- Wrapped XRP (wXRP) launches on Solana, expanding DeFi use and cross-chain utility.
- Over 834,000 XRP tokens have already been wrapped on the Solana blockchain.
- The latest development increased XRP demand, boosting the price to around $1.50.
XRP, the Ripple-linked cryptocurrency, is now accessible on the Solana blockchain via a wrapped version of the token, wXRP, issued by Hex Trust. The XRP’s utility has now gone beyond the XRP Ledger, spreading the cryptocurrency’s use in market making and decentralized finance (DeFi) across Solana’s ecosystem.
834,000 XRP Already Wrapped on Solana
According to Solana’s latest post on X concerning the initiative, more than 834,000 XRP, equivalent to $1.2 million, has already been wrapped and activated on the Solana blockchain. Authorized crypto users wishing to explore wXRP can do so by sending native XRP tokens to Hex Trust’s regulated custody services before the firm can mint the wrapped tokens on Solana or supported Ethereum Virtual Machine (EVM) blockchains.
It is worth noting that wXRP is 1:1 backed and can be used in DeFi protocols on Solana and EVM chains such as Optimism and HyperEVM.
Addressing XRP Demand in DeFi
Notably, all the chains supporting the wXRP initiative are more purpose-built for DeFi enablement compared to the native XRP Ledger. DeFiLlama’s data reveals that Ethereum and Solana are the two highest-ranked chains in DeFi total-value-locked (TVL) with $57.2 billion and $6.08 billion, respectively. Meanwhile, XRP Ledger ranks in 41st position in the DeFi TVL category, with just $51.46 million.
During the initiative’s launch in December, Ripple X SVP Markus Infanger acknowledged the growing demand to use XRP across the wider crypto ecosystem and institutions. Infanger stated that his firm is pleased to see Hex Trust address this demand and make it a reality.
wXRP’s Early Effect on XRP’s Price
Besides the $1.2 billion worth of wXRP minted on Solana, 50 million more XRP tokens, equivalent to about $74.5 million in wXRP, have been minted on Ethereum. In the meantime, fewer than 60 transactions involving the wrapped XRP tokens have been executed so far, according to data from the Ethereum block explorer, Etherscan.
Crypto market observers consider the latest development one of the factors behind XRP’s increasing demand. The cryptocurrency surged 15% this week and recorded three consecutive days of gains for the first time since mid-March, retesting the crucial $1.5 resistance as bullish sentiment improved.
Related: Solana Price Prediction: wXRP Brings $100M To Solana DeFi as SOL Tests $88.56 Resistance
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