Flare's efforts to build a platform focused on XRP decentralized finance (DeFi) appear to be gaining momentum, as a recent large stake of 8 million XRP has been recorded on its Firelight protocol.
The transaction, which was confirmed by Flare's co-founder Hugo Philion, is seen as a significant milestone in building the foundation for XRP-focused DeFi. According to Kristaps Grinbergs, a developer relations engineer at Flare, this development shows that institutional investors are increasingly entering the ecosystem.
On-chain data from April 21 reveals that Firelight recorded an inflow of 9.014 million FXRP, with the single 8 million XRP stake making up most of that amount. This marks the largest hourly inflow in over a month and the second highest recorded this year. The total inflows to Firelight have now reached 75.52 million FXRP, with a net inflow of 58.38 million.
Flare's TVL (total value locked) has also increased to 155.7 million XRP, worth approximately $219.63 million. Of this figure, Firelight alone accounts for over 32% share.