Flare Upgrades XRP DeFi Toolkit with Major Milestones Achieved
The Flare Network has upgraded its XRP DeFi toolkit, FXRP, which is a wrapped over-collateralized digital asset running on Flare Network via FAssets v1.2.
This ERC-20 representation of XRP was launched exactly one year ago and has achieved multiple milestones since its inception.
The initial 5 million minting cap for FXRP was filled in hours after its release, and it has been used as a master key for various DeFi activities such as staking, lending, cross-chain liquidity providing, borrowing, and combining advanced trading strategies.
Since launch, Kinetic introduced lending functionality, while SparkDEX, BlazeSwap, and Enosys provided liquidity markets.
The CEO of Flare, Hugo Philion, stated that the success of FXRP is not just about XRP being used in more places, but also about an asset issued on one chain becoming working capital without leaving it.