Key Takeaways
- Enosys launched an XRP-backed stablecoin protocol on the Flare blockchain utilizing a fork of Liquity V2, enabling customers to mint stablecoins by depositing FXRP.
- Flare is a layer-1 blockchain integrating sensible contracts and decentralized knowledge oracles, supporting the DeFi ecosystem for cost tokens like XRP.
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Enosys introduced the upcoming launch of a brand new product referred to as Enosys Loans, described as the primary collateralized debt place protocol to leverage XRP as collateral for minting a stablecoin.
The platform will function on Flare, a layer-1 blockchain community that integrates sensible contracts and decentralized knowledge oracles.
Customers can mint stablecoins by depositing FXRP, a wrapped model of XRP designed to be used on the Flare community.
The launch displays a broader development of payment-focused cryptocurrencies like XRP being tailored for yield-generating DeFi actions.
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