{"id":"fxrp","title":"FXRP","content":"**FXRP** is a one-to-one, overcollateralized representation of the [XRP](https://iq.wiki/wiki/xrp) token on the [Flare](https://iq.wiki/wiki/flare) Network. It is the first asset created using Flare's FAssets system, a protocol designed to enable non-smart contract cryptocurrencies to be utilized in decentralized finance (DeFi) applications in a non-custodial manner.\n\n## Overview\n\nFXRP was developed by the [Flare](https://iq.wiki/wiki/flare) Network to integrate [XRP](https://iq.wiki/wiki/xrp), a [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) native to the [XRP](https://iq.wiki/wiki/xrp) Ledger, into Flare's EVM-compatible DeFi ecosystem. The primary objective is to unlock new utility for [XRP](https://iq.wiki/wiki/xrp) holders, allowing them to engage in activities such as lending, borrowing, providing liquidity, and participating in [liquid](https://iq.wiki/wiki/liquid) [staking](https://iq.wiki/wiki/staking) without relying on a centralized custodian or intermediary. The token is designed to function as a fungible ERC-20 asset on the [Flare](https://iq.wiki/wiki/flare) [blockchain](https://iq.wiki/wiki/blockchain), making it compatible with a wide range of smart contracts and DeFi protocols. [\\[1\\]](#cite-id-9trUUImyLo) [\\[2\\]](#cite-id-beD6OaIV7q)\n\nThe FAssets system, which underpins FXRP, operates on a non-custodial and overcollateralized framework. This means that users can mint FXRP without surrendering control of their underlying assets to a third party, and the system maintains reserves valued higher than the FXRP in circulation to ensure its stability and security. The initiative is part of a broader strategy by [Flare](https://iq.wiki/wiki/flare) referred to as \"XRPFi,\" which aims to establish a robust and composable role for [XRP](https://iq.wiki/wiki/xrp) within the DeFi space. [\\[3\\]](#cite-id-hcjBj0OIZB) [\\[4\\]](#cite-id-zQalwuIVx7)\n\n## History\n\nThe conceptual origins of the project can be traced back to a 2018 conversation between [Flare](https://iq.wiki/wiki/flare) co-founder [Hugo Philion](https://iq.wiki/wiki/hugo-philion) and Ripple's Chief Technology Officer, [David Schwartz](https://iq.wiki/wiki/david-schwartz), which Philion cited as influential in the project's development. Before its [mainnet](https://iq.wiki/wiki/mainnet) deployment, the FAssets protocol and FXRP underwent extensive testing on Songbird, Flare's canary network, where the launch version, v1.2, passed its final security milestones. [\\[5\\]](#cite-id-rmV0jIpx5l) [\\[1\\]](#cite-id-9trUUImyLo)\n\nFXRP officially launched on the [Flare](https://iq.wiki/wiki/flare) [mainnet](https://iq.wiki/wiki/mainnet) on September 24, 2025. To ensure a stable and secure rollout, the launch was managed with a gradual approach, implementing an initial [minting ](https://iq.wiki/wiki/minting)[cap](https://iq.wiki/wiki/cap) of 5 million FXRP for the first week, with plans to increase this limit over time. The launch saw significant early adoption, with reports indicating that over $7.1 million worth of [XRP](https://iq.wiki/wiki/xrp) was locked in Flare's vaults and 5 million FXRP were minted within the first few hours of availability. [\\[3\\]](#cite-id-hcjBj0OIZB) [\\[6\\]](#cite-id-I63IFRL2uX)\n\n## Technology\n\nFXRP's functionality is based on the FAssets protocol, a system developed by [Flare](https://iq.wiki/wiki/flare) to create trustless, fungible ERC-20 representations of assets from non-smart contract blockchains.