Uphold, a leading cryptocurrency exchange, has partnered with Flare Network to enable XRP holders to earn passive yield through staking—a feature previously unavailable on the XRP Ledger. This initiative leverages Flare’s FAssets system to bridge XRP into decentralized finance (DeFi), offering new utility for the asset.
Key Features of the Partnership
- FXRP Staking: XRP can be locked into Flare’s ecosystem to mint FXRP, which is then stakable for yield.
- 4% XRP-Back Rewards: U.S. users can earn XRP rewards on salary deposits via Uphold’s new Direct Salary Deposit feature.
- 5% RLUSD Incentives: Ripple’s dollar-pegged stablecoin offers additional yield opportunities.
- U.S. Staking Relaunch: Uphold reintroduced staking for 19 tokens (e.g., Ethereum, Solana) in March 2024.
👉 Discover how XRP staking works on Flare Network
Why XRP Needs Flare for Yield
Unlike proof-of-stake (PoS) blockchains, the XRP Ledger uses a consensus protocol that excludes native staking. Flare’s EVM-compatible smart contracts enable XRP to participate in DeFi, including:
- Yield farming
- Liquidity mining
- Cross-chain interoperability
Flare’s Statement:
“This collaboration paves the way for XRPFi, bringing utility & DeFi access to Uphold’s active XRP community.”
Expansion of Uphold’s U.S. Services
- Crypto Debit Card: Relaunching in the U.S. after success in the UK.
- Beta Testing: Users can soon trial XRP yield features before full rollout.
👉 Explore Uphold’s yield products
FAQ: XRP Staking on Uphold and Flare
Q: How does FXRP staking work?
A: Users lock XRP to mint FXRP, which is staked on Flare Network to generate yield.
Q: Is XRP staking available natively?
A: No—the XRP Ledger’s consensus mechanism prevents native staking. Flare’s FAssets provide a workaround.
Q: What are the risks?
A: Smart contract vulnerabilities and market volatility could impact returns. Always audit DeFi protocols.