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Flare has become the top EVM DeFi ecosystem for $XRP after the launch of the wrapped FXRP token.
- Flare Network became the largest EVM DeFi ecosystem for wrapped $XRP tokens
- Since FXRP’s launch, its network TVL rose 37.9%
- The total value locked of $XRP on the network reached $86.2 million
$XRP is increasingly expanding into 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 the chain. What’s more, the protocol stated that it had become the largest EVM DeFi ecosystem for $XRP.
Since its launch on September 24, the TVL for the FXRP token has risen 37.9% due to increased network activity. This accelerated on October 19, when Flare (FLR) bridged another 15 million $XRP tokens, bringing the TVL to $86.2 million.
Flare unlocks DeFi applications for $XRP
According to Flare, this activity shows significant interest in $XRP’s DeFi applications. Wrapped version of $XRP ($XRP) enables 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 a prior announcement by Flare a week earlier, which revealed that users could mint 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 instance, the network has a native DEX, automated market makers, and compliance infrastructure. However, native lending protocols are still lacking.