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.
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.
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.
Notably, other initiatives are pushing in the same direction, evidenced by the recent launch of Flare Network’s FXRP.
