- This milestone marks the beginning of XRPFi, a developing on-chain economy that uses Flare’s decentralized infrastructure.
- Over the weekend, a further 15 million XRP were bridged to Flare, increasing the network’s total XRP value to $86.2 million as of this writing.
Following the launch of FAssets and the introduction of FXRP, a trustless representation of XRP on Flare, the Flare Network is growing rapidly. The network’s total value locked (TVL) has increased 37.9% since its introduction on September 24 due to a spike in FXRP activity. Over the weekend, a further 15 million XRP were bridged to Flare, increasing the network’s total XRP value to $86.2 million as of this writing. This essentially makes Flare the biggest EVM DeFi ecosystem for XRP.
This milestone marks the beginning of XRPFi, a developing on-chain economy that uses Flare’s decentralized infrastructure to allow XRP holders to trade, lend, and earn interest. Flare is opening up hitherto untapped liquidity and establishing itself as the core hub for XRP-based DeFi activity by allowing XRP to take part in DeFi via FXRP.
Expanding Accessibility: Xaman Integration
The barrier to entry for XRP holders was significantly reduced last week when Flare revealed that customers may now mint FXRP directly using their Xaman wallet. Through the integration, users may confirm transactions using an EVM-compatible wallet like Ledger or Bifrost while supplying XRP through Xaman. This integration is just the beginning. To make the XRPFi experience on Flare even more seamless and secure, Xaman and Flare are developing a chain-abstracted solution.
Insights from the Latest Messari Report
A new Messari report claims that the introduction of FXRP filled its first 5 million mint cap in less than four hours, and that subsequent hikes to 15 million were achieved in less time, indicating significant underlying demand. The report also points out that Flare’s inbuilt oracles, Flare Data Connector (FDC) and Flare Times Series Oracle (FTSO), maintain its status as a data blockchain, allowing for trustless bridging of non-smart contract assets like FXRP and decentralized pricing.
Messari also highlights a 2.2 billion FLR incentive scheme that encourages long-term liquidity and yield production as opposed to short-term yield farming, as well as increasing institutional engagement from Uphold and VivoPower. When taken as a whole, these changes show how the XRPFi ecosystem is developing and strengthen Flare’s position as the intermediary between conventional XRP holders and decentralized finance.
MoreMarkets has introduced the XRP Flare Account, a non-custodial solution that automates DeFi participation for XRP holders, thus extending the XRP usefulness on Flare. Via verified DeFi tactics on Flare, such as lending via Kinetic and trading on SparkDEX and Enosys, users of the new account may earn yield on their XRP while keeping complete self-custody. Monthly rewards in rFLR and other ecosystem tokens are given out.
The XRP Flare Account, which is based on Flare’s FAssets system, makes yield creation easier by automatically deploying wrapped XRP (FXRP) around the network’s decentralized protocols without the need for bridging to other platforms. Direct minting of FXRP, automatic redemption to XRPL, and integration with Firelight staking will all be introduced in the next stages, opening the door for “real yield” from network-secured services.
Source: https://thenewscrypto.com/flare-network-tvl-surges-38-as-xrpfi-ecosystem-expands-with-fxrp-growth/
