Flare Network has introduced its FAssets protocol, starting with FXRP v1.2, a synthetic version of XRP designed for use in decentralized finance (DeFi). This initiative enables XRP holders to mint FXRP on Flare, allowing them to access lending, liquidity pools, and decentralized exchanges for the first time, transforming XRP—a non-smart contract asset—into a usable component in a composable DeFi system without intermediaries. The FAssets convert tokens like XRP into one-to-one representations secured through an overcollateralized system and Flare's data protocols. At launch, FXRP minting is limited to 5 million in the first week to manage the rollout. Holders can mint FXRP via wallets such as Ledger or Bifrost and through decentralized exchanges like SparkDEX and BlazeSwap. Initial incentives will focus on liquidity pools with APRs up to 50%. Additionally, FXRP is set to serve as collateral for Enosys Loans, supporting the development of the first XRP-backed stablecoin, while stXRP is anticipated to enhance XRP's functionalities within the Flare ecosystem.

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