XRP on Solana — Hex Trust has issued a wrapped version of XRP (wXRP), making XRP live on the Solana network. More than 834,000 XRP—about $1.2 million—have been wrapped on Solana, and the initiative was announced in December. XRP is trading around $1.49, up about 2% in the past 24 hours and roughly 59% below its all-time high of $3.65.
The wrapped XRP token (wXRP) allows XRP to be utilized across various blockchain platforms. To mint these tokens, authorized users send native XRP to Hex Trust’s regulated custody services. Once the XRP is received, wXRP tokens are minted with a 1:1 backing, meaning each wXRP is fully backed by an equivalent amount of XRP held in custody. This process ensures the value equivalency and security of the wrapped tokens.
wXRP is available across multiple chains including Solana, Ethereum mainnet, Optimism, and HyperEVM. On the Ethereum network alone, 50 million wXRP tokens, valued at approximately $74.5 million, have been minted. Notably, almost all the Ethereum-based wXRP tokens have been stored in a single wallet since early November, indicating a significant accumulation and storage strategy.
These wXRP tokens can be integrated into various decentralized finance (DeFi) protocols across the supported chains, providing liquidity and enabling diverse financial operations such as lending and yield farming. Institutions looking to integrate or leverage wXRP can register with Hex Trust to gain early access to these functionalities, thereby expanding their capabilities within the DeFi space.
The market context surrounding XRP on Solana includes the introduction of wrapped XRP (wXRP), which facilitates the use of XRP across different blockchain networks. DeFi metrics indicate that Ethereum’s total value locked (TVL) is $57.2 billion, while Solana’s TVL stands at $6.08 billion, and the XRP Ledger’s DeFi TVL is $51.46 million. These figures highlight the significant value flowing through decentralized financial protocols across multiple platforms.
Ripple’s Senior Vice President Marcus Infanger has highlighted a growing demand to use XRP throughout the broader crypto ecosystem and among institutions. This demand is a key factor behind the implementation of wrapped XRP on various chains, which aims to enhance the utility and integration of XRP in DeFi applications.
Despite inquiries, Hex Trust did not provide comments regarding its initiatives. This initiative has allowed XRP to be operational on the Solana blockchain via wXRP and other Ethereum-based environments, offering new possibilities for financial transactions and liquidity provision within decentralized ecosystems.
