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- XRP holders can now access DeFi easily through Flare’s new Luminite wallet.
- Timing comes at a time when Ripple faces resistance from U.S. banks as its ecosystem rapidly expands.
XRP holders are finally getting the DeFi experience they’ve long been locked out of. According to a press release shared with Crypto News Flash, Flare has officially launched Luminite, a sleek, seedless, non-custodial wallet designed to make onboarding into DeFi as easy as logging into email. Flare is a smart contract platform mainly built to bring assets like XRP into decentralized finance.
For the millions in the XRP community frustrated by the XRP Ledger’s DeFi limitations, this will be a massive boost.
How Flare’s Luminite will Bridge the DeFi Gap for XRP
Speaking on this, Steve Chadwick, the co-founder of Luminite, noted how XRP’s ability to facilitate fast transactions across borders and low fees, but its native chain lacked smart contract support. This limits its use in decentralized finance. Flare has solved this gap with FXRP, a wrapped version of XRP that allows holders to earn yield and engage in DeFi protocols through Luminite.
Luminite is designed to eliminate the steep learning curve of crypto wallets. According to the Luminite team, the goal is to bring a Web2-like user experience to the blockchain world. The wallet leverages Turnkey’s embedded tech, letting users create accounts in seconds using familiar methods like email, biometrics, or passkeys.
Users can add funds using integrated fiat on-ramps like Topper, and buy tokens like XRP, FLR, and others right inside the app. Once set up, they gain one-click access to powerful tools within the Flare ecosystem with no coding needed.
Related: Ripple News: XRP Named as Top Cross-Border Tool by International Finance Group
Luminite Powers the Full Flare Ecosystem
Within the Luminite wallet, users gain direct access to the full suite of DeFi services available on Flare. They can mint FXRP using their XRP holdings, enabling participation in decentralized finance protocols for the first time.
The Luminite wallet also allows users to delegate their FLR tokens to Flare Time Series Oracle (FTSO) providers. In return, they get to earn rewards. Additionally, users can bridge assets across supported blockchains through the Stargate protocol, stake their FLR to mint sFLR using the Sceptre protocol, and swap tokens.
Ripple’s Banking Ambitions Face Challenges As XRP Embraces DeFi
The timing of Luminite’s launch couldn’t be more significant. Forty two U.S. banks allegedly attempted to block Ripple’s bank license, amid growing concerns over Ripple’s RLUSD stablecoin, direct Fed access, and XRP-powered services.
With XRP increasingly seen as a legitimate threat to traditional finance, tools like Luminite could be a major boost.
