mXRP’s swift adoption underscores investor eagerness to unlock fresh utility for long dormant XRP.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
XRP holders eager for yield opportunities have quickly embraced mXRP, the first liquid staking token native to the token’s ecosystem.
On Sept. 25, blockchain infrastructure provider Axelar revealed that the product’s initial vault of 6.5 million tokens filled within two days of launch, forcing it to raise the cap to 10 million.
Notably, the total value of assets locked in the vault amounts to nearly $20 million.
This swift expansion highlights pent-up demand from investors seeking to put dormant XRP to work through decentralized finance.
mXRP is designed to unlock fresh utility for XRP, which has remained idle for years despite being one of crypto’s oldest assets.
Built on the XRP Ledger’s Ethereum Virtual Machine (EVM) sidechain, the token allows users to stake XRP through Midas, a tokenization platform. In return, they receive a wrapped representation—mXRP—that can earn targeted annual yields of up to 8%.
The process begins when XRP is bridged to the sidechain and deposited into tokenized vaults. Those deposits are then allocated into yield strategies overseen by independent managers, known as “risk curators.”
At launch, Hyperithm took on that role, directing capital into market-making and liquidity provisioning activities.
The performance of these strategies flows back into the value of mXRP itself, ensuring that holders see returns directly in the token they own.
Midas co-founder and CEO Dennis Dinkelmeyer framed the initiative to mobilize long-dormant capital.
According to him:
“Much of the XRP supply has been dormant for years; mXRP provides a transparent mechanism for users to access onchain strategies.”
Meanwhile, the project reflects a broader movement to make XRP more versatile within decentralized markets.
XRP’s DeFi ecosystem pales significantly compared to rivals like Ethereum, which have hundreds of billions in total value locked.
Considering this, Sergey Gorbunov, co-founder of Axelar, emphasized that the protocol’s cross-chain framework allows XRP, which is traditionally confined to its own ledger, to interact with DeFi applications across multiple blockchains.
Notably, other initiatives are pushing in the same direction, evidenced by the recent launch of Flare Network’s FXRP.
FXRP allows XRP to be used in lending, liquidity pools, and other DeFi applications without sacrificing exposure to the underlying asset.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
Essential crypto updates and analyses. Straight to your inbox, every day.
CryptoSlate’s latest market report compares Bitcoin and DeFi to some of the most established benchmarks in traditional finance.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Celebrating eight years of innovation, TRON pledges resilience and advances as a financial inclusion powerhouse.
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Axelar delivers secure cross-chain communication for Web3.
Get the latest crypto news, insights and market analysis straight to your inbox.
We respect your privacy and will never share your email address.
Please add [email protected] to your email whitelist. You may unsubscribe at any time.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2025 CryptoSlate. All rights reserved. Terms & Conditions | Privacy Policy
Act fast to join the 5-day Crypto Investor Blueprint and avoid the mistakes most investors make.
Please add [email protected] to your email whitelist.
Stay connected 👇