While some market observers cite XRP’s price stagnation as a sign of stagnant growth, new data from the Flare network suggests a different culprit: an “infrastructure gap.” The long-standing absence of smart contract capabilities may have been the primary anchor dragging down the asset’s true economic utility.
In a recent discussion, Filip Koprivec, chief product officer at Flare, argued that while rising activity does not strictly prove causation, it highlights a previously “meaningful constraint” on XRP.
“What is becoming visible now is increased functional usage enabled by access to programmable applications and DeFi infrastructure,” Koprivec noted. He pointed to Flare’s role as the “home of XRPFi” as proof that demand for XRP utility existed long before the tools were available to realize it.
The data supporting this shift has been growing over the past year. Since the launch of the FAssets system — which allows non- smart contract tokens like XRP to be trustlessly bridged to Flare — the ecosystem has seen explosive growth. To date, more than 90 million XRP have been converted into FXRP, while nearly 80% of all minted FXRP is actively deployed in decentralized finance (DeFi) protocols.
The current trend signals a fundamental shift in the XRP investment thesis. While previous cycles relied on speculative ‘ whale’ activity and Ripple’s institutional payment corridors, today’s adoption is measured by composability. XRP holders are moving beyond simple transfers, increasingly utilizing the asset as collateral for stablecoins, supplying lending markets, and trading natively across omnichain environments.
This evolution gained further momentum following the Jan. 28 launch of the FXRP/USDH spot market on Hyperliquid. Coming just two weeks after the debut of FXRP/USDC, this latest expansion deepens onchain liquidity and integrates XRP utility directly into Hyperliquid’s decentralized order book.
Read more: The Bull Case for XRP Rises as Flare Data Confirms Real DeFi Demand
According to a media statement, the FXRP/USDH pair integrates XRP exposure with USDH, a native quote asset within the Hyperliquid ecosystem. The launch highlights growing demand for XRP exposure on Hyperliquid and the need for seamless capital movement between the XRP Ledger, Flare and HyperEVM.
“We believe FXRP will become the XRP asset of choice on Hyperliquid,” said Hugo Philion, co-founder of Flare. “This launch is another important step forward for FXRP in the ecosystem, and we look forward to working closely with Native Markets to grow FXRP alongside the HyperEVM ecosystem.”
The expansion of FXRP’s spot market structure comes as XRP derivatives activity continues to grow. More than $200 million in XRP open interest is currently active across perpetual markets, while onchain spot infrastructure has remained limited. By offering both FXRP/USDC and FXRP/USDH spot markets, Hyperliquid enables traders to hedge exposure, execute delta-neutral or directional strategies and arbitrage between spot and derivatives markets.
- What is driving XRP’s renewed utility? Flare’s DeFi infrastructure and FAssets system have unlocked new functional use cases for XRP.
- How much XRP has been converted to FXRP? Over 90 million XRP has been bridged, with nearly 80% deployed in DeFi protocols.
- What new markets are expanding XRP liquidity? Hyperliquid launched FXRP/USDH and FXRP/USDC spot pairs to deepen on‑chain trading.
- Why does this matter for global traders? Expanded FXRP markets enable hedging, arbitrage, and broader composability across ecosystems.
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