The self-custodial yield platform MoreMarkets has announced a partnership with the Flare interoperability network to provide new opportunities for XRP holders.
How Does The Partnership Work?
MoreMarkets will integrate its yield generation strategy on the Flare network to create a seamless experience for XRP users. XRP holders can utilize the platform's feature to initiate the bridging process from their XRPL wallets, leading to payments into the FAssets system that mints FXRP on Flare. The platform will manage DeFi strategies, such as lending and liquid staking, to generate yield.
Liquid Staking XRP For DeFi Activities
MoreMarkets will utilize Firelight for liquid staking XRP. The platform will issue liquid staking tokens (LST) and Firelight Points to users deploying FXRP. Participants can use LST across DeFi activities within the Flare ecosystem. The process will not involve centralized custodians.
Conclusion
The partnership between MoreMarkets and Flare marks a significant advancement in simplifying access to DeFi for XRP holders. All technical aspects will be handled in the background, ensuring user simplicity, while rewards are automatically converted to XRP.
The collaboration between MoreMarkets and Flare offers new opportunities for XRP holders to earn yield conveniently without the complexities associated with DeFi.
