Flare Network announced today that its mainnet has officially launched the first Fasset — FXRP v1.2, granting XRP holders a new pathway to participate in decentralized finance (DeFi). This milestone enables XRP, a cryptocurrency without native smart contract capabilities, to be used seamlessly within the Flare ecosystem through a trustless, overcollateralized system.
How FXRP and Fassets Work
FXRP is the first implementation of Flare's core protocol called Fassets, which is designed to bring non-smart-contract cryptocurrencies into DeFi. Each FXRP token is a one-to-one representation of XRP, backed by an overcollateralized system of independent agents and Flare’s on-chain data oracles. Hugo Philion, co-founder and CEO of Flare, stated: “XRP can be used on Flare in non-custodial and permissionless DeFi. It can also be placed into a vault, where a risk curator can generate returns on your behalf through strategies that are entirely onchain, offchain, or a hybrid of both.” Once minted, FXRP can be freely transferred and integrated by any protocol on Flare, eliminating the need for complex wrappers or bridging workarounds.
Security Architecture: Layered and Audited
To address security concerns, the Fassets system employs a multi-layered strategy. The codebase has undergone four independent audits by firms including Zellic and Coinspect, complemented by Immunefi bug bounties and community code reviews. Continuous monitoring by Hypernative ensures rapid response to anomalies, protecting high-value operations such as trustless bridging and multi-chain minting.
Acquiring FXRP: Minting and Swapping
XRP holders can obtain FXRP via two methods. The primary method is minting: users transfer XRP to a self-custody wallet compatible with both Flare and XRPL, then mint through platforms like AU or Oracle Daemon. Alternatively, holders can swap XRP for FXRP on decentralized exchanges such as SparkDEX, Blazeswap, or Enosys, provided they already have XRP on the Flare chain. To accelerate adoption, Flare will direct launch incentives in the form of rFLR tokens to specific DeFi pools, including Kinetic FXRP Supply, the Kinetic FXRP/USDT₮0 Isolated Pool, and various liquidity pools on DEXes.
Future Outlook: The XRPFi Flywheel
In the coming weeks, the ecosystem will expand with deeper integration of FXRP and stXRP (liquid staked XRP from the upcoming Firelight project). This will enable FXRP to be used as collateral for loans and introduce curated vaults for yield-generating strategies. Once Firelight launches and stXRP becomes available, the full XRPFi flywheel will accelerate, attracting more partners, expanding collateral options, and building a trustless DeFi ecosystem.