TL;DR
- Flare Network has launched FXRP, an overcollateralized wrapped XRP token that can be used in DeFi and represents the first deployment of its FAssets system.
- Users can mint FXRP by depositing collateral through independent agents, enabling trading, lending, and liquidity operations, with non-custodial on-chain verification.
- FXRP pools will receive incentives in rFLR with APRs of up to 50%.
Flare Network launched FXRP, a wrapped XRP token that enables its use in DeFi applications and marks the first deployment of the FAssets system. This mechanism converts non-smart contract tokens like XRP into overcollateralized assets capable of interacting with DeFi protocols.
XRP holders can mint FXRP by depositing collateral through the network’s independent agents, enabling trading, lending, and liquidity provision across Flare-based platforms. Unlike other versions, FXRP is non-custodial and overcollateralized, with on-chain protocol-level verification, reducing reliance on intermediaries and enhancing transparency.
The launch begins with an initial cap of 5 million FXRP in the first week, with gradual increases planned. Users can mint FXRP directly or acquire it through decentralized exchanges such as SparkDEX, BlazeSwap, and Enosys.
Flare Offers rFLR Rewards with APRs of Up to 50%
Compatible wallets, including Luminite and Oxen Flow, also support FXRP minting, swapping, and bridging. To incentivize liquidity, pools will receive rewards in rFLR, the network’s native incentive token, with APRs that can reach up to 50% in pools like FXRP/USDT0. Collateralized lending options are also being introduced.
FXRP does not generate yield by itself; it is a base asset that users can deploy in DeFi—such as lending, liquidity provision, or upcoming liquid staking—to earn returns. The company plans to extend the FAssets system to wrapped versions of Bitcoin and Dogecoin, aiming to increase the interoperability of traditional assets within the DeFi ecosystem.
The system’s security has been validated through audits by Zellic and Coinspect, bug bounty programs, and 24/7 monitoring by Hypernative. Additionally, it uses the Flare Time Series Oracle (FTSO) and Flare Data Connector (FDC) for real-time price and state verification, ensuring decentralization and on-chain auditability.
The FXRP launch responds to the strong demand for tokenizing XRP in DeFi environments, coinciding with Midas and Axelar’s mXRP, a similar product with a base yield of up to 8%. FXRP aims to establish Flare as a bridge between XRP and the DeFi market, offering users greater flexibility, security, and earning potential
