mXRP, a new yield-bearing liquid staking token for XRP, issued by Midas and powered by Axelar, has become the fastest-growing Midas product ever after collecting nearly $30 million in deposits within the first two weeks of launch, according to onchain data shared by the Axelar Knowledge Center.
The token was created to help XRP holders earn yield, or income, from their coins. It was issued under an EU-approved license and managed by Hyperithm, a firm known for its trading strategies. The strong start shows that more people want to earn rewards on their XRP, and they are ready to try new on-chain options to do it.
According to Axelar Network, “That cross-chain connection is key, opening access to yield and liquidity for XRP holders of all sizes across the crypto ecosystem.” mXRP connects the XRP Ledger and XRPL EVM to over 80 blockchains through Axelar’s system which makes it easier for users everywhere to move tokens and use DeFi apps that offer income on digital assets.
The network reported that the token’s success has outpaced other Midas launches such as mAPOLLO, mEDGE, mHYPER, and mMEV.
Unlike some other DeFi tokens, mXRP’s early success came without looping or borrowing strategies. Onchain data shows deposits to the mXRP vault surged sharply past other products.
mXRP operates using delta-neutral trading strategies which is designed to generate stable yield without being affected by XRP price changes. These strategies use arbitrage and funding rate differences across exchanges to earn consistent XRP-denominated returns.
Moreover, users can bridge XRP to XRPL EVM and instantly mint mXRP, thereby turning their XRP into a yield-earning asset. However, the product is not available to users in restricted regions including the United States and the United Kingdom, as stated on midas.app.
Axelar said the partnership with Midas represents the next phase of growth for onchain finance, combining blockchain technology with real-world yield.
