New XRP yield product earnXRP launches using Flare Network’s infrastructure
earnXRP, a new yield product, has launched as more projects look to expand the “XRPFi” ecosystem — an effort to bring XRP into decentralized finance and put idle XRP to work onchain.The product is jointly launched by Upshift Finance, a DeFi platform offering yield vault infrastructure; Clearstar, an onchain risk manager; and Flare Network, a Layer 1 blockchain focused on XRPFi use cases. earnXRP allows users to deposit FXRP — a wrapped version of XRP on Flare — into a single vault that deploys capital across various onchain strategies to generate yield denominated in XRP.“Only 0.1% of XRP supply is utilized in DeFi, despite it being the fifth-largest cryptocurrency by market cap,” Ethan Luc, growth lead at Upshift, said in a statement. “Users have not had an easy way to capture sustainably high returns.”earnXRP follows earlier efforts to offer XRP-denominated yield. In September, tokenization platform Midas launched mXRP in partnership with Interop Labs, developer of the blockchain interoperability protocol Axelar, and risk curator Hyperithm. mXRP currently has around $20 million in total value locked, according to Midas’ website.mXRP targets a base yield of 6–8%, with an additional yield component through DeFi strategies. earnXRP’s target yield ranges from about 4% to 10%, depending on vault size. If the vault size remains in the $1 million to $10 million range, a target yield of around 7% to 10% is "reasonable," Jashiel Alamo, head of research at Clearstar Labs, told The Block. For a larger vault that grows to between $50 million and $100 million, the expected yield would likely fall to around 3% to 4% as yield compresses at scale, Alamo added.Separately, earlier this month, Firelight Finance launched an XRP staking protocol on Flare, introducing a liquid token called stXRP designed to earn rewards through a DeFi insurance model.Luc told The Block that stXRP functions as a receipt token for deposits into Firelight, while earnXRP operates as a vault token that allocates capital across multiple protocols, including Firelight. “If someone deposited directly into Firelight, they would need to execute the strategies themselves,” he said.At launch, earnXRP deploys capital across several onchain strategies, including carry trades, staking and cover underwriting via Firelight, and concentrated liquidity provision in automated market makers. The teams said additional strategies may be added over time.Users can withdraw at any time by redeeming earnXRP tokens for FXRP, according to the teams. The initial deposit cap is set at 5 million FXRP, with no per-user limit, and fees are waived for the first 30 days. Deposits are available through the Upshift platform, and users must first mint or swap into FXRP on Flare.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.