PANews September 22 news, according to The Block, the tokenization platform Midas has partnered with Interop Labs, the developer of the Blockchain interoperability protocol Axelar, to jointly launch the XRP tokenization product mXRP. Currently, the product's set base yield is 6%-8%, paