New XRP yield product earnXRP launches using Flare Network’s infrastructure

earnXRP, a new yield product, has launched as part of the effort to expand the "XRPFi" ecosystem by putting idle XRP to work onchain. It is a joint effort by Upshift Finance, Clearstar, and Flare Network. Users deposit FXRP (wrapped XRP on Flare) into a single vault, which then deploys capital across various onchain strategies like carry trades, staking via Firelight, and concentrated liquidity provision to generate XRP-denominated yield.

Ethan Luc of Upshift noted that only 0.1% of XRP supply is currently utilized in DeFi, indicating a need for easier ways for users to capture sustainable returns. earnXRP follows previous efforts like Midas's mXRP, though earnXRP has not disclosed an estimated yield yet. Unlike Firelight's stXRP, which acts as a receipt token for staking, earnXRP functions as a vault token allocating capital across multiple protocols, including Firelight.

Deposits are available through the Upshift platform, capped initially at 5 million FXRP, with fees waived for the first 30 days. Users can withdraw anytime by redeeming earnXRP tokens for FXRP.

(Source：The Block)