mXRP, a new yield-bearing liquid staking token for XRP, launched by Midas and powered by Axelar, has shattered launch records. Within just two weeks, the token amassed nearly $30 million in deposits, according to on-chain data shared by the Axelar Knowledge Center. This impressive achievement highlights the surging demand from XRP holders seeking ways to generate income from their assets.
The token, created to provide yield to XRP holders, was issued under an EU-approved license and managed by Hyperithm, a firm renowned for its trading strategies. The early success signals a growing appetite for alternative on-chain income generation options in the crypto ecosystem.
The token’s cross-chain connection, facilitated by Axelar Network, unlocks access to yield and liquidity for XRP holders across the cryptocurrency landscape. By connecting the XRP Ledger and XRPL EVM to over 80 blockchains through Axelar’s system, mXRP allows users to seamlessly move tokens and utilize DeFi applications offering income on digital assets.
This success surpasses other Midas launches like mAPOLLO, mEDGE, mHYPER, and mMEV. mXRP’s early success is based on real yield generation strategies, not relying on borrowed funds or complex arbitrage techniques. On-chain data demonstrates a rapid surge in deposits for the mXRP vault, outpacing those of other products.
The token employs delta-neutral trading strategies to generate stable returns without being affected by fluctuating XRP prices. Users can also bridge their XRP to XRPL EVM and immediately mint mXRP, transforming their XRP into a yield-generating asset. However, the product is not available in restricted regions such as the United States and the UK.
A partnership between Midas and Axelar marks a significant advancement in on-chain finance, combining blockchain technology with tangible real-world yield opportunities.