Kristaps Grinbergs, a developer relations engineer at Flare, said the network has already laid the foundation for $XRP-targeted decentralized finance.
He made this statement after reports confirmed a single 8 million $XRP betting on Flare’s betting protocol, Firelight. Notably, this equity transaction suggests that institutional investors are now increasingly entering the ecosystem.
Key point
- Hugo Philion confirmed that an institution has deployed 8 million $XRP in Firelight in a single transaction.
- Kristaps Grinbergs said the transaction shows Flare has built the basis for $XRP-targeted decentralized finance.
- Firelight recorded FXRP inflows of 9.014 million on April 21, the largest in more than a month and the second highest this year.
- Total Firelight inflows have now reached 75.52 million FXRP, with a net inflow of 58.38 million FXRP.
- Flare’s TVL now stands at 155.7 million $XRP ($219.63 million), with Firelight acquiring a 32% stake.
Firelight absorbs 8M $XRP Single bet
Grinbergs’ comment came in response to a revelation from Hugo Philion, the co-founder of Flare. In a post on
Betted 8m for Firelight in 1 transaction. I’ll leave it to you to consider whether that’s an attitude testing the waters…
— Hugo Philion (@HugoPhilion) April 22, 2026
He later provided better context and confirmed that an institution, which he wanted to keep anonymous, had indeed put money into Firelight. He also clarified that the recent transaction represents a real commitment from the institution, and not just a test.
In response, Grinbergs urged investors to recognize this what this means. According to Flare has already laid a solid foundation for him $XRP finance with FXRP and Firelight, adding that the team is still making progress.
Data in the chain
Data about the chain confirms the recent milestone. Specifically, as of April 21 at 1:00 PM, Firelight recorded an inflow of 9.014 million FXRP, with the single 8 million $XRP stake that makes up the majority of that amount. This became the largest hourly inflow in over a month and the second highest inflow this year.
The only larger inflow occurred earlier, when Firelight saw 15.442 million $XRP at 2:00 PM on March 18, 2026. The recent transaction pushed total inflows to 75.52 million FXRP, while outflows stood by 17.14 million FXRP. This leaves a net inflow of 58.38 million FXRP.
Within the broader network Glow now has a total value of 155.7 million $XRP, worth approximately $219.63 million. Of this figure, Firelight alone accounts for $71.59 million, representing a share of over 32%.
Flare Building XRPFi Foundation with FXRP and Firelight
Particularly Grinbergs’ comments considered The Flare team was deployed for the work in developing FXRP and Firelight for the $XRP ecosystem.
For the uninitiated, FXRP works as a non-custodial, overloaded version of $XRPretaining a 1:1 value to the original item. It runs on the Flare network, which makes it possible $XRP to be used in smart contracts. FXRP is the first working example of Flare’s FAssets system, which includes assets such as $XRP towards decentralized finance.
FXRP allows users to engage in activities such as borrowing, lending, staking, providing liquidity and earning returns. These services are available across the Flare ecosystem, including platforms like SparkDEX and BlazeSwap. This makes $XRP more usable Through allow it will be used in different DeFi applications.
Meanwhile, Firelight is an institutional-level strike and protection system on Flare, developed in collaboration with Sentora. The platform allows users to stake FXRP and receive stXRP, a liquid token that can still be used in DeFi while earning rewards.
Timeline and key growth points
Notably, FXRP launched on the Flare mainnet in September 2025, with the initial coin limit set at 5 million FXRP in the first week. Within just four hours, investors reached the limit, with 5 million $XRPworth $15 million at the time, already minted. This led to the team pushing the limit earlier than expected.
In December 2025, Firelight officially went live, starting with Phase 1 focused on liquid staking via stXRP. Users could bridge $XRPcoin FXRP and place it in Firelight’s Launch Vault to receive stXRP. Early demand was high and the initial deposit limit of approximately 25 million FXRP was quickly filled.
Growth has continued until early 2026. In February 2026 100 million $XRP had been converted in FXRP, of which about 70% is already used in DeFi. Firelight accounted for approximately 21% of all FXRP staked. Today, this number has risen to 155.7 million $XRPwith Firelight owning a 32% share.