XRP is 'going on-chain' now, and this time it's not relying on ETFs, but on XRPFi.

At the XRP Ledger Apex conference in Singapore on June 10, the XRPFi concept made its debut, as Ripple attempts to bring XRP into the DeFi ecosystem to activate its market capitalization of over $130 billion.

Historically, while XRP has advantages in cross-border payments, it has lacked smart contract capabilities and has been unable to integrate into on-chain financial systems, making it a typical example of the lowest 'on-chain usage' among high market cap crypto assets.

Flare Network serves as the core infrastructure of the XRPFi ecosystem, with its FAssets protocol supporting the mapping of XRP to FXRP, introducing EVM contract functionality. The stablecoin USD₮0 has launched as a complementary liquidity asset, building a foundation for trading and lending in DeFi applications.

According to official data, as of June 10, Flare's TVL has surpassed $157 million, with an annual growth rate exceeding 400%, and liquidity loops between XRP and USD₮0 pair pools have begun to form.

At the same time, Doppler Finance has established a CeDeFi yield matrix for XRPFi. Users can choose from off-chain quantitative strategies, on-chain lending, and stablecoin yield products to realize asset appreciation. The platform has also introduced an isolated market mechanism to control systemic risks, utilizing professional service providers like Fireblocks for custody and strictly vetting trading institutions. Its current TVL exceeds $30 million, making it one of the leading platforms in this sector.

Although the XRPFi ecosystem is still in its early stages, the market is observing its user growth, protocol maturity, and long-term stability. However, from the product roadmap and market positioning, XRPFi has already become an important lever for the development of the XRP ecosystem, also opening up new growth paths for high market cap traditional crypto assets in DeFi.