Wrapped XRP Launches on Solana, Enabling DeFi Access for XRP Holders

Hex Trust and LayerZero have launched wrapped XRP (wXRP) on Solana, enabling XRP holders to access decentralized finance applications on a blockchain with significantly more DeFi activity than the native XRP Ledger. Over 834,000 XRP worth approximately $1.2 million has already been wrapped and activated on Solana, while 50 million wXRP tokens worth around $74.5 million have been minted on Ethereum since early November. The wrapped tokens are backed 1:1 with native XRP held in Hex Trust's regulated custody services. The initiative addresses the limited DeFi ecosystem on XRP Ledger, which ranks 41st with $51.46 million in total-value-locked compared to Solana's $6.08 billion and Ethereum's $57.2 billion, though Ethereum adoption has seen fewer than 60 total transactions despite the larger minting volume.

Wrapped XRP Launch on Solana via Hex Trust

• ▪The wrapped XRP initiative on Solana was first announced in December
• ▪Hex Trust mints wXRP tokens on Solana and supported Ethereum Virtual Machine blockchains including Ethereum mainnet, Optimism, and HyperEVM
• ▪Hex Trust issued a wrapped XRP token that is live for trading and use in DeFi on Solana
• ▪Hex Trust's wrapped XRP token is backed 1:1 with native XRP

DeFi Ecosystem Comparison and Market Opportunity

• ▪Ethereum ranks first in DeFi total-value-locked with $57.2 billion according to DeFiLlama data
• ▪XRP Ledger ranks 41st in DeFi total-value-locked with $51.46 million
• ▪Solana ranks second in DeFi total-value-locked with $6.08 billion according to DeFiLlama data

Current Adoption Metrics and XRP Price Performance

• ▪XRP was recently changing hands at $1.49 at the time of reporting
• ▪More than 834,000 XRP worth around $1.2 million has been wrapped and activated on Solana
• ▪XRP remains 59% off its all-time high of $3.65 created in July
• ▪XRP was up around 2% in the last 24 hours at the time of reporting
• ▪Less than 60 total transactions involving wrapped XRP have taken place all-time on Ethereum according to Etherscan
• ▪50 million wXRP tokens worth around $74.5 million have been minted on Ethereum

Perspective of Hex Trust

• ▪Hex Trust's wrapped XRP enables XRP holders to access Solana's DeFi ecosystem while maintaining 1:1 backing through regulated custody services

Perspective of XRP holders and DeFi users

• ▪The XRP Ledger's $51.46 million in DeFi total-value-locked is significantly smaller than Solana's $6.08 billion and Ethereum's $57.2 billion

Perspective of Solana ecosystem

• ▪The launch of wrapped XRP on Solana brings over $1.2 million in new liquidity to Solana's DeFi ecosystem