Flare has become the best EVM DeFi ecosystem for XRP after the launch of the wrapped FXRP token.
Summary
- Flare Network Became the Largest EVM DeFi Ecosystem for Wrapped XRP Tokens
- Since FXRP launched, its network TVL has increased by 37.9%
- Total blocked value of XRP on the network reached $86.2 million
XRP is growing more and more in the world of DeFi. On October 21, Flare Network announced rapid growth in the total value locked of FXRP, a trustless wrapped version of XRP on-chain. Additionally, the protocol indicated that it had become the largest EVM DeFi ecosystem for XRP.
Since its launch on September 24, the TVL of the FXRP token has increased by 37.9% due to increased network activity. This accelerated on October 19, when Flare (FLR) filled an additional 15 million XRP tokens, bringing the TVL to $86.2 million.
Flare Unlocks DeFi Apps for XRP
According to Flare, this activity shows significant interest in XRP’s DeFi applications. The wrapped version of XRP (XRP) allows users to engage in DeFi activities such as earning yield and lending, which are not available on the XRP Ledger.
“This is a turning point for the XRP ecosystem,” said Hugo Philion, co-founder of Flare. “For the first time, XRP holders can participate in non-custodial DeFi using their existing assets – earning yield, providing liquidity, and engaging in a growing ecosystem powered by Flare’s native technology.”
This development follows an earlier announcement from Flare a week earlier, which revealed that users could create their FXRP tokens directly through their Xaman wallet. This integration lowers the barrier to entry for new XRP holders who want to participate in the DeFi ecosystem.
The XRP Ledger has some DeFi capabilities, but these are still limited compared to most other smart contract chains. For example, the network has a native DEX, automated market makers, and compliance infrastructure. However, native lending protocols are still lacking.
