Flare’s FXRP Debut Opens DeFi Access to XRP, Driving 350% Increase in Liquidity
- Flare Network launches FXRP, a non-custodial wrapped XRP for DeFi, marking FAssets' first live deployment. - FXRP enables XRP holders to use tokens in lending/staking, with $7.1M deposited in vaults hours post-launch. - FLR's price surged 350% in trading volume and hit $0.028, driven by high APRs (up to 50%) in FXRP liquidity pools. - FAssets employs Zellic/Coinspect audits and FTSO oracle to secure cross-chain bridging, expanding XRP's DeFi utility beyond payments.
Flare Network has introduced FXRP, a non-custodial wrapped asset version of
Since FXRP’s debut, activity has surged, with $7.1 million worth of XRP deposited into Flare’s main vaults within a few hours. Those supplying liquidity to FXRP pools are rewarded with rFLR, Flare’s native incentive token, and can earn annual percentage rates (APRs) as high as 50% on pairs like FXRP/USDT Flare Network launches FAssets with FXRP to bring XRP into DeFi [ 6 ]. This has led to a 350% jump in FLR’s trading volume and a 335% increase in derivatives trading, reaching $15.8 million Flare (FLR) Price Surges: Can It Hit a 20% Rally? [ 1 ]. On September 24, FLR’s price climbed to $0.028, its highest point in eight months, reflecting renewed investor interest Flare (FLR) Price Surges: Can It Hit a 20% Rally? [ 1 ].
Flare’s FAssets platform incorporates strong security protocols, including audits by Zellic and Coinspect and continuous monitoring by Hypernative. The system utilizes Flare’s built-in data solutions, such as the Flare Time Series Oracle (FTSO), to provide decentralized and real-time price feeds Flare Debuts FXRP, Expanding XRP DeFi Use - Blockchain ... [ 5 ]. These measures help mitigate risks related to trustless cross-chain bridges and multi-chain asset minting, bolstering trust in FXRP’s reliability.
The introduction of FXRP broadens XRP’s functionality beyond simple payments. By making XRP eligible as collateral and liquidity in DeFi, Flare is expanding the token’s use cases to include yield farming and lending Flare Network launches FAssets with FXRP to bring XRP into DeFi [ 6 ]. Looking ahead, planned integrations like liquid staking with stXRP via Flare’s Firelight initiative are set to further enhance XRP’s utility. Flare also intends to launch wrapped versions of
Industry observers point to FLR’s growing significance in the DeFi sector. Technical signals, such as a bullish crossover between the 20-day and 50-day simple moving averages (SMA) and an increasing RSI, indicate ongoing positive momentum for FLR Flare (FLR) Price Surges: Can It Hit a 20% Rally? [ 1 ]. Nevertheless, the 20-day SMA at $0.023 is seen as a key support level Flare (FLR) Price Surges: Can It Hit a 20% Rally? [ 1 ]. According to CoinMarketCap analysts, FLR’s future performance will depend on continued demand for XRP-based DeFi and effective supply management Flare Launches FXRP to Unlock XRP's DeFi Potential [ 3 ].
Flare’s FXRP project highlights the increasing trend of cross-chain compatibility in DeFi. By connecting established cryptocurrencies with decentralized finance, Flare is meeting the rising need for flexible financial solutions. As XRP holders discover new ways to leverage their assets, Flare is establishing itself as a crucial infrastructure provider in the rapidly evolving DeFi ecosystem.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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