FXRP Marks One Year Anniversary With Widespread Adoption in DeFi

XRP has become programmable and gained wider access to decentralized finance (DeFi) thanks to Flare's FXRP, which allows XRP holders to use a representation of their tokens in various applications. In its September update, Flare reported that about 145.2 million FXRP had been minted, with 130 million deployed in DeFi.

One year after the launch of FXRP, Flare marked the occasion by highlighting how XRP gained access to financial applications beyond the XRP Ledger. The network wrote that 'a year ago today, XRP became programmable as FXRP.' It then pointed to vaults, onchain cover, and money markets on Ethereum as stages in that expansion.

FXRP made these uses possible by representing XRP on Flare while the backing tokens remain on the XRP Ledger. The system verifies an XRP Ledger payment before minting the corresponding FXRP for use in smart contract applications. When it launched, its initial cap of 5 million FXRP filled in about four hours.