The bullish case for XRP is strengthening as new data highlights growing decentralised finance activity linked to the XRP Ledger.
Blockchain infrastructure provider Flare Network shared updated metrics showing sustained demand for XRP-based DeFi products.
Flare said recent data challenges the perception that XRP holders are largely passive participants in the crypto market.
The firm pointed to FXRP metrics as evidence of increasing user engagement and liquidity depth.
XRP holders are often seen as passive and not DeFi users, but FXRP data tells a different story.
The Flare team said.
Flare reported that more than 80% of FXRP supply is currently locked in decentralised finance applications.
This represents approximately $125.8 million actively deployed across Flare-based DeFi protocols.
The data covers a period described as a weak broader market environment.
Flare said user numbers continued to rise even as market conditions remained subdued.
The team said capital stayed locked and adoption followed a steady, incremental pattern rather than yield chasing.
Turns out the issue was never demand, it was infrastructure, and Flare is unlocking XRP DeFi.
The team said.
Network dashboards show a total FXRP supply of around 83.95 million tokens.
Of that supply, roughly 67.8 million FXRP is committed to decentralised finance applications.
User participation has expanded to more than 5,800 DeFi participants.
FXRP users now account for more than 55.5% of total FXRP holders.
Transaction activity has remained strong, exceeding 1.2 million DeFi transactions.
This includes more than 1.12 million FXRP swaps.
Additional activity includes tens of thousands of liquidity additions and removals.
Flare framed this behaviour as conviction-driven engagement rather than speculative rotation.
FXRP operates as a one-to-one representation of XRP minted through Flare’s FAssets system.
This design enables non-custodial access to EVM-compatible decentralised applications.
FXRP remains economically linked to liquidity on the XRP Ledger.
Related products such as stXRP are also seeing increased adoption.
More than $4.17 million in stXRP is locked in SparkDex.
Over $1 million is deployed through Enosys, with additional allocations across Kinetic.
Within the Kinetic protocol alone, FXRP liquidity exceeds 37.4 million tokens.
Borrowing activity on Kinetic is approaching $2.7 million.
Analysts say the data suggests XRP’s past DeFi limitations were driven by infrastructure gaps.
With expanded smart contract access, XRP is increasingly positioned as a scalable DeFi liquidity layer.
At the time of reporting, XRP price was $1.87.