Flare Launches Spot XRP Market on Hyperliquid, Allowing FXRP to Move Across Chains

The decentralized finance (DeFi) applications blockchain network Flare has launched a spot market for XRP on the on-chain trading platform Hyperliquid. This development aims to widen access to XRP liquidity while enabling the movement of FXRP, which is one of Flare’s FAssets, across chains.

According to a press release sent to CryptoPotato, both the FAssets system and LayerZero’s Omnichain Fungible token standard enabled the launch of the XRP spot market. The spot market is the first of its kind on Hyperliquid.

Flare Unveils XRP Spot Market on Hyperliquid

Alongside the creation of an XRP spot market, Hyperliquid has listed FXRP for spot trading under the FXRP/USDC trading pair. The listing reflects Flare’s mission to expand the XRP’s role as a programmable, multichain coin. The move also reinforces the XRP Ledger as a core settlement layer.

Hyperliquid has an orderbook model that is built to outperform automated market maker pools in price discovery and execution, especially under high-volume trading conditions. With the FAssets system and LayerZero’s Omnichain Fungible token standard, XRP can move across chains as FXRP, trade on Hyperliquid’s orderbook, and return to its home on the XRP Ledger.

The streamlined on-chain flow will be enabled by an FXRP bridge powered by Flare Smart Accounts. The bridge will enable one-click withdrawals of FXRP from Hyperliquid back to the XRP Ledger as XRP. Hence, XRP can be traded on Hyperliquid as FXRP and bridged back to Flare to access DeFi use cases like lending and staking. Flare said this lifecycle will allow users to bridge and trade XRP without relinquishing custody at any point.

An Institutional-grade Spot Market

Flare believes Hyperliquid’s orderbook design will make the FXRP spot market suitable for a range of strategies, including directional trading, hedging alongside perpetuals, and cross-venue exposure management. Both XRP and Flare users now have access to an institutional-grade spot trading ecosystem on Hyperliquid.

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