Flare Networks CEO Hugo Philion has fueled excitement within the XRP community following his latest cryptic post on X.
In a recent X post, Flare CEO Hugo Philion urged his followers to “do more” with their XRP tokens. He shared the message while quoting an image of a New York City taxi featuring illuminated XRP and Flare logos on its rooftop display.
The post garnered significant attention from the XRP community. Some suggest that a major announcement could be underway, given the cryptic nature of the message. However, others believe the post is part of a broader marketing strategy by the Flare team to promote its yield-bearing opportunities for XRP holders.
Flare’s Yield-Bearing Offering for XRP
For context, Flare has been instrumental in enhancing XRP’s utility by giving holders access to yield-bearing opportunities within the Flare ecosystem.
The initiative aligns with the launch of FAssets, a system that allows XRP holders to bridge their tokens to the Flare network in exchange for a wrapped version called FXRP. This wrapped asset can then be utilized across various DeFi applications within the Flare ecosystem, enabling users to earn rewards.
Since the launch of FAssets in September, users have locked a total of 50.83 million XRP in Flare’s vaults, minting 51.52 million FXRP in return. These 51.52 million FXRP tokens are currently worth $116.48 million.
The success of the FAssets project has been entirely fueled by retail investors, with Philion suggesting that institutions will join the bandwagon after FXRP’s circulating supply reaches a $100 million valuation.
Do More With Your XRP
As anticipation for greater institutional adoption grows, Philion has encouraged XRP holders to “do more” with their assets — a likely reference to bridging XRP to Flare to access yield-bearing opportunities.
His comments follow a market downturn that saw XRP dip to $2.24, marking a 6.58% decline over the past 24 hours. The token was trading around $2.26 at press time.
While many investors continue to hold their XRP in anticipation of a potential price surge, Philion appears to be urging them to join the Flare ecosystem, where they can bridge their tokens and participate in DeFi-based earning opportunities amid the broader market dip.
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