XRP holders can now access Solana’s DeFi ecosystem without selling their tokens, Solana said Friday.
"XRP is a digital asset native to the XRP Ledger, a decentralized public blockchain designed for fast, low-cost transactions," Solana posted to X. "wXRP is live on Solana via Hex Trust and LayerZero," it added.
The move allows XRP holders to retain exposure to the asset while tapping into Solana’s trading, liquidity and yield opportunities.
The move should expand XRP holders' exposure to the asset while tapping into Solana's decentralized finance ecosystem. wXRP is a 1:1-backed representation of XRP designed to expand the asset's utility.
Typically, XRP has functioned as an "institutional payment network" while Solana "operates as a decentralized application platform, powering the emergent DeFi, NFT, and gaming economies through raw speed and developer flexibility," according to a paper published by Ledger.
In December, in a similar move, Hex Trust said it planned to issue and custody wXRP to expand the asset's use in DeFi and cross-chain applications. Hex Trust said the wrapped asset is fully redeemable for native XRP held in its regulated custody, and users will also be able to access yield opportunities through supported DeFi platforms.
At the time, Hex Trust said wXRP would become available on Solana, Optimism, Ethereum, and HyperEVM.
"There's growing demand to use XRP across the wider crypto ecosystem and institutions, and so we are excited to see Hex Trust address this demand," RippleX SVP Markus Infanger said in December. "It also fits naturally with the work we’re doing with RLUSD, giving people a regulated way to access DeFi and manage their XRP positions across supported chains."
Hex Trust emphasized that each wXRP corresponds to one XRP held in segregated custody accounts that are issued or burned only when the underlying asset is deposited or redeemed.
After Friday's move, wXRP is now available on apps like Titan Exchange, Jupiter Exchange, Meteora and Phantom, Solana also said.
XRP, which has a market cap of over $90 billion, rose more than 3% on Friday to $1.48, according to The Block's Price Page.
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