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Demand for FXRP, Flare Network's bridged XRP, is surging! See how much XRP is locked and what's driving this DeFi excitement.
XRP Bridged: Flare Network's FXRP Heats Up!
The Flare Network is buzzing! Bridged XRP, or FXRP, is seeing massive adoption. Users are diving into the Flare ecosystem, seeking those sweet DeFi yields. Let's dive into the details.
FXRP Demand Explodes
Flare co-founder Hugo Philion recently revealed a staggering $43 million worth of XRP has been bridged onto the Flare Network. This happened just weeks after Flare launched its FAssets project, giving XRP holders access to yield-generating opportunities. Talk about instant demand!
This bridged XRP is used to mint FXRP, a wrapped version of XRP on the Flare blockchain. FXRP lets users participate in DeFi activities like lending without selling their precious XRP. Smart move!
Dune Analytics shows the total value locked (TVL) in the FAsset protocol has climbed to $43.04 million, representing a total supply of 15 million FXRP.
Minting Caps and Community Enthusiasm
The Flare team is playing it smart, implementing a weekly minting cap of 5 million FXRP to keep things stable during the project's early days. But the XRP community? They're gobbling it up! Each new 5 million FXRP allocation is minted within hours.
The initial 5 million FXRP allocation on September 24th was gone in four hours. The latest round? A record-breaking three hours! That’s like trying to get Hamilton tickets – intense!
Minting requires users to transfer their XRP tokens from the XRP Ledger to a self-custody wallet. From there, they can mint FXRP using tools like Oracle Daemon or Agent Utility (AU).
Addressing Time Zone Concerns
Some users voiced concerns that the minting times favored certain regions. The Flare team listened and introduced another minting cap scheduled according to the U.S. timezone. Gotta keep it fair for everyone!
If you miss the minting window, no worries! You can still snag FXRP on decentralized exchanges within the Flare ecosystem, like Enosys and SparkDEX.
Institutional Interest on the Horizon
While retail users are driving FXRP adoption now, Philion believes institutional clients will jump in once the supply exceeds $100 million. Get ready for the big leagues!
Flare's Telegram Play
Flare isn't just focused on FXRP. They've partnered with Wallet, Telegram's built-in Web3 wallet, for a massive FLR token launch. This campaign targets Telegram's 100 million+ users, aiming to expand the Flare ecosystem through quests, referral programs, swaps, and rewards.
Telegram Wallet will even create a special FLR Hub where users can learn about the project, complete tasks, and participate in promotions. There's even a Launchpool where you can stake TON, USDT, or BTC and earn FLR. The staking yield could be up to 50% per annum!
With zero swap fees and exclusive NFT rewards for active participants, Flare is making a big bet on the Telegram ecosystem.
A Web3 Bridge?
Flare plans to increase the share of assets backed by real cryptocurrencies and create a bridge between the XRP, TON, and Solana ecosystems. This partnership with Telegram could be a game-changer, potentially becoming the largest initiative for token integration in the Telegram ecosystem.
So, What Does It All Mean?
The Flare Network is making some serious moves, folks! From the exploding demand for FXRP to strategic partnerships with platforms like Telegram, they're working hard to expand their reach and bring DeFi opportunities to a wider audience. The potential integration between XRP, TON, and Solana could be huge.
Keep an eye on Flare. It's gonna be interesting!
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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