XRP Gets Another DeFi Boost Through Flare's FAssets and FXRP, Messari Says
Flare validates off-chain data without external middleware. The framework secures FAssets, such as FXRP, and enables cross-chain transactions, which is key to building a decentralized financial ecosystem around XRP.
At the protocol layer, FXRP minting utilizes a multi-collateral system, pooling stablecoins, FLR, and agent funds, to maintain a 2x or greater over-collateralization ratio. All participating agents are KYC'd and monitored on-chain, adding a layer of compliance uncommon in DeFi bridges.
While FXRP is currently live on Songbird (Flare's canary network), the mainnet rollout is reportedly near. In blockchain parlance, a canary network is designed for testing new features and protocols before they are deployed to a main network, but operates as a fully functional, live network (unlike a testnet, where assets don't hold any financial value).
Interest is already picking up: Trading platform Uphold, which holds 1.8 billion XRP, is looking to integrate FXRP. Separately, Nasdaq-listed VivoPower has committed $100 million in XRP for deployment on the Flare network.
Next in line is liquid staking. Firelight Protocol plans to launch stXRP, a liquid staking derivative for FXRP.
Modeled after stETH, the token will be transferable across Flare's DeFi apps and allow holders to maintain liquidity while earning rewards, further expanding XRP's use case on the network.
If the launch plays out as designed, Flare may finally bring DeFi utility to one of crypto's most held, but underutilized, tokens.
'While the XRPL has native functions like escrows, checks, and payment channels, it cannot implement complex smart contracts,' Messari analysts said in the report.
'FAssets bridge this gap by allowing XRP token holders to participate in a full range of DeFi activities (aka XRPFi), such as lending, borrowing, yield farming, and liquidity provisioning, without sacrificing custody of their underlying assets.This is particularly significant for XRP, which has historically been limited in its DeFi applications despite its substantial market capitalization and global adoption,' the analysts added.
For institutions, XRPFi offers a way to generate yield on their XRP holdings, which have traditionally been held as static assets.
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