FXRP is the token that Flare's FAssets system issues against XRP. It went live on Flare mainnet on 24 September 2025 so that XRP holders could use their holdings in lending, borrowing, staking and trading. The XRP asset base is large, with about 63 billion XRP in circulation worth close to $96 billion at the prices used in the report, while the roughly 145 million FXRP in circulation represent about 0.23% of that supply. At that level of penetration every additional 1% of circulating XRP that moves into FXRP would amount to about 630 million tokens, which is more than four times the current FXRP supply and shows how much room the product has to grow from a very small base.
FXRP Supply Growth Since the September 2025 Launch
Demand arrived at once, since the first-week cap of 5 million FXRP filled in about four hours after launch. The supply then passed 90 million by the end of January 2026 and reached 155 million by late April. About 145 million FXRP were in circulation in late September, according to the DefiLlama report, which does not explain the change from the April peak. The report also notes that Flare's incentive program allocated 2.2 billion FLR between July 2025 and July 2026, so the supply built up during a period of active rewards and has held above 140 million since.
Where Deployed FXRP Works Across DeFi
Lending markets hold the largest share of the deployed FXRP at about 52%, spread across Morpho and Kinetic on Flare, Morpho on Ethereum and Euler on Monad. Firelight staking holding 39% and DEX liquidity and smaller venues the remaining 8%, according to the report. Deployment peaked at about 142 million FXRP in May 2026 and measured 136 million on 9 July and 129 million in October, a decline of about 5% since the incentive program ended. That makes the 129 million figure a number that holders have kept in place without the earlier rewards, which is a useful signal for a product that is only a year old.
Most of the lending demand comes from holders who use FXRP as collateral and borrow against it while keeping their XRP. In the Sentora RLUSD vault on Morpho on Ethereum, 10.6 million FXRP backed $7.9 million of RLUSD supplied in late September. At the XRP price implied by the report's own figures of about $1.52 that works out to roughly $16 million of collateral behind $7.9 million of borrowing, an implied loan-to-value of about 49% by our estimate, which shows holders borrowing well inside the value of what they post.
Cross-Chain Adoption Across Seven Networks
About 20 million FXRP are now deployed outside Flare, up from about 4 million on 9 July, a fivefold increase that the report ties to FXRP's issuance as a LayerZero OFT. FXRP now reaches seven networks, namely Ethereum, Base, BNB Chain, Monad, Katana, HyperEVM and HyperCore. It became the first XRP spot pair on HyperCore in January 2026. The amount deployed on Flare itself fell from 132 million to 109 million over the same period, so the off-Flare balance is taking a growing share of a supply that is staying inside DeFi.
The Data Layer Behind Flare's Revenue
The DefiLlama report spends as much time on Flare's data infrastructure as on XRP. The numbers explain why. Since FIP.16 took effect, fees from the Flare Data Connector, which verifies events on other chains, have grown faster than any other protocol revenue source and now account for 45% of the total, with protocol revenue running at about $190,000 a month since September, or about $2.3 million annualized. Flare's price feeds come from about 100 staked validators, with block-latency feeds updating roughly every 1.1 seconds. The network cut FLR inflation to 3% from 14 May 2026 under FIP.16, which passed in April with 98.06% of the vote and lowered the issuance cap from 5 billion to 3 billion FLR. The full report describes these changes as a shift toward revenue that comes from using the network.
Staking After the July Hard Fork
A hard fork on 14 July weighted P-chain stake five times as heavily as delegation for vote power. The share of staked FLR held through direct staking rose from about 32% to 46% of all staked or delegated FLR between April and August, according to the report. About 47 billion FLR, roughly half of circulating supply, is now staked or delegated. About 22.6 billion FLR sits in direct staking. Base gas fees rose from 25 to 500 gwei at the same time, lifting the average fee per transaction from about 0.05 FLR to about 0.21 FLR, which gives the network a steadier fee stream next to the data fees.
Confidential Compute, FBTC and the Institutional Case
The next phase centers on Flare Confidential Compute, which lets smart contracts verify results derived from private institutional data without exposing the data itself. Its first institutional application is live on Songbird, Flare's canary network, after governance approval in July 2026, where it supports proof of reserves for Hex Trust's USDX stablecoin. DefiLlama writes that as applications expand, Confidential Compute moves closer to an oracle primitive for private data, which would give institutional information the role that the FTSO price oracle plays for public prices.
The report names three milestones that will help decide whether Flare can take its data infrastructure beyond XRP: Bitcoin integration through the planned FBTC product, mainnet deployment of Confidential Compute and growth in protocol revenue. Each one builds on a foundation that is already visible in the numbers, with nearly 90% of FXRP supply in use, cross-chain deployment up fivefold in three months and a data fee line that supplies nearly half of revenue, which gives institutions a working record to evaluate on Flare as the next products arrive.
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