Flare has become the top EVM DeFi ecosystem for XRP after launching the wrapped FXRP token.
Summary
- Flare Network became the largest EVM DeFi ecosystem for wrapped XRP tokens
- Since the launch of FXRP, network TVL is up 37.9%
- The total value of XRP on the network was $86.2 million
XRP is increasingly expanding into the world of DeFi. On October 21, Flare Network announced rapid growth in the total value of FXRP, a reliably packaged on-chain version of XRP. Furthermore, the protocol stated that it had become the largest EVM DeFi ecosystem for XRP.
Since its launch on September 24, the TVL for the FXRP token has increased by 37.9% due to increased network activity. This accelerated on October 19, when Flare (FLR) bridged another 15 million XRP tokens, bringing the TVL to $86.2 million.
Flare Unlocks DeFi Applications for XRP
According to Flare, this activity shows significant interest in XRP’s DeFi applications. The packaged version of XRP (XRP) allows users to perform DeFi activities, such as earning returns and making loans, that are not available on the XRP Ledger.
“This is a turning point for the XRP ecosystem,” said Hugo Philion, co-founder of Flare. “For the first time, XRP holders can participate in non-custodial DeFi using their existing assets – earning returns, providing liquidity, and participating in a growing ecosystem powered by Flare’s proprietary technology.”
This development follows an earlier announcement from Flare a week earlier, which revealed that users could mint their FXRP tokens directly through their Xaman wallet. This integration lowers the barrier to entry for new XRP holders looking to participate in the DeFi ecosystem.
The XRP Ledger has some DeFi capabilities, but these are still limited compared to most other smart contract chains. For example, the network has a native DEX, automated market makers and compliance infrastructure. However, indigenous credit protocols are still lacking.
