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Flare Network Powers XRPFi With stXRP and Liquid Staking Access
Flare Network has announced a groundbreaking development in the cryptocurrency space by enabling XRPFi with stXRP and liquid staking access. This innovative solution empowers XRP holders to unlock native-like staking yields on an asset that traditionally doesn’t support staking, thereby generating passive income without compromising liquidity.
The new integration leverages Flare’s smart contract system and FAssets, which wraps XRP into a format compatible with DeFi protocols. The resulting FXRP is fully backed and can be utilized within Flare’s network. This breakthrough has significant implications for the crypto market, as it bridges the gap between XRPL (XRP Ledger) and decentralized finance.
stXRP, the liquid staking token, now allows users to deposit their FXRP into Firelight Protocol, which mints stXRP at a 1:1 ratio. This enables seamless interaction with DeFi services like lending markets and token swaps, while the original stake remains secure within Flare’s Secured Service Networks.
stXRP has also launched liquid staking on Firelight Protocol, making it possible for users to earn rewards without sacrificing liquidity. The introduction of Firelight Points further enhances the user experience by providing incentives that may influence future updates or distribution methods within the ecosystem.
The integration of XRPFi with stXRP and liquid staking access is expected to drive substantial growth in decentralized applications, as XRP holders are now empowered to explore new revenue streams without compromising their stake.
Source: coinchapter.com
