The Flare Network has hit another milestone by integrating XRP into decentralised finance. With their latest product, Hyperliquid can now offer customers spot trading thanks to the listing of FXRP, which is a wrapped XRP issued by the Flare Network.
Before this, Hyperliquid only allowed perpetual futures contracts on XRP, so traders could not own an asset, XRP, that they were trading.
Now, with spot trading on Hyperliquid, customers can sell FXRP for USDC, asset management and trading on the decentralized finance platform.
What Is FXRP and Why It Matters
FXRP is basically a 1:1 wrapped version of XRP. Flare’s FAssets system creates it, and it runs on LayerZero’s Omnichain Fungible Token (OFT) standard.
Thanks to this setup, FXRP can jump between different blockchains, trade right on Hyperliquid’s orderbook, and later, you can swap it back for real XRP on the XRP Ledger.
Here’s why FXRP matters: it finally connects XRP to DeFi ecosystems that usually can’t work with XRP’s non-EVM design. Since XRP doesn’t play nice with the Ethereum Virtual Machine (EVM), the backbone of most DeFi platforms, wrapping XRP is the only way to trade it or provide liquidity outside the XRP world.
Dhruv Shah, a DeFi analyst at Flare, pointed out that Hyperliquid only offered perpetual futures for XRP before because there wasn’t a good wrapped XRP option. FXRP changes that.
Now, Hyperliquid can offer real spot trading for XRP, not just derivatives.
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A New Era for XRP Liquidity
Hyperliquid stands out because it uses a fully on-chain orderbook, not the usual automated market maker setup you see on most decentralized exchanges.
This order-book approach means traders usually get tighter spreads and better prices, especially when trading volume picks up.
Now, with FXRP coming to Hyperliquid, Flare and Hyperliquid are pushing XRP’s liquidity past just perpetual futures and into serious spot trading, the kind institutions care about.
Right now, the main trading pair is FXRP/USDC, but there’s talk of more stablecoin pairs coming soon. That’ll give FXRP even more ways to trade on Hyperliquid.
Integration Across the XRPFi Ecosystem
Flare just launched FXRP on Hyperliquid, and it’s a big step in their push to bring XRP deeper into decentralised finance. Now, traders can grab FXRP on Hyperliquid and move it back to Flare, unlocking everything from lending and borrowing to staking and earning yields.
Flare’s been busy lately, rolling out new ways for people to use XRP in DeFi. They teamed up with Upshift Finance and Clearstar to launch earnXRP, which enables users to earn yield, and collaborated with Firelight Finance on an XRP staking protocol.
All these moves make FXRP way more useful, opening doors to more than just basic trading.
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