- Midas and Axelar have launched mXRP, a liquid staking token offering up to 8% yield, expanding XRP’s DeFi utility.
- The mXRP token operates on the XRPL EVM with Axelar’s bridging technology, enabling access across 80+ blockchains.
- The token’s yield ranges from 6% to 8% annually, with a focus on secure, transparent strategies and DeFi integrations.
Midas, a leading tokenization platform, has partnered with Interop Labs and Axelar to introduce mXRP, a liquid staking token designed to boost XRP’s presence in decentralized finance (DeFi). This collaboration aims to offer token holders attractive yield opportunities of up to 8% per year.
mXRP is a tokenized exposure product issued on the newly launched XRPL EVM. The token operates through audited smart contracts, providing users with a decentralized finance experience while preserving XRP’s utility. The launch uses Axelar’s bridging technology to connect the XRPL EVM sidechain to the XRP Ledger, enabling cross-chain functionality. This advancement represents a significant step in expanding XRP’s use cases, especially within the DeFi ecosystem.
Midas and Axelar Expand Access to mXRP
Midas, responsible for the structuring and infrastructure behind the mXRP token, is collaborating with Axelar to bridge XRP into the DeFi network. The partnership ensures that mXRP is accessible across more than 80 blockchains, increasing its reach and liquidity. With the integration into the XRPL EVM ecosystem, users can now deploy the token within various DeFi protocols, unlocking additional opportunities in lending markets and other decentralized applications.
As part of the mXRP launch, Midas has partnered with Hyperithm for risk curation services. This collaboration aims to ensure that the liquid staking token is structured with strong risk management protocols in place. The token’s targeted annual yield ranges between 6% and 8%, based on historical performance and net of fees, offering users a transparent and secure way to earn passive income from their XRP holdings.
Meeting the Demand for DeFi Solutions
The launch of mXRP addresses a significant gap in XRP’s utility within DeFi. Despite its large market cap, XRP has traditionally lacked native yield generation, and most of its market remains dormant. By offering a liquid staking token that provides scalable and sustainable yield, mXRP aims to help unlock new opportunities for XRP holders. In addition, the design of the product provided by Axelar will allow it to become a top yield product within the XRP ecosystem, which will have strong yields that are sustainable and can be combined with other DeFi applications.
Midas CEO Dennis Dinkelmeyer was optimistic, saying that mXRP would open up new applications to XRP, especially as the DeFi space as a whole has high community demand and integrations.
