Flare has launched its FAssets protocol beginning with FXRP v1.2, a synthetic version of XRP designed for use in decentralized finance.
The rollout allows XRP holders to mint FXRP on Flare and access lending, liquidity pools, and decentralized exchanges across the network. This marks the first time XRP, a non-smart contract asset, can be used in a composable DeFi system without intermediaries.
FAssets are designed to convert tokens like XRP into one-to-one representations secured through an overcollateralized system and Flare’s native data protocols. Once minted, FXRP can move seamlessly across the Flare ecosystem, integrating directly into DeFi platforms.
The system has been subject to at least four independent audits by Zellic and Coinspect, supplemented by bug bounties via Immunefi and reviews from Code4rena, with continuous monitoring from security firm Hypernative.
At launch, FXRP minting is capped at 5 million in the first week to ensure a controlled rollout. Holders can mint directly by bridging XRP through supported wallets such as Ledger and Bifrost, or acquire FXRP via decentralized exchanges like SparkDEX, BlazeSwap and Enosys. Incentives will initially target liquidity pools, including FXRP/USD₮0 markets, with rewards paid in rFLR tokens and APRs up to 50%.
Looking ahead, FXRP will also serve as collateral in Enosys Loans to support the first XRP-backed stablecoin, while stXRP, a liquid staking derivative, is expected to expand XRP’s role within Flare’s ecosystem.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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Source: https://blockworks.co/news/flare-network-launches-fassets-with-fxrp-to-bring-xrp-into-defi
