Flare reports 145.2 million FXRP minted one year after launch

One year after its launch, FXRP has reached a milestone with approximately 145.2 million tokens minted. Flare reports that 130 million of these tokens are currently deployed in decentralized finance (DeFi) applications, representing roughly 89.5% of the reported supply being utilized in lending markets, yield strategies, and vaults.

FXRP serves as a programmable, 1:1 representation of XRP that allows the asset to interact with smart contract applications without moving the underlying tokens from the XRP Ledger. Flare verifies payments on the XRP Ledger before minting the corresponding FXRP.

Beyond the Flare network, approximately 21 million FXRP has been moved to other chains via the LayerZero OFT standard. The ecosystem has expanded to include various financial tools, such as the MXRPY vault and Firelight, allowing holders to use XRP-linked collateral for lending and automated onchain strategies.