XRP DeFi product 'earnXRP' launched… operated on the Flare Network

A decentralized finance (DeFi) operational model using XRP has emerged.

On the 22nd, according to crypto-focused media The Block, Upshift Finance, Clearstar, and the Flare Network jointly launched an XRP-based DeFi product, 'earnXRP'.

earnXRP is structured to deposit FXRP issued on the Flare Network, allocate it to on-chain strategies, and pursue returns measured in XRP. Users deposit assets into a single vault and can redeem to FXRP at any time if needed.

Upshift said, "Although XRP is a top market-cap crypto asset, its usage in the DeFi space has been limited," adding, "This launch is an attempt to expand XRP's on-chain use cases."

In particular, earnXRP will utilize multiple on-chain management strategies at the initial launch stage, and its operation methods will be expanded step by step in the future. An initial deposit cap is set, but there are no per-person limits, and fees will be waived for a certain period after launch.

Upshift explained, "earnXRP is differentiated from existing XRP use models in that it integrates multiple strategies and does not rely on a single protocol."