Flare Network launches FXRP, allowing XRP to be used in DeFi applications

Flare Network, a Layer 1 blockchain, has launched FXRP—a wrapped version of XRP now available for use in DeFi applications. FXRP is the first live implementation of Flare's "FAssets" system, which transforms non-smart contract tokens like XRP into "overcollateralized" assets that can interact with DeFi protocols. XRP holders can deposit collateral through Flare's network of independent agents to mint FXRP at a 1:1 ratio, enabling the asset to be traded, lent, or used to provide liquidity within the Flare ecosystem.