Kinetic’s $24 million XRP-linked lending market showed a 0.04% base rate before rewards

Kinetic’s FXRP lending market on Flare showed roughly $24 million supplied on Nov. 1, yet the base annualized rate for lenders was about 0.04% before rewards. For XRP holders, the supplied balance alone is a weak measure of borrower-funded income. Kinetic is a lending protocol on Flare, where FXRP represents XRP-linked exposure through the FAssets system. Its official market page displayed $24 million of FXRP supplied and $2 million borrowed in the Nov. 1 observation. The paired stablecoin market told a different story. FlareSignal’s Nov. 1 lending snapshot put FXRP utilization at 6.7%, against 92.8% for USDT0.

Source: CryptoSlate