Flare CEO Hugo Philion highlights the surging demand for FXRP, with 40 million XRP now successfully bridged to the blockchain.
He shared the incredible milestone in a recent X post as it marks a defining moment for Flare and the broader XRP ecosystem. As of the time of the post, the 40 million XRP tokens were worth $96 million.
Following the bridging of 40 million XRP to Flare, Philion announced that the network has become the largest XRP DeFi (XRPFi) project. Despite this impressive milestone, he emphasized that it marks only the beginning for XRP on Flare, suggesting that more tokens could be bridged to the blockchain soon.
Flare XRPFi Initiative
The milestone comes less than a month after Flare launched FAssets. This system enables users to bridge non-smart contract tokens, such as XRP, onto Flare, which are then used in DeFi activities such as staking and lending.
To participate, users bridge their XRP to Flare, where it is locked and used to mint FXRP, a wrapped version of XRP on the network. FXRP can then be deployed across Flare-based DeFi platforms, such as Kinetic Markets, to enable users to earn yield.
Current Stats
Fresh data from Flare’s FAssets dashboard shows that around 39.54 million XRP ($98.54 million) are currently held in Flare’s vaults. Notably, users have minted 40.11 million FXRP to date, worth $96.63 million. These tokens were minted across 12,930 transactions. The number of individual FXRP holders currently stands at 3,770.
As of now, approximately 1.2 million FXRP remain available for minting. Flare currently has about $22.69 million in total collateral backing the system, split between $15.72 million in FLR tokens and $6.97 million in USDT.
Since its launch, demand for FXRP has surged consistently. Initially set at a weekly minting cap of 5 million FXRP, the limit has since tripled to 15 million, and users have rapidly used up each allocation within hours.
According to Philion, retail investors fueled the first wave of FXRP demand, with no institutional involvement. However, he anticipates institutional participation once the FXRP circulating supply reaches $100 million, which is less than $4 million away.
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