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Flare: The new star in the DeFi sky for XRP users!
Flare Network becomes the leading DeFi platform for XRP. FXRP's introduction significantly increases the Total Value Locked.
Flare: The new star in the DeFi sky for XRP users!
Flare Network has established itself as a leading EVM DeFi ecosystem for wrapped XRP tokens. Following the launch of FXRP, a trustless version of XRP, on September 24, 2023, the Total Value Locked (TVL) for FXRP has increased by an impressive 37.9%. Currently, XRP’s TVL on the Flare network is $86.2 million, highlighting the platform’s growing popularity and potential for DeFi applications. On October 19, 2023, an additional 15 million XRP tokens were transferred to Flare, which helped further increase the TVL.
Flare allows users to participate in DeFi activities such as yield farming and lending, while such options are limited in the traditional XRP Ledger. Flare offers a valuable extension here, as the XRP Ledger has some DeFi functions, but these are limited compared to other smart contract chains. Most notably, XRP holders can mine FXRP tokens directly from their Xaman wallet, significantly lowering the barriers to entry for new users in the DeFi ecosystem.
Benefits of Flare for XRP holders
The integration of FXRP into the Flare network brings several benefits for XRP holders. Users can now participate in various DeFi activities that were previously not available on the XRP Ledger. These new opportunities will enable them to better leverage their digital assets and benefit from the benefits of the DeFi environment.
Although the XRP Ledger has a native DEX, automated market makers, and compliance infrastructure, it lacks specific lending protocols commonly found in other DeFi ecosystems. This is precisely where Flare offers an attractive alternative to exploit the full potential of XRP in the DeFi sector.
The positive development of the platform and the increasing usage figures show the increased interest and trust in the DeFi solutions that Flare offers to XRP users. Given the dynamic changes in the DeFi space, the eye of the crypto community is likely to continue to be on Flare.