Flare has collaborated with the self-custodial yield platform MoreMarkets to launch the “XRP Earn Account.” This secure, non-custodial option allows XRP holders to earn on-chain yield effortlessly. By removing the need for bridges or complicated DeFi setups, the product provides users with an accessible method to interact with decentralized finance straight from their XRPL wallets.
A Streamlined Approach to Earning Yield on XRP
With this partnership, MoreMarkets users can transfer XRP directly from their XRPL wallets using an integrated interface. This initiates a transaction to Flare’s native FAssets protocol, converting XRP into FXRP—a 1:1 collateralized representation backed by Flare’s on-chain oracles.
After minting, FXRP is automatically utilized by MoreMarkets across Flare’s DeFi ecosystem, including liquid staking protocols such as Firelight. Users are not required to manage any technical aspects; yield is generated behind the scenes and credited back to them as XRP in their wallets.
Highlighted features include:
Non-custodial framework: Users maintain complete control over their assets at all times.
Automated yield creation: MoreMarkets manages the technical processes, including staking and lending.
Rewards in XRP: Earnings are converted and distributed in native XRP for user convenience.
What Makes It Stand Out from Other Yield Platforms
The XRP Earn Account delivers a seamless, fully on-chain experience, distinguishing itself from traditional custodial or off-chain alternatives. Unlike other platforms that depend on third-party trust or cross-chain exposure, this integration operates solely on Flare’s native infrastructure, ensuring both transparency and security.
Other notable distinctions include:
Secure Bridging through FAssets: The FAssets protocol guarantees that native XRP remains within XRPL. Instead, FXRP is minted as a fully collateralized synthetic asset on Flare.
Firelight Protocol: Users can access liquid staking and Firelight Points in the initial phase. In future iterations, users will earn fees by staking in vaults that support high-impact DeFi services.
Designed for Institutional Needs
This partnership aligns with institutional expectations regarding compliance, custody, and transparency.
Regulatory compliance: Flare’s collaborations with BitGo, Fireblocks, and Hex Trust create infrastructure that meets standards for institutional custody.
Transparency: The FAssets bridging process is verifiable on-chain, minimizing centralized risks.
Security: Flare’s oracle-secured architecture enables trust-minimized operations from bridging to yield generation.
Establishing the XRPFi Ecosystem on Flare
This integration is part of a larger initiative to position Flare as the leading infrastructure layer for XRP-centric DeFi, termed “XRPFi.” According to Hugo Philion, Co-founder and CEO of Flare:
“This partnership validates Flare’s mission: bringing smart contract capabilities and real-world data to the entire crypto ecosystem. MoreMarkets is leveraging our permissionless infrastructure to make XRP truly programmable.”
Altan Tutar, CEO of MoreMarkets, stated:
“Our goal is to optimize idle assets for their holders without the complexities of DeFi. The XRP Earn Account is already serving hundreds of users, and Flare integration marks a new chapter in on-chain yield.”
MoreMarkets will initially roll out with FXRP support and expand to incorporate additional Flare-based lending and DeFi protocols.
About MoreMarkets
MoreMarkets is a non-custodial platform aimed at enabling users to earn passive yield on their crypto assets without directly engaging in complicated DeFi processes. The XRP Earn Account is already operational, providing weekly payouts in XRP.
