Moremarkets will manage Flare-native decentralized finance (DeFi) strategies, such as lending or liquid staking, to generate yield for users.
The self-custodial yield platform, MoreMarkets, has unveiled a partnership with the layer-1 blockchain interoperability network Flare to offer yield to XRP holders. XRP is the native cryptocurrency of the XRP Ledger (XRPL), a decentralized blockchain built by Ripple Labs.
According to a press release sent to CryptoPotato, the alliance has led to the launch of the XRP Earn Account. With this product, XRP investors can receive weekly yield payouts without navigating the complexities of using multiple blockchains, bridges, and protocols.
MoreMarket will integrate its on-chain yield generation strategy on the Flare network, creating a pathway to a seamless XRPfi experience. When using the XRP Earn Account, market participants will interact with a single interface on MoreMarkets. This is because the yield platform will completely handle the Flare mechanics for the offering.
XRP holders will use a MoreMarket feature to initiate the XRP bridging process from their XRPL wallets. This triggers payments from their wallets to the FAssets system, which is a native bridge for minting FXRP on Flare. FXRP is the version of XRP on the Flare network.
Afterward, Moremarkets will manage Flare-native decentralized finance (DeFi) strategies, such as lending or liquid staking, to generate yield for users.
“Our mission is to make idle assets work for their holders without the headaches of DeFi. The XRP Earn Account is already delivering yield to hundreds of early adopters, and adding Flare gives them another high-quality path to earn. We’re really excited to be working with Flare to build the most liquid XRP on-chain ecosystem on Flare!” commented Altan Tutar, Co-founder and CEO of MoreMarkets.
It is worth mentioning that MoreMarkets will use Firelight to liquid stake XRP. Firelight allows users to stake their XRP and earn rewards within the Flare network. The platform will issue a liquid staking token (LST) and Firelight Points to users who deploy FXRP. Participants can use the LST across DeFi activities in the Flare ecosystem.
Also, MoreMarkets claims no centralized custodians are involved in the process, as Flare backs its FXRP 1:1 with collateral. Users’ XRP always remains on the XRPL.
Meanwhile, MoreMarkets insists that all of the technicalities involving the partnership will happen at the backend so that the user will have a simple experience. All rewards will be converted to XRP and automatically paid into the user’s wallet.
