Wrapped XRP Connects XRP Holders to Solana DeFi Ecosystem

XRP (XRP) holders now have a direct link to the Solana decentralized finance (DeFi) ecosystem, thanks to the introduction of wrapped XRP (wXRP). This token is fully backed by native XRP and allows users to engage in various DeFi activities without having to sell their native position.

WXRPs live deployment on Solana is facilitated through Hex Trust custody and LayerZeros cross-chain bridge. The wXRP token can be verified using the Tokens address provided by @Hex_Trust and @LayerZero_Core. Each wXRP corresponds to one native XRP locked in a segregated custody account, with minting occurring on deposit and burning on redemption.

This setup ensures that the supply of wXRP remains fully matched to the underlying XRP holdings. Additionally, holders can redeem their wXRP back to the XRP Ledger at any time, allowing for flexibility in managing their positions.