Flare used an appearance on South Korean television to pitch its approach to bringing XRP into decentralised finance (DeFi). Speaking on Korea Economic TV's Crypto Labs at Korea Blockchain We
Flare used an appearance on South Korean television to pitch its approach to bringing XRP into decentralised finance (DeFi). Speaking on Korea Economic TV's Crypto Labs at Korea Blockchain Week, @FlareNetworks APAC lead Kyle Kim (@Banktheworld) described Flare as a blockchain for data.
Kim said Flare checks outside information, such as prices or transactions on other chains, and makes it available to smart contracts. Holders of $XRP can convert their tokens into FXRP on Flare to lend, borrow against, or earn yield, and can swap back whenever they choose.
FXRP is issued through Flare's FAssets system. FXRP was the first live deployment of the system, which turns tokens that lack smart contract support, such as XRP, into overcollateralised assets that can interact with DeFi protocols. At launch, Flare's chief product officer Filip Koprivec told The Block that FXRP is designed to be non-custodial and over-collateralised, with onchain, protocol-level verification rather than reliance on a single custodian.
Kim said approved operators hold the XRP behind FXRP. Each must lock up collateral worth more than the XRP it holds, which is meant to protect users if something goes wrong. DefiLlama's research describes these operators as agents, independent operators who post collateral worth more than the XRP they back, partly in stablecoins and partly in FLR. If the collateral's value falls below the required level, the agent's position can be liquidated.
Demand for the token has built since launch. A DefiLlama report published on October 21 counts about 129 million of the 145 million FXRP in circulation deployed across protocols, close to 90% of supply. The same report notes the base is still small: 145 million FXRP equals roughly 0.23% of circulating XRP. Lending is the biggest use. Most of the lending demand comes from holders who use FXRP as collateral and borrow against it while keeping their XRP.
In Korea, Flare is working with hardware wallet maker D'CENT. In May, D'CENT's maker IoTrust announced a three-week campaign with the Flare network , and said D'CENT is an official partner of Flare Smart Accounts , which removes the need for users to buy extra gas tokens.
Flare is also running a pilot finance product with weather data firm K-Weather (Kweather). The two companies signed a letter of intent to pilot the integration of meteorological data onchain. The data will be delivered through Flare's Time Series Oracle and could support products such as parametric climate insurance. CoinDesk's Omkar Godbole cautioned that the initiative is still very early, and a letter of intent is not a working product.
The appearance shows Flare targeting the Korean market with a dual message: XRP holders can put idle tokens to work, and data-driven products can extend beyond price feeds.
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