XRP Goes DeFi with Flare, Rises as Bitcoin Slips

As the price of Bitcoin declines, crypto investors are focusing their attention on XRP. Flare Network has developed a new system for XRP, enabling its use in decentralized finance (DeFi) applications. Layer-1 blockchain Flare launched FXRP, which makes XRP an "over-collateralized" asset.

Thanks to this innovation, XRP can be used in DeFi transactions such as trading, lending and liquidity provision through protocols in the Flare ecosystem. The connection between Flare and XRP is rooted in airdrop history. In 2023, the FLR airdrop distribution was directed directly to XRP holders. According to XRP balances on December 2, 2020, users received 0.15 FLR for every 1 XRP. The distribution of the remaining 85% was realized depending on the community decision.

In this process, global exchanges such as Binance, Coinbase, KuCoin, Huobi and OKX as well as platforms such as Paribu, BtcTurk, Icrypex and Bitexen from Turkey supported this airdrop, enabling millions of XRP investors to take their first step into the Flare ecosystem.

Flare is now sending the message of "XRP's DeFi awakening" with FXRP. Unlike previous products, FXRP works with an on-chain verification mechanism. Thanks to Flare's FTSO (Time Series Oracle) and FDC (Data Connector) protocols, price and data are instantly verified.

FXRP's launch has also created positive momentum for Flare's native token FLR. As the price of Bitcoin plummeted, FLR rose 8% in the last 24 hours to $0.03. FLR, which currently has a market capitalization of around $1.9 billion, is among the top 100 cryptocurrencies.

Flare's team plans to develop similar products for Bitcoin and Dogecoin, following FXRP. This means that not only XRP but also other major cryptocurrencies can be integrated into DeFi applications in the Flare ecosystem. Investors can follow Flare's innovations and look for new opportunities.