Flare Network has launched FXRP, a wrapped version of XRP designed for decentralized finance. FXRP allows XRP holders to mint an overcollateralized token and deploy it across DeFi protocols. This is the first live use of Flare’s FAssets system, which converts non-smart contract tokens like XRP into assets that can interact with decentralized applications.
Key details
- Users mint FXRP by depositing collateral with independent agents on Flare.
- Initial supply is capped at 5 million FXRP for the first week, with gradual increases.
- FXRP can be traded or lent on platforms such as SparkDEX, BlazeSwap, and Enosys.
- Wallets including Luminite and Oxen Flow support minting, swapping, and bridging.
Liquidity incentives
Flare will reward FXRP liquidity pools with rFLR tokens. Early pools like FXRP/USDT on SparkDEX and BlazeSwap are targeting annual percentage rates up to 50%.
Security
The FAssets system has undergone audits by Zellic and Coinspect and is monitored around the clock by Hypernative. Flare’s native oracles, FTSO and Flare Data Connector, provide real-time price and state verification to keep the process decentralized.
Market context
FXRP launches alongside mXRP, a tokenized XRP product from Midas and Axelar that targets yields near 10%. Flare also plans wrapped Bitcoin and Dogecoin using the same FAssets framework.
Flare’s native token FLR trades near $0.03 with a market cap of about $1.9 billion, up roughly 8% in the past 24 hours.
