Flare has successfully launched its first facet, known as FXRP, which makes XRP available in the EVM environment for the very first time.
With this new development, XRP holders can tap into various opportunities such as trading, lending, and liquidity by minting FXRP or swapping it on supported decentralized exchanges, as well as staking along the way.
XRP has been a significant player in the crypto market for years, boasting a market cap that once exceeded $170 billion. However, a large chunk of its value has remained outside of decentralized finance (DeFi). Unlike Ethereum and Solana, XRP wasn’t designed for smart contracts, which made it challenging to participate in lending markets or liquidity pools. But with the introduction of FXRP’s first “Fasset,” launched on the MainNet this week, things are set to change.
FXRP serves as a 1:1 representation of XRP within Flare, an EVM-compatible layer-1 focused on integrating assets that lack smart contract capabilities into DeFi. By minting FXRP, users can utilize XRP in familiar DeFi applications—like trading on decentralized exchanges, providing liquidity, or even borrowing against it. Soon, staking options through Firelight will also allow XRP to work for its holders.
In addition to the diligent audits, facets on Flare are monitored around the clock, ensuring rapid responses and extensive security measures are in place.
The Flare Foundation is continuously investing in strong, scalable security protocols to make sure that facet operations maintain the highest standards of safety and reliability—both for the organization and the XRP community.
Mint FXRP
To get FXRP, the simplest way is to mint it yourself. Here’s how:
- Acquire XRP from the XRP ledger (XRPL).
- If your XRP is stored on an exchange, transfer it to a wallet that supports both the ledger and Bifrost Flare.
- Visit either the au site or the Oracle Demon to mint FXRP.
For a secure rollout, FXRP minting will initially close after one week with a limit of 5 million FXRP, after which the cap will gradually increase.
For detailed guidance, check out Flare’s FXRP Mint Guide.
Using DEXes
Alternatively, FXRP can be traded on Flare’s DEXes as well.
- Acquire tokens on Flare.
- Head to a decentralized exchange like SparkDex, Blazeswap, or Enosis.
- Connect your wallet and use the swap feature to exchange your tokens for FXRP.
What You Can Do with FXRP
Once minted, FXRP can be utilized in Flare’s DeFi ecosystem.
- Transactions and Liquidity – Provide liquidity in pools on SparkDex, Blazeswap, and Enosys (like FXRP/USD₮0).
- Borrowing and Lending – Supply FXRP for lending or borrow it.
- Liquid Staking – This will soon include stxrp, allowing stakeholders to earn rewards while retaining liquidity.
With the launch of FXRP on Flare, one of the largest assets in the crypto landscape is setting foot into the DeFi economy. XRP holders can now not only hold or transfer but also access borrowing and trading options—something that wasn’t available before. For developers, facets will serve as fundamental components that can be seamlessly integrated into the protocol without needing special workarounds.
As Flare puts it, this marks the emergence of “XRPFI,” which aims to grant XRP a practical, replicable role within DeFi.
Learn More
The introduction of FXRP also signals the start of a broader roadmap for Flare, with plans for Bitcoin and Dogecoin facets in the future. For XRP enthusiasts wanting to explore further, check out the official documentation and guides.
This article includes links to third-party websites for informational purposes only. Flare is not responsible for any content found on these sites or for any updates that may occur on them. It’s important to conduct your own research before making any significant decisions related to the described products or services. This is not intended as financial advice, and the views expressed may not reflect those of Flare.
