DefiLlama: About 90% of FXRP is Used in DeFi Protocols

According to a new report by DefiLlama, about 90% of the circulating supply of FXRP, a token associated with XRP and developed by Flare, is deployed in decentralized finance (DeFi) protocols. The analysis indicates that approximately 129 million out of 145 million FXRP tokens in circulation are used in DeFi applications. This data highlights the growing use of XRP-related assets in lending, borrowing, and other decentralized financial services. FXRP was launched in September 2025 through Flare's FAssets system, allowing XRP holders to access DeFi opportunities. Flare is a layer-one blockchain compatible with the Ethereum Virtual Machine, focusing on decentralized data infrastructure.

Lending markets represent the largest portion of FXRP token usage, with activity in Morpho and Kinetic on Flare, Morpho on Ethereum, and Euler on Monad. A significant portion of the token supply is used as collateral, enabling holders to borrow funds without selling their assets. This creates an opportunity for investors to gain liquidity while maintaining a position in the underlying asset.

The report pointed to activity in the RLUSD vault of Sentora on Morpho, where 10.6 million FXRP tokens secured $7.9 million of supplied RLUSD at the end of September. These figures indicate that FXRP is used not only for simple token transfers but also for deploying the asset into lending markets and other financial applications. Cross-chain integration has also expanded: approximately 20 million FXRP tokens are now used outside of Flare, representing a fivefold increase since July. Issued as a LayerZero Omnichain Fungible token, FXRP has expanded to seven networks. The token also became the first XRP spot pair on HyperCore in January.

Beyond the DeFi ecosystem, the report explored the development of Flare's data infrastructure and its contribution to network revenues. Since the implementation of FIP.16, fees generated by the Flare Data Connector have grown faster than any other protocol revenue sources and now account for 45% of Flare's total revenue. Additionally, the report identified a shift in FLR staking patterns. Between April and August, the share of directly staked tokens rose from approximately 32% to 46%, following a hard fork in July that increased the weight of directly staked tokens. These events indicate that Flare's data-related services are becoming a more significant part of the network's economic model alongside the growth of applications built around XRP.