Axelar and Midas’s new liquid staking token, mXRP, has pulled in more than $22 million in deposits. This massive inflow comes just a few days after the token was debuted. This shows that investors are quickly changing how they look for earning opportunities in the XRP ecosystem.
mXRP was built through a partnership between Midas, Axelar, and Interop Labs. It is issued on the XRPL EVM sidechain and represents XRP that is bridged through Axelar into selected yield strategies. Unlike regular staking models, mXRP does not increase its supply or use rebasing.
Instead, its value rises compared to XRP, giving holders a direct share of the gains. The process is straightforward. Investors deposit XRP, which is moved into the XRPL EVM network. In return, they get mXRP tokens; ERC-20 assets that can be used across decentralized finance (DeFi) platforms.
These tokens are flexible and can be added to liquidity pools, used as collateral in lending markets, or staked in other products to earn extra returns. When investors want to withdraw, their mXRP tokens are burned, and the same amount of XRP is released back to them. Risk is managed by professional curators such as Hyperithm, a well-known Asia-based digital asset firm with experience in managing investments.
Axelar celebrated the quick success in a post on X, noting how fast investors supported the token. For Midas, the vault represents progress toward its goal of building strong yield strategies that can deliver up to 10% returns
The launch follows a series of efforts aimed at growing XRP’s place in decentralized finance. Recently, Flare Network rolled out an XRP-backed stablecoin on its Enosys Liquity V2 platform to boost on-chain liquidity. Ripple also teamed up with Securitize to launch its RLUSD in tokenized funds managed by BlackRock and VanEck.
On top of that, Bybit added RLUSD for spot trading against major coins like Bitcoin (BTC), Ethereum (ETH), and XRP. Together, these steps show a fast-growing set of financial tools built around XRP, strengthening Ripple’s role in both the stablecoin and DeFi markets.
One of the most attractive things about mXRP is that it lets investors earn in two ways. Its value compared to XRP grows on its own as the strategies behind it generate yield.
At the same time, holders can put their mXRP to work in DeFi options. This mix gives investors both steady growth and chances for bigger returns, making it appealing to cautious investors as well as those chasing higher gains.
The wider market has also taken notice. After the vault launched, XRP’s price rose slightly to around $2.80. Experts believe that the rising interest in staking rewards could push demand even higher, giving XRP more real-world uses beyond its usual role.
