Launch of Upshift, Clearstar and Flare earnXRPa new XRP-denominated yield vault designed to make on-chain XRP yield gains simpler, more transparent, and more accessible.
For the first time, XRP holders can generate yield directly denominated in XRP, without managing complex DeFi strategies themselves. The Flare XRP Yield Vault is enabled by Flare’s FAssets system, powered by Upshift’s vault infrastructure and curated by Clearstar, an on-chain risk manager with institutional expertise.
What is EarnXRP
EarnXRP is the first fully on-chain yield product denominated in XRP. It allows users to deposit FXRP (XRP represented 1:1 on Flare) into a single vault that deploys capital across a diverse set of yield strategies. All returns are automatically integrated into XRP.
Rather than relying on a single source of yield, EarnXRP consolidates multiple on-chain strategies into a single, transparent, non-custodial vault that users can access with a single deposit.
How EarnXRP works
1. Deposit FXRP
Users deposit FXRP directly from their wallet into the EarnXRP vault.
2. Receive earningsXRP
In return, users receive EarnXRP, the vault’s receipt token. This token represents the FXRP deposited by the user plus any yield generated over time.
3. Earn an automatically compounded return
The vault deploys FXRP in organized strategies, with all profits pooled into XRP.
4. Withdraw at any time
When users request a withdrawal, their EarnXRP tokens are burned and FXRP is returned to their wallet. All vault operations are managed autonomously by Upshift’s infrastructure.
Please note that there is a standard withdrawal time of 72 hours, subject to liquidity, with the option of paying a small fee for instant redemption.
Performance Strategy Overview
The EarnXRP Vault uses a diversified, market-driven strategy designed to generate yield while remaining fully denominated in FXRP. These strategies bring on-chain versions of the yield generation approaches that professional funds have used for years – now accessible through a single vault.
At launch, the strategy consists of two main categories:
- FXRP Deployments
- Craft or trade for Firelight stXRP
- Deploy stXRP/FXRP concentrated liquidity on Enosys and SparkDEX to earn trading fees and protocol incentives
- Perform commercial deployments
Simply put, a carry trade means borrowing capital where it is cheap and deploying it where it pays the most, capturing the difference as profit.In EarnXRP, FXRP is used as collateral to borrow low-cost stablecoins. These stablecoins are then deployed in other DeFi protocols where returns exceed borrowing costs. Profits are pooled in FXRP, while the vault remains entirely denominated in XRP – no FXRP is sold.
Key deployments include:
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- Deposit FXRP or stXRP as collateral on Kinetic to borrow USDT0
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- Deposit 0 USDT into the Kinetic lending pool to arbitrage interest rate and incentive differentials.
- Deposit FXRP as collateral on Enosys Liquidity v2 create CDP
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- Deposit CDP into Liquity Stability Pool v2 to earn protocol fees and FXRP on liquidations
- Provide concentrated liquidity using borrowed or minted stablecoins:
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- On SparkDEX: USDT0/USDC, USDT0/cUSDX
- On Enosys DEX: CDP/USDT0
These strategies, along with staking and liquidity provision, are combined into a single, easy-to-use vault that allows XRP holders to earn yield without actively managing or rebalancing their positions.
Additional strategies will be added and scaled over time, including PT tokens (fixed yield on Spectra), expanded lending locations, and potential cross-chain deployments.
Launch Settings
- Deposits are available via the Upgrade platform.
- Users must create or trade for FXRP on Flare before depositing. Learn how to create FXRP in our video guide:
- 5x Upshift points bonus for early adopters
- Initial deposit cap: 5 million FXRP, allowing strategies to scale responsibly
- Fees waived for the first 30 days after launch
- No deposit cap per user
Why EarnXRP is important for XRP holders
Flare allows XRP to be used in DeFi as FXRP, a 1:1 ERC-20 representation of XRP that unlocks DeFi utility not possible on the XRP Ledger alone. With EarnXRP, XRP holders can maintain exposure to their favorite asset while accessing a broader set of yield opportunities.
“Only 0.1% of the supply of
EarnXRP simplifies participation in XRP-based DeFi by providing:
- Single FXRP deposit
- A receipt token (earnXRP) representing ownership of the vault
- Return automatically compounded and denominated in XRP
Once FXRP is deposited, Upshift and Clearstar take care of everything else.
Why EarnXRP is important to the Flare XRPFi ecosystem
Beyond yield, EarnXRP serves as the core liquidity and adoption engine for Flare’s XRPFi stack. By transforming passive FXRP into productive capital, EarnXRP increases on-chain liquidity, supports deeper stablecoin markets, and accelerates the use of Flare’s FAssets system.
As capital is reinvested into XRP rather than stablecoins or external assets, EarnXRP strengthens XRP as the ecosystem’s unit of account. In doing so, it brings together institutions, crypto-native users, and retailers into a unified, self-reinforcing XRPFi economy built on Flare.
Meet Clearstar
Clearstar is an on-chain risk curator. They have deployed vaults on major DeFi platforms including Morpho, Euler, and Upshift. They are backed by a Swiss asset management firm with approximately $1 billion in assets under management and combine experiences in private equity, investment banking and DeFi.
Clearstar’s expertise has been developed through continued efforts to provide cutting-edge infrastructure, return optimization and risk management to a market-neutral crypto fund since 2022. They design vaults with institutional rigor but make them easy to integrate into consumer-facing products.
Meet Upshift
Upshift is an institutional-grade toolkit for protocols and wallets for designing and launching DeFi Earn vaults. Upshift focuses on transparency, security, and flexible strategies.
Teams deploy Upshift vaults to generate high-quality yield for their LPs, while keeping funds non-custodial and deployed in a set of permitted strategies. Upshift has attracted over $500 million in deposits across over 25 vaults, working with partners including Ethena, Kelp, Resolv and now Flare.
