Enosys introduces XRP-backed stablecoin protocol using Liquity V2 fork
Enosys pioneers XRP-backed stablecoin protocol on Flare with DeFi integration, mirroring stablecoin market trends and DeFi ecosystem growth.
Key Takeaways
- Enosys launched an XRP-backed stablecoin protocol on the Flare blockchain using a fork of Liquity V2, enabling users to mint stablecoins by depositing FXRP.
- Flare is a layer-1 blockchain integrating smart contracts and decentralized data oracles, supporting the DeFi ecosystem for payment tokens like XRP.
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Enosys announced the upcoming launch of a new product called Enosys Loans, described as the first collateralized debt position protocol to leverage XRP as collateral for minting a stablecoin.
The platform will operate on Flare, a layer-1 blockchain network that integrates smart contracts and decentralized data oracles.
Users can mint stablecoins by depositing FXRP, a wrapped version of XRP designed for use on the Flare network.
The launch reflects a broader trend of payment-focused cryptocurrencies like XRP being adapted for yield-generating DeFi activities.
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