Layer 1 blockchain network Flare (FLR) Network has officially announced a new product called FXRP that will enable the use of XRP in decentralized finance (DeFi) applications. According to the announcement, FXRP becomes the first asset to be implemented with Flare’s “FAssets” system, transforming XRP into a smart contract-backed, over-collateralized DeFi asset. XRP holders can mint FXRP at a one-to-one rate by depositing collateral through Flare brokers. This allows FXRP to be bought, sold, lent, or transferred to liquidity pools. Initially, there is a weekly limit of 5 million FXRP, which will be gradually increased. Users can mint FXRP directly or acquire it on decentralized exchanges like SparkDEX, BlazeSwap, and Enosys. To increase liquidity, pools will initially receive rFLR (Reward Flare) rewards. FXRP/USDT0 pools on SparkDEX, BlazeSwap, and Enosys are targeting annualized returns (APRs) of up to 50%, while collateralized borrowing options are also available. Related News: Korean Analyst Criticizes Ethereum Bull Tom Lee, Claims Two Altcoins Are Ahead of ETH Flare describes this development as the “XRP DeFi awakening.” While various versions of XRP have existed in the market before, they were generally custodial and received limited attention. Flare’s CPO, Filip Koprivec, summarized FXRP’s difference: FXRP operates with on-chain validation and over-collateralization rather than relying on a single custodian. Flare's FTSO and FDC data protocols ensure the system remains transparent and auditable. *This is not investment advice. Continue Reading: A Significant DeFi Development for the Future of XRP Has Been Announced