\n\n### FAssets System\n\nThe FAssets protocol is the core technology that enables the creation of FXRP. It is designed to handle cross-chain processes, including [collateral](https://iq.wiki/wiki/collateral) management and trustless bridging, to securely bring assets like [XRP](https://iq.wiki/wiki/xrp) onto the [Flare](https://iq.wiki/wiki/flare) Network. The system is architected to be non-custodial, allowing users to mint and redeem FAssets without relinquishing control of their original tokens to a centralized entity. [Flare](https://iq.wiki/wiki/flare) plans to expand the FAssets system to support other major non-smart contract cryptocurrencies, including [Bitcoin](https://iq.wiki/wiki/bitcoin) (BTC) and [Dogecoin](https://iq.wiki/wiki/dogecoin) (DOGE). [\\[4\\]](#cite-id-zQalwuIVx7) [\\[5\\]](#cite-id-rmV0jIpx5l)\n\n### Minting and Redemption\n\nUsers can create FXRP through a process known as minting. This involves holding native [XRP](https://iq.wiki/wiki/xrp) in a self-custody wallet that supports both the [XRP](https://iq.wiki/wiki/xrp) Ledger and the [Flare](https://iq.wiki/wiki/flare) Network, such as Ledger or Bifrost. Through dedicated dApps or portals, users deposit their [XRP](https://iq.wiki/wiki/xrp), which is then locked as [collateral](https://iq.wiki/wiki/collateral) through a network of independent \"agents\" on [Flare](https://iq.wiki/wiki/flare). This action mints an equivalent amount of FXRP on the [Flare](https://iq.wiki/wiki/flare) Network. The protocol is also designed to facilitate redemption, allowing users to burn their FXRP to unlock and receive their original [XRP](https://iq.wiki/wiki/xrp) back on the [XRP](https://iq.wiki/wiki/xrp) Ledger. [\\[2\\]](#cite-id-beD6OaIV7q) [\\[1\\]](#cite-id-9trUUImyLo)\n\n### Core Architecture and Security\n\nThe security of the FXRP system relies on its overcollateralized design and Flare's native data protocols. The system ensures that the value of the [collateral](https://iq.wiki/wiki/collateral) held by agents exceeds the value of the FXRP in circulation. This framework is supported by two key on-chain data services:\n\n* **Flare Time Series Oracle (FTSO):** Provides decentralized and reliable real-time price data for assets like [XRP](https://iq.wiki/wiki/xrp).\n* **Flare Data Connector (FDC):** Provides state verification from external blockchains, confirming transactions on the [XRP](https://iq.wiki/wiki/xrp) Ledger.\n\nThese protocols allow the system to operate in a decentralized and auditable manner, without depending on a single trusted data source. To further ensure its integrity, the FAssets protocol has undergone extensive security verification measures. [\\[3\\]](#cite-id-hcjBj0OIZB)\n\nThese security measures include:\n\n* **Audits:** The system has undergone at least four independent security audits conducted by firms including Zellic and Coinspect.\n* **Community Review:** The codebase was subject to a community-led review through the [Code4rena](https://iq.wiki/wiki/code4rena) platform.\n* **Bug Bounties:** Active bug bounty programs are managed via Immunefi to incentivize security research.\n* **Continuous Monitoring:** The protocol and its integrated applications are under 24/7 monitoring by the security firm Hypernative.\n\nThis multi-layered security approach was designed to mitigate risks and ensure the safety of user funds within the protocol. [\\[7\\]](#cite-id-cokk9QlEYk) [\\[4\\]](#cite-id-zQalwuIVx7)\n\n## Adoption and Incentives\n\nTo encourage adoption and bootstrap liquidity upon launch, the [Flare](https://iq.wiki/wiki/flare) Network initiated an incentive program. The [Flare](https://iq.wiki/wiki/flare) Emissions Committee was tasked with distributing the network's native reward token, rFLR, to users who participated in the FXRP ecosystem. At launch, liquidity pools such as FXRP/USDT₮0 on supported decentralized exchanges offered Annual Percentage Rates (APRs) of up to 50%. Lending markets on platforms like Kinetic offered supply APRs of approximately 5%. These incentives were designed to attract early users and establish a deep liquidity base for FXRP across the [Flare](https://iq.wiki/wiki/flare) DeFi ecosystem. [\\[3\\]](#cite-id-hcjBj0OIZB) [\\[1\\]](#cite-id-9trUUImyLo)\n\nIn addition to direct minting, users can acquire FXRP by swapping other tokens for it on [Flare](https://iq.wiki/wiki/flare)-based decentralized exchanges. The launch was also supported by an announcement of a $100 million investment from VivoPower aimed at amplifying XRP's functionality in DeFi markets, signaling institutional interest in the initiative. [\\[2\\]](#cite-id-beD6OaIV7q) [\\[6\\]](#cite-id-I63IFRL2uX)\n\n## Use Cases\n\nFXRP is a base asset that does not generate yield on its own; instead, it is designed to be deployed across various DeFi protocols on the [Flare](https://iq.wiki/wiki/flare) Network to earn yield and access financial services.