FXRP

Blockchain platform Flare has released a summary technical update for its #FXRP token, which enables DeFi applications of $XRP .
This update, presented as FAssets v1.1, includes significant improvements in terms of scalability and capital economy.
The most important product introduced with the update was the new system called Core Vault. Core Vault frees previously locked collateral, eliminating bottlenecks in the minting (FXRP minting) process. The Core Vault system is protected by time-stored accounts and a multi-signature approval structure. This structure is managed by the long-term operations of the Flare ecosystem.
"The main purpose of this update is to provide real benefit to XRP. #xrp is the third largest cryptocurrency excluding Tether. This step will provide an infrastructure that will make XRP usable in the DeFi world," Flare CEO Hugo Philion said. Flare also announced that a total of $135,000 worth of airdrops will be distributed to the first 10,000 people who join the early testing strategy on the Coston testnet on May 21.
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Layer 1 network Flare has proposed the launch of XRPFi, which will bring DeFi functionalities like staking, lending, and borrowing to XRP holders.

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The Flare team announced the move on April 10, teasing the ploy to DeFi-hungry XRP holders. The integration will bring decentralized finance features to XRP enthusiasts, allowing them to earn incentives on their stash beyond the asset’s price performance.
Flare to Bring DeFi Functionalities to XRP
In an X post, Flare teased the launch of FXRP for XRP holders, a pool that brings decentralized features to enthusiasts. The team noted that the XRPFi initiative would bring programmability and purpose to XRP, bearing yields through DeFi-related activities.

With the integration, holding XRP will bring rewards beyond its price action. Users will earn extra incentives by staking and lending their stash at predetermined rates. Furthermore, it will provide borrowing and trading options for participants.
Notably, Flare had earlier disclosed plans to incorporate XRP holders into its broadening DeFi ecosystem. In March, Hugo Philion, the protocol’s co-founder, announced that they would roll out low-risk staking opportunities, offering passive income to users who hold XRP.
Notably, this incorporation within the Flare ecosystem will unlock yields for over $116 billion worth of XRP. Recall that the DeFi functionalities native to the XRP Ledger are largely limited, a narrative Ripple looks to change with the imminent new programmability.
Flare’s Expanding DeFi Ecosystem
Meanwhile, DeFi on the Flare ecosystem continues to expand, with the total value locked across the ecosystem exceeding $76 million. Remarkably, the network debuted decentralized finance functionalities in July 2024 with the SparkDEX deployment.
Interestingly, the Clearpool TPOOL has claimed a considerable part of the TVL, accounting for 38.03% of all funds locked in on Flare’s DeFi pool. Currently holding $29.1 million, the TPOOL offers investors borrowing and lending services with real-world assets as collateral.

Meanwhile, the Sceptre Liquid and Kinetic pools are also notable protocols in Flare’s ecosystem. They offer users liquid staking and lending services, attracting $17.2 million and $11.48 million, respectively.

Nonetheless, market enthusiasts believe XRP’s integration will extensively boost Flare’s DeFi ecosystem. The upcoming development has excited proponents of the XRP ecosystem, looking to expand their holdings beyond the XRP Ledger.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect LACHAKARI Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. LACHAKARI Crypto is not responsible for any financial losses.
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