Flare TVL Nears Record High as Firelight Teases XRP Liquid Staking – Crypto News – Crypto News
Connect with us
Flare TVL Nears Record High as Firelight Teases XRP Liquid Staking Flare TVL Nears Record High as Firelight Teases XRP Liquid Staking

De-fi

Flare TVL Nears Record High as Firelight Teases XRP Liquid Staking – Crypto News

Published

3 months ago

on

Flare’s TVL climbs again as Firelight prepares to unlock DeFi access for XRP holders.

Flare, a Layer 1 network best known for bringing XRP into DeFi, is nearing its recent peak in total value locked (TVL) as liquid staking protocol Firelight prepares to launch on the Flare mainnet by the end of November.

Flare’s mainnet, launched in July 2022, peaked at $208.9 million in TVL on Oct. 30. The surge came around the same time asset manager Teucrium filed with the U.S. Securities and Exchange Commission for a potential exchange-traded fund tied to Flare’s native token, FLR.

Flare TVL

Since then, TVL has slipped to around $174 million in early November but is now climbing again, standing at around $203 million at press time, per data from DefiLlama.

XRP Liquid Staking

The renewed liquidity influx comes as Firelight, a liquid staking protocol for XRP, prepares to deploy on Flare later this month. While other Flare protocols also allow XRP holders to lock their tokens to obtain a Flare-based representation for DeFi, those tokens are usually locked and can’t be freely used.

Firelight is expected to allow holders to lock their XRP and receive a liquid stXRP token for use in Flare’s DeFi sector, a capability not previously available for XRP tokens.

That also gives XRP holders more ways to access liquidity. For comparison, the XRP Ledger has only about $83.5 million in TVL, making Flare’s total roughly 2.4 times larger.

According to a press release shared with The Defiant, capital deployed on Firelight “will be allocated to provide an institutional-grade solution for on-chain risk, backed by XRP staking.”

Meanwhile, Xaman Wallet, set to launch later in December, will let users on XRP Ledger send transactions on Flare without moving their tokens off the network, “bridging liquidity and yield between the two ecosystems,” according to the developers.

Related Topics:
Continue Reading

Trending