\n\n### Current Use Cases\n\n* **Trading and Liquidity Provision:** FXRP can be traded on decentralized exchanges (DEXs) and supplied to liquidity pools, allowing users to earn trading fees and [liquidity mining](https://iq.wiki/wiki/liquidity-mining) rewards.\n* **Lending and Borrowing:** Users can supply FXRP to lending protocols to earn interest or use it as [collateral](https://iq.wiki/wiki/collateral) to borrow other crypto assets.\n\n### Future Use Cases\n\n* **Liquid Staking:** A [liquid](https://iq.wiki/wiki/liquid) [staking](https://iq.wiki/wiki/staking) derivative, stXRP, is planned for release by the project Firelight. This will allow users to stake their FXRP to earn rewards while receiving a [liquid](https://iq.wiki/wiki/liquid) token that can be used in other DeFi applications.\n* **Stablecoins:** There are plans for FXRP to be used as [collateral](https://iq.wiki/wiki/collateral) for minting Collateralized Debt Position (CDP)-based stablecoins on platforms like Enosys Loans.\n* **Structured Products:** The development roadmap includes the creation of yield vaults and other structured financial products built around stXRP and FXRP.\n\nThese expanding use cases aim to deepen the integration of [XRP](https://iq.wiki/wiki/xrp) within the broader DeFi landscape. [\\[7\\]](#cite-id-cokk9QlEYk) [\\[4\\]](#cite-id-zQalwuIVx7)\n\n## Ecosystem\n\nAt its launch, FXRP was supported by a range of protocols and wallets within the [Flare](https://iq.wiki/wiki/flare) ecosystem.\n\n* **Decentralized Exchanges (DEXs):** SparkDEX, BlazeSwap, and Enosys.\n* **Lending Protocols:** Kinetic.\n* **Wallets:** Wallets supporting the minting process include Ledger and Bifrost. General-purpose wallets that support the token include Luminite and Oxen [Flow](https://iq.wiki/wiki/flow).\n\nThe integration with these platforms provided immediate utility for FXRP upon its release. [\\[5\\]](#cite-id-rmV0jIpx5l) [\\[2\\]](#cite-id-beD6OaIV7q)\n\n## Commentary\n\nThe launch of FXRP has been described by key figures as a significant milestone for both the [Flare](https://iq.wiki/wiki/flare) Network and the [XRP](https://iq.wiki/wiki/xrp) community. [Hugo Philion](https://iq.wiki/wiki/hugo-philion), co-founder of [Flare](https://iq.wiki/wiki/flare), stated, \"This is a momentous moment and both the culmination of work we have been doing since the beginning and also the start of the next phase.\" [\\[5\\]](#cite-id-rmV0jIpx5l)\n\nFilip Koprivec, Chief Product Officer at [Flare](https://iq.wiki/wiki/flare), highlighted the technical design, noting, \"The difference here is that FXRP is designed to be non-custodial and over-collateralized, with onchain, protocol-level verification rather than trusting a single custodian.\" [\\[3\\]](#cite-id-hcjBj0OIZB)\n\nHowever, some community members have also issued warnings regarding the risks associated with high-yield DeFi products. [XRP](https://iq.wiki/wiki/xrp) [validator](https://iq.wiki/wiki/validator) Vet\\_XO cautioned investors, stating, \"Every ounce of yield is paid by some amount of risk... some projects will rug and go belly up,\" reminding participants of the inherent risks in the decentralized finance space. [\\[5\\]](#cite-id-rmV0jIpx5l)","summary":"FXRP is a wrapped, overcollateralized, 1:1 representation of the XRP token on the Flare Network. As the first asset created using Flare's FAssets system, it enables non-smart contract tokens to be used in DeFi for trading, lending, and liquidity.","images":[{"id":"QmbU711BKAyX3Yt5FDcgYBR7zRZY23NkVb9ZKVyCnikYQh","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptocurrencies","title":"cryptocurrencies"}],"tags":[],"media":[{"id":"QmTugdpFSjzJdYmSnKxSanak5uZbW9idQ8yjk9RoLDYv79","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmeBsySkFDmD72UUq12PGNhZkzfyrM1ht69CJczyEKyDXM","type":"GALLERY","source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[\n  {\n    \"id\": \"9trUUImyLo\",\n    \"url\": \"https://finance.yahoo.com/news/xrp-lands-flare-defi-save-180707683.html\",\n    \"description\": \"Yahoo Finance report on FXRP launch\",\n    \"timestamp\": 1758815405084\n  },\n  {\n    \"id\": \"beD6OaIV7q\",\n    \"url\": \"https://coinmarketcap.com/academy/article/xrp-enters-defi-fxrp-launches-on-flare\",\n    \"description\": \"CoinMarketCap Academy article on FXRP\",\n    \"timestamp\": 1758815405084\n  },\n  {\n    \"id\": \"hcjBj0OIZB\",\n    \"url\": \"https://www.theblock.co/post/372161/flare-network-fxrp-xrp-defi\",\n    \"description\": \"The Block coverage of FXRP launch\",\n    \"timestamp\": 1758815405084\n  },\n  {\n    \"id\": \"zQalwuIVx7\",\n    \"url\": \"https://thedefiant.io/news/defi/flare-brings-xrp-into-defi-with-fxrp-launch-on-mainnet\",\n    \"description\": \"The Defiant article on FXRP and XRPFi\",\n    \"timestamp\": 1758815405084\n  },\n  {\n    \"id\": \"rmV0jIpx5l\",\n    \"url\": \"https://blockonomi.com/flare-network-launches-fxrp-xrp-now-available-for-defi-applications/\",\n    \"description\": \"Blockonomi report on FXRP launch and history\",\n    \"timestamp\": 1758815405084\n  },\n  {\n    \"id\": \"I63IFRL2uX\",\n    \"url\": \"https://www.onesafe.io/blog/fxrp-xrp-decentralized-finance-launch\",\n    \"description\": \"OneSafe blog post on FXRP launch metrics\",\n    \"timestamp\": 1758815405084\n  },\n  {\n    \"id\": \"cokk9QlEYk\",\n    \"url\": \"https://blockworks.co/news/flare-network-launches-fassets-with-fxrp-to-bring-xrp-into-defi\",\n    \"description\": \"Blockworks report on FXRP security audits\",\n    \"timestamp\": 1758815405084\n  },\n  {\n    \"id\": \"event-fxrp-launch-on-flare-mainnet-link\",\n    \"description\": \"Event link\",\n    \"url\": \"https://www.theblock.co/post/372161/flare-network-fxrp-xrp-defi\",\n    \"timestamp\": 1758815405725\n  },\n  {\n    \"id\": \"event-initial-minting-cap-implemented-link\",\n    \"description\": \"Event link\",\n    \"url\": \"https://blockworks.co/news/flare-network-launches-fassets-with-fxrp-to-bring-xrp-into-defi\",\n    \"timestamp\": 1758815405725\n  },\n  {\n    \"id\": \"event-early-adoption-milestone-link\",\n    \"description\": \"Event link\",\n    \"url\": \"https://blockonomi.com/flare-network-launches-fxrp-xrp-now-available-for-defi-applications/\",\n    \"timestamp\": 1758815405725\n  }\n]"},{"id":"website","value":"https://flare.network/"},{"id":"twitter_profile","value":"https://twitter.com/FlareNetworks"},{"id":"github_profile","value":"https://github.com/flare-foundation"},{"id":"commit-message","value":"\"docs: Create wiki article for FXRP, the FAsset representation of XRP on the Flare Network.\""}],"events":[{"id":"79bb6ae5-c924-4033-bebb-5dc528b2f369","date":"2025-09","title":"FXRP Launch on Flare Mainnet","type":"CREATED","description":"FXRP officially launched on the Flare mainnet as the inaugural asset of the FAssets protocol, enabling XRP to be used in DeFi applications.","link":"https://www.theblock.co/post/372161/flare-network-fxrp-xrp-defi","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"547eaf9b-d3d7-4dec-8883-41d132c4e937","date":"2025-09","title":"Initial Minting Cap Implemented","type":"DEFAULT","description":"To ensure a secure and stable rollout, the minting of FXRP was initially capped at 5 million tokens for the first week following its launch.","link":"https://blockworks.co/news/flare-network-launches-fassets-with-fxrp-to-bring-xrp-into-defi","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"ef33ab91-fd73-4dcc-96ad-c7148c9e499f","date":"2025-09","title":"Early Adoption Milestone","type":"DEFAULT","description":"Within hours of its launch, over $7.1 million worth of XRP was locked in Flare's core vault to mint FXRP, demonstrating strong initial interest.","link":"https://blockonomi.com/flare-network-launches-fxrp-xrp-now-available-for-defi-applications/","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"language":"en","version":1,"linkedWikis":{"blockchains":[],"founders":[],"speakers":[]},"operator":{"id":"0xbc74F7Beea348c97350e4DBc49227A5Ee7d27D3e"}}