PANews reported on September 22 that according to The Block, the tokenization platform Midas has reached a cooperation with Interop Labs, the developer of the blockchain interoperability protocol Axelar, to jointly launch the XRP tokenized product mXRP. Currently, the product sets a basic yield of 6%-8%, paid in the form of XRP. Users can deposit XRP as collateral in a tokenized structure that tracks the performance of the underlying yield strategy to mint mXRP. These strategies may include market making and providing liquidity, and are managed by third-party asset management institutions known as "risk managers." Midas co-founder and CEO Dennis Dinkelmeyer revealed that Hyperithm serves as the manager of mXRP. In addition to base returns, mXRP can be deployed in various DeFi protocols to generate additional returns. mXRP tokens are issued on the Ethereum Virtual Machine (EVM) sidechain of the XRP Ledger and run on infrastructure provided by Axelar. According to the Midas website, Midas-issued tokens, including mXRP, are not available to users in the United States, the United Kingdom, or sanctioned regions, where access is restricted.PANews reported on September 22 that according to The Block, the tokenization platform Midas has reached a cooperation with Interop Labs, the developer of the blockchain interoperability protocol Axelar, to jointly launch the XRP tokenized product mXRP. Currently, the product sets a basic yield of 6%-8%, paid in the form of XRP. Users can deposit XRP as collateral in a tokenized structure that tracks the performance of the underlying yield strategy to mint mXRP. These strategies may include market making and providing liquidity, and are managed by third-party asset management institutions known as "risk managers." Midas co-founder and CEO Dennis Dinkelmeyer revealed that Hyperithm serves as the manager of mXRP. In addition to base returns, mXRP can be deployed in various DeFi protocols to generate additional returns. mXRP tokens are issued on the Ethereum Virtual Machine (EVM) sidechain of the XRP Ledger and run on infrastructure provided by Axelar. According to the Midas website, Midas-issued tokens, including mXRP, are not available to users in the United States, the United Kingdom, or sanctioned regions, where access is restricted.
Midas and Axelar launch XRP tokenized product mXRP, targeting a base yield of up to 8%
PANews reported on September 22 that according to The Block, the tokenization platform Midas has reached a cooperation with Interop Labs, the developer of the blockchain interoperability protocol Axelar, to jointly launch the XRP tokenized product mXRP. Currently, the product sets a basic yield of 6%-8%, paid in the form of XRP. Users can deposit XRP as collateral in a tokenized structure that tracks the performance of the underlying yield strategy to mint mXRP. These strategies may include market making and providing liquidity, and are managed by third-party asset management institutions known as "risk managers." Midas co-founder and CEO Dennis Dinkelmeyer revealed that Hyperithm serves as the manager of mXRP.
In addition to base returns, mXRP can be deployed in various DeFi protocols to generate additional returns. mXRP tokens are issued on the Ethereum Virtual Machine (EVM) sidechain of the XRP Ledger and run on infrastructure provided by Axelar. According to the Midas website, Midas-issued tokens, including mXRP, are not available to users in the United States, the United Kingdom, or sanctioned regions, where access is restricted.
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