How FXRP Works and Where It Can Be Used
According to TheBlock’s report, FXRP is the first token to be released through Flare’s “FAssets” system.
The system turns XRP, which does not have smart contract features,
into an asset that can connect with DeFi. To create FXRP, users deposit collateral with independent agents on Flare. In return, they receive FXRP, which represents their XRP on a one-to-one basis.The launch begins with a cap of 5 million FXRP in the first week. This limit is expected to increase gradually.
FXRP can be minted directly on the network or bought through decentralized exchanges like SparkDEX, BlazeSwap, and Enosys. Wallets such as Luminite and Oxen Flow support minting, swapping, and bridging, making the process more accessible for users.
To attract liquidity, Flare will reward participants with rFLR, its native incentive token. Early liquidity pools such as FXRP/USDT0 are offering projected annual percentage rates of up to 50 percent. Collateralized borrowing options are also being added, allowing holders to borrow against their assets.
Security and Oversight for the New System
Flare has emphasized that FXRP is built to be non-custodial. Unlike earlier wrapped versions of XRP that relied on a single custodian, FXRP is supported by Flare’s own systems.
The Flare Time Series Oracle (FTSO) and Flare Data Connector (FDC) provide live price data and on-chain verification. This setup is designed to keep the process open and easy to audit.
To strengthen trust, the network has carried out audits through firms like Zellic and Coinspect. It also runs a bug bounty program and 24/7 monitoring with support from Hypernative. These steps are aimed at ensuring the system runs safely while giving XRP holders new ways to engage in DeFi.
Wider Plans Beyond XRP
The launch of FXRP is only the start. Flare has said it will also bring wrapped versions of Bitcoin and Dogecoin to its network in the future. At the same time, other projects are also exploring XRP in DeFi.
Meanwhile, earlier this week, Midas and Axelar introduced mXRP, another tokenized version of XRP, which is targeting yields of up to 10%.
For Flare, the debut of FXRP represents what it calls the “XRP DeFi awakening,” giving one of the market’s oldest cryptocurrencies new life in the world of decentralized finance.
In related news, earlier this year, Flare Network made strong moves to expand its role in the blockchain space. It burned 1 billion FLR tokens to cut supply and support long term value.
The post Flare Network Launches FXRP to Open DeFi Access for XRP Holders appeared first on BitcoinLinux.com.
Go to Source
Author: coinmaker