Flare Network Launches FXRP to Promote XRP Usage in DeFi Applications

Layer 1 blockchain Flare Network has announced the launch of FXRP, a wrapped version of XRP designed to support its widespread use in DeFi applications. FXRP is the first practical deployment of Flare's "FAssets" system, which converts non-smart contract tokens like XRP into "over-collateralized" assets, enabling them to interact with DeFi protocols. XRP holders can provide collateral through Flare's "independent agent" network to mint FXRP at a 1:1 ratio for trading, lending, or liquidity provision. Initially, FXRP minting will be capped at 5 million tokens, with plans to gradually increase this limit in the future. Users can acquire FXRP through decentralized exchanges such as SparkDEX, BlazeSwap, and Enosys, or mint and perform cross-chain operations via wallets like Luminite and Oxen Flow. To attract liquidity, early FXRP liquidity pools will receive rFLR incentives, with some pools offering target annual percentage yields (APY) of up to 50% and supporting collateralized lending functionalities.