity pools on SparkDEX, BlazeSwap, and Enosys will offer a target annualized yield (APR) of 50%, and will also introduce collateralized lending options.