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Flare Lets XRP Holders Borrow Without Selling as Nearly 90% of FXRP Goes to Work in DeFi
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This story was originally published on HackerNoon at: https://hackernoon.com/flare-lets-xrp-holders-borrow-without-selling-as-nearly-90percent-of-fxrp-goes-to-work-in-defi.
A DefiLlama report finds 129M of 145M FXRP in DeFi, cross-chain use up fivefold since July and Flare's Data Connector at 45% of protocol revenue.
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About 129 million of 145 million FXRP in circulation, close to 90% of supply, is deployed across DeFi protocols, according to a DefiLlama report on Flare.
Lending holds about 52% of deployed FXRP. In one Morpho vault 10.6 million FXRP backed $7.9 million of RLUSD supplied.
About 20 million FXRP now sit outside Flare, a fivefold increase since July, across seven networks.
Flare Data Connector fees are the fastest-growing protocol revenue source at 45% of the total.
The report names FBTC, mainnet Confidential Compute and higher protocol revenue as the next milestones.