Flare Network Hits $43M in Bridged XRP as FXRP Demand Accelerates

TLDR

• Flare Network confirmed that $43 million worth of XRP has been bridged to its blockchain.
• The bridged XRP was used to mint FXRP which allows users to access decentralized finance without selling their tokens.
• Each FXRP minting round has reached its five million token limit within just a few hours.
• The first allocation was completed in four hours while the latest round finished in only three hours.
• The total value locked in the FAsset protocol has climbed to $43.04 million according to Dune Analytics.
• Flare Network introduced a weekly minting cap to regulate FXRP supply and ensure early-stage stability.

Hugo Philion, CEO of Flare Network, confirmed that XRP holders have bridged $43 million worth of XRP onto the Flare blockchain. This surge follows the recent launch of the FAssets protocol, which offers new yield-generating tools. The move has significantly boosted Flare Network’s total value locked (TVL), which now stands at $43.04 million.

FXRP Demand Surges as Supply Hits Minting Limit

FXRP, a wrapped version of XRP on the Flare Network, is at the core of this growth. Users mint FXRP by bridging XRP through self-custody wallets and approved tools. The project’s popularity has driven all minting rounds to reach their 5 million FXRP cap within hours.

The first minting cap launched on September 24 filled in just four hours. The latest round hit the 5 million FXRP limit in only three hours. Each round reflects rising interest in FXRP and increasing engagement from the XRP community.

https://x.com/FlareNetworks/status/1975875200073040266

Philion emphasized that FXRP allows users to access decentralized finance without selling XRP. “FXRP opens up DeFi opportunities for the XRP ecosystem,” he stated. This utility has driven aggressive adoption and rapid token conversion.

Flare Network Sets FXRP Minting Cap

Flare Network introduced a weekly minting cap of 5 million FXRP to regulate supply and maintain balance during the early stage. This strategy ensures controlled growth and limits excessive volatility in minting. Even with this cap, interest from XRP holders remains strong and unwavering.

To address regional concerns, Flare has scheduled a new minting round for October 9 in the U.S. time zone. This aims to balance participation opportunities for global users. Many community members had voiced frustration over uneven access during previous rounds.

Users mint FXRP by transferring XRP to a self-custody wallet and utilizing tools such as the Oracle Daemon or Agent Utility. Those unable to mint can still acquire FXRP on decentralized exchanges such as Enosys and SparkDEX. This allows broader access within the Flare Network’s expanding DeFi ecosystem.

While retail interest drives current activity, Philion projects institutional demand will rise as supply surpasses $100 million. The increasing adoption signals potential for long-term growth and deeper integration. Institutions may find new utility as FXRP liquidity increases on the Flare Network.

So far, over 15 million FXRP tokens have been minted, with every allocation fully utilized. The trend indicates persistent demand from XRP holders seeking yield without liquidation. As supply increases, opportunities for institutional adoption are expected to grow.

The post Flare Network Hits $43M in Bridged XRP as FXRP Demand Accelerates appeared first on CoinCentral.