The decentralized finance (DeFi) ecosystem has witnessed significant growth, with various platforms emerging to support different cryptocurrencies. Recently, Flare has taken the lead as the top EVM DeFi ecosystem for XRP, following the successful launch of the wrapped FXRP token.
XRP, a popular cryptocurrency, has been expanding its presence in the DeFi space. On October 21, Flare Network announced a substantial increase in the total value of FXRP, a trust-wrapped version of XRP on the blockchain. This development has positioned Flare as the largest EVM DeFi ecosystem for XRP, with a notable rise in network activity.
Key Developments and Statistics
Some key highlights of Flare’s growth include a 37.9% increase in the total value locked (TVL) for the FXRP token since its launch on September 24th. Additionally, the total value of XRP locked on the network has reached $86.2 million. These statistics demonstrate the growing interest in XRP’s DeFi applications and the potential for further expansion.
- Flare Network became the largest EVM DeFi ecosystem for wrapped XRP tokens
- Since FXRP launched, its network TVL has increased by 37.9%
- The total value of XRP locked on the network reached $86.2 million
Unlocking DeFi Potential for XRP
According to Flare, the wrapped FXRP token has unlocked new DeFi opportunities for XRP holders, including yield generation and lending. These applications are not natively available on the XRP ledger, making Flare’s solution a significant development for the ecosystem. As Hugo Philion, co-founder of Flare, noted, “This is a turning point for the XRP ecosystem… For the first time, XRP holders can participate in non-custodial DeFi with their existing assets – earning yield, providing liquidity and participating in a growing ecosystem powered by Flare’s native technology.”
The integration of FXRP with the Xaman wallet has further simplified the process for new XRP holders to participate in DeFi activities. This development is expected to drive further growth and adoption of XRP in the DeFi space. For more information on Flare’s emergence as the top DeFi platform for XRP, visit https://crypto.news/flare-becomes-top-defi-platform-for-xrp-after-fxrp-launch/
