Daniel Walker
Flare Network has enabled spot exposure to XRP on Hyperliquid for the first time by listing FXRP, a wrapped version of the asset issued on Flare. The rollout begins with the FXRP/USDC trading pair, expanding Hyperliquidโs offerings beyond derivatives-only XRP exposure.
Until now, traders on Hyperliquid could access XRP solely through perpetual futures, as the platform lacked a native spot market for the token.
According to Dhruv Shah, DeFi analyst at Flare, the absence of XRP spot markets on Hyperliquid stemmed from technical limitations rather than demand.
โXRP, like Bitcoin, is not compatible with the Ethereum Virtual Machine (EVM),โ Shah explained. As a result, onchain venues such as Hyperliquid rely on wrapped representations when listing spot assets.
While Hyperliquid already supports wrapped versions of Bitcoin, Shah noted that the lack of a secure, non-custodial bridge had previously blocked a wrapped XRP listing.
How FXRP Works Across Chains
FXRP is a 1:1 wrapped representation of XRP created through Flareโs FAssets system and issued as a LayerZero Omnichain Fungible Token.
This structure allows FXRP to:
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Move seamlessly across blockchains
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Trade directly on Hyperliquidโs orderbook
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Be redeemed back into native XRP on the XRP Ledger
Flare also confirmed that a dedicated FXRP bridge, powered by Flare Smart Accounts, is expected to go live later. The upgrade will enable one-click withdrawals from Hyperliquid back to the XRP Ledger, improving user experience and liquidity flow.
FXRP Plays a Key Role in Flareโs XRPFi Strategy
The FXRP spot listing is part of Flareโs broader vision to expand XRPFi, bringing XRP deeper into decentralized finance.
After trading on Hyperliquid, FXRP can be bridged back to Flare to unlock DeFi use cases such as lending, staking, and yield strategies. Shah said Flareโs ambition is to make FXRP the standard XRP representation across DeFi ecosystems.
โFlare will always be the home chain for FXRP,โ Shah emphasized, adding that Hyperliquid was selected as the first expansion venue due to its orderbook-based architecture and the absence of any existing XRP spot markets.
Expansion Plans Across the DeFi Ecosystem
Flare is actively collaborating with developers within the Hyperliquid ecosystem to deepen FXRP integrations and plans to extend FXRP to additional DeFi platforms over time.
These efforts follow a series of recent XRP-focused initiatives on Flare:
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earnXRP, a yield product launched with Upshift Finance and Clearstar
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An XRP staking protocol by Firelight Finance, introducing the liquid staking token stXRP
Together, these developments aim to position Flare as a central hub for XRP-based DeFi innovation.
