Enosys to Launch XRP-Backed Stablecoin Protocol on Flare
•DeFi
Enosys Unveils XRP-Collateralized Stablecoin Protocol
Enosys has announced the forthcoming launch of Enosys Loans, a collateralized debt position (CDP) protocol that will enable users to mint stablecoins using XRP as collateral.
The new platform is built on the Flare blockchain, a layer-1 network known for integrating smart contracts and decentralized data oracles, aiming to enhance DeFi capabilities for payment-focused cryptocurrencies like XRP.
Key Takeaways
- XRP-backed stablecoin: Enosys Loans will allow users to deposit FXRP (a wrapped version of XRP specifically for the Flare network) to mint stablecoins.
- Flare Network Integration: The protocol leverages Flare's smart contract functionality to create a DeFi ecosystem for XRP.
- Liquity V2 Fork: Enosys Loans utilizes a forked version of Liquity V2 as the underlying architecture.
This launch signifies a growing trend of integrating payment cryptocurrencies like XRP into yield-generating DeFi applications. Codeum provides security audits for projects launching on Flare, ensuring safety and stability for users in this expanding ecosystem.