TLDR Midas has launched the mXRP token in collaboration with Axelar and Interop Labs to expand XRP’s DeFi utility. The mXRP token offers XRP holders yields of up to 8% through tokenized exposure to on-chain and off-chain strategies. The token is launched on the XRPL EVM through audited smart contracts, fully integrating it into the [...] The post XRP Steps Up in DeFi with mXRP Launch: Will It Meet Expectations? appeared first on CoinCentral.TLDR Midas has launched the mXRP token in collaboration with Axelar and Interop Labs to expand XRP’s DeFi utility. The mXRP token offers XRP holders yields of up to 8% through tokenized exposure to on-chain and off-chain strategies. The token is launched on the XRPL EVM through audited smart contracts, fully integrating it into the [...] The post XRP Steps Up in DeFi with mXRP Launch: Will It Meet Expectations? appeared first on CoinCentral.

XRP Steps Up in DeFi with mXRP Launch: Will It Meet Expectations?

TLDR

  • Midas has launched the mXRP token in collaboration with Axelar and Interop Labs to expand XRP’s DeFi utility.
  • The mXRP token offers XRP holders yields of up to 8% through tokenized exposure to on-chain and off-chain strategies.
  • The token is launched on the XRPL EVM through audited smart contracts, fully integrating it into the DeFi ecosystem.
  • Axelar bridges XRP into the protocol, allowing the token to be utilized across over 80 blockchains, increasing its accessibility.
  • The mXRP product targets a scalable and durable yield, offering an APY range of 6% to 8%, based on historical performance.

Midas, in collaboration with Interop Labs and Axelar, has launched the liquid staking token mXRP. This new product aims to enhance XRP’s role in decentralized finance (DeFi), offering token holders yields of up to 8%. The launch is part of a broader initiative to boost XRP’s utility in DeFi and extend its use cases.

mXRP Token Bridges XRP into DeFi Ecosystem

The mXRP token is a new product designed to improve XRP’s utility in the DeFi ecosystem. By launching on the XRPL EVM through audited smart contracts, mXRP offers a new way for XRP holders to participate in DeFi. Users can deposit XRP collateral into a tokenized structure that tracks on-chain and off-chain yield strategies. This token is fully integrated within the XRPL EVM ecosystem, expanding XRP’s use across lending markets and other DeFi protocols.

Midas will handle the structuring and infrastructure of the mXRP token, while Axelar will bridge XRP into the protocol. Axelar’s role is crucial, as it connects the XRP Ledger to over 80 blockchains, increasing the token’s accessibility. This broad integration ensures that mXRP can be utilized in various DeFi ecosystems, enhancing XRP’s DeFi utility.

Projected Yield and Benefits of mXRP

The mXRP token offers an annual percentage yield (APY) between 6% and 8%, depending on historical performance and fees. This yield is expected to grow as the product develops further. The project aims to provide a scalable and sustainable XRP-denominated yield strategy, which would attract more liquidity into the XRP ecosystem.

Axelar, in a statement, emphasized the low utilization of XRP in DeFi and the need for native yield products. Most of XRP’s market capitalization is currently underutilized, and existing yield products often fail to scale effectively. The mXRP token addresses these issues by offering liquid, scalable, and durable yield options. With these features, mXRP aims to become a benchmark APY for the XRP ecosystem.

Dennis Dinkelmeyer, CEO of Midas, highlighted that mXRP provides a transparent mechanism for users to access on-chain strategies. The company believes that strong community demand and seamless DeFi integrations will drive mXRP’s adoption. This product has the potential to unlock new use cases for XRP within the growing DeFi space.

mXRP Token Addresses Yield Scalability in DeFi

The launch of mXRP is a significant step in expanding XRP’s DeFi utility. Until now, XRP lacked native yield options, limiting its use in DeFi strategies. By introducing mXRP, the XRP community now has access to a token that not only increases yield opportunities but also bridges gaps in the DeFi ecosystem.

Midas and Axelar’s collaboration reflects a growing trend of integrating traditional assets like XRP into decentralized finance. This partnership showcases the potential of XRP in DeFi, addressing existing challenges such as yield scalability and liquidity. The mXRP token is designed to complement existing XRP products, offering an innovative solution to unlock further value for XRP holders.

The post XRP Steps Up in DeFi with mXRP Launch: Will It Meet Expectations? appeared first on CoinCentral.

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