Flare Hits 5 Million XRP in Just 4 Hours as FAssets Goes Live
TLDR
- Flare’s FAssets project successfully launched and quickly reached 5 million XRP in circulation within just 4 hours.
- The project introduced a weekly minting cap to control supply during its initial rollout, with all minting slots filled immediately.
- Flare co-founder Hugo Philion confirmed the milestone and explained that higher minting caps would be implemented in the following week.
- The FXRP token, which mirrors XRP, is designed to unlock a full range of DeFi activities within the Flare ecosystem.
- Flare aims to attract institutional investors once the FXRP supply exceeds $100 million, further strengthening the platform’s liquidity.
The much-awaited FAssets project from Flare has officially launched, exceeding expectations within the XRP ecosystem. The project, which went live yesterday, marks the second yield-bearing project for XRP holders this week. However, the network introduced a weekly cap on minting to manage supply in the early days. This strategy helped the project maintain stability amid a surge in demand.
Flare’s Quick Success with XRP
Following the launch of FAssets, demand for FXRP tokens quickly surged. Within just four hours, the network hit its weekly minting cap of 5 million XRP. This rapid demand led to all minting slots being filled immediately, with a combined value of $14.22 million in FXRP circulating.
Hugo Philion, co-founder of Flare, confirmed the milestone and explained why the caps are in place. He noted that the controlled rollout ensures the project progresses responsibly. In a post on X, he assured the community that higher minting caps would be implemented the following week to accommodate growing demand.
Despite the overwhelming interest, Philion cautioned users against purchasing FXRP tokens at inflated prices. He emphasized that temporary imbalances in supply and demand could distort trading values on decentralized exchanges. “We want to avoid any price manipulation during this phase,” he said, reinforcing the importance of patience as the supply grows.
As of the latest figures, the FXRP circulating supply has reached 5 million tokens. These tokens are divided into 500,000 lots, all of which are already spoken for in week one. Flare also revealed that reward pools currently total $6,940, while the total value locked (TVL) stands at $14.03 million. The collateral backing FXRP has reached $19.11 million, with $14.03 million in Flare and $5.08 million in USDT.
The high demand for FXRP tokens reflects the growing interest in decentralized finance (DeFi) on the Flare network. According to Flare’s announcement, the next major step is to attract institutional investors, which will only happen once the supply of FXRP exceeds $100 million. This institutional adoption will further strengthen the Flare ecosystem and bring more liquidity to the network.
Flare Launches FAssets to Revolutionize XRP’s DeFi Access
Flare’s introduction of FAssets aims to turn non-smart contract tokens, such as XRP, into DeFi-ready assets. FXRP, the first of these assets, mirrors XRP on a one-to-one basis and operates within an overcollateralized system. This structure relies on independent agents secured by Flare’s native data protocols, ensuring a secure and efficient network for XRP holders.
By launching FAssets, Flare brings XRP into the full spectrum of DeFi activities. This includes trading, lending, liquid staking, and the creation of stablecoins. Flare has positioned this as the beginning of an “XRP DeFi awakening,” offering XRP holders new opportunities within decentralized finance.
Flare has focused on security since the start of the project. The team conducted multiple audits, including reviews by Zellic and Coinspect, to ensure the platform’s robustness. Additionally, Flare runs an ongoing bug bounty program with Immunefi and invites community members to participate in security audits through Code4rena.
For users interested in obtaining FXRP, the most direct method involves minting through self-custody wallets such as Ledger or Bifrost. After transferring XRP from the XRP Ledger into one of these wallets, users can mint FXRP through AU or Oracle Daemon. For those unable to mint directly, FXRP can also be traded on decentralized exchanges within the Flare ecosystem, including SparkDEX, BlazeSwap, and Enosys.
Flare has also partnered with wallet providers like Luminite and Oxen Flow, who plan to introduce swap functions for easier access to FXRP. Additionally, the team has introduced rewards in the form of rFLR tokens to DeFi pools that bring significant value to the network. These incentives are just the beginning, with plans to expand FXRP and stXRP integrations in the coming weeks.
The post Flare Hits 5 Million XRP in Just 4 Hours as FAssets Goes Live appeared first on CoinCentral.
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