Flare's FLR is up nearly 20% over the past week as FXRP lending demand surges against Ripple's RLUSD: about $7.13M has been supplied and $6.35M borrowed, an 89% utilization rate.
FXRP, Flare's wrapped XRP, is the first XRP-based asset accepted as collateral in a major on-chain lending market, an institutionally curated $280M RLUSD vault built on Morpho on Ethereum and live since early August. It lets XRP holders unlock dollar liquidity without selling their coins. Flare seeded the pool with 1M RLUSD at launch and it was borrowed within hours; supply has since grown past $7M as demand builds.
High utilization is a double-edged signal: it reflects strong borrower demand and efficient capital use, but it also tightens available liquidity and lifts borrow rates, which tends to pull in fresh supply.
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