At the Solana Breakpoint conference in Abu Dhabi, digital asset custodian Hex Trust, in collaboration with cross-chain protocol LayerZero, announced the launch of wXRP on the Solana blockchain. This wrapped version of XRP is a 1:1 backed asset designed to facilitate cross-chain transfers, significantly expanding XRP's utility within the decentralized finance (DeFi) ecosystem.
The launch immediately delivered over $100 million in Total Value Locked (TVL), providing a substantial liquidity boost for DeFi protocols on Solana, including lending and staking platforms. This strategic move aims to address the growing institutional and retail demand for compliant, cross-chain liquidity solutions.
Giorgia Pellizzari, CPO and Head of Custody at Hex Trust, emphasized the utility, stating, “Users of wXRP and RLUSD will benefit from two assets that are built on trusted, compliant infrastructure, enabling broader DeFi utility for XRP and RLUSD across supported blockchains.” The integration is also noted to complement Ripple's own stablecoin, RLUSD.
The decision to launch on Solana is a direct response to the network's superior on-chain activity. Data from DeFiLlama highlights the stark contrast: Solana's 24-hour DEX volume was approximately $3.9 billion, compared to just $6.78 million on the XRP Ledger (XRPL)—a difference of roughly 575x. Furthermore, Solana's overall TVL stands at $17 billion, vastly overshadowing XRPL's $69 million.
This development positions wXRP to tap into Solana's deeper liquidity pools and interact with a wider array of protocols, potentially elevating XRP's role in the evolving DeFi sector while also raising questions about the current limitations of its native XRPL for supporting high-volume DeFi activity.
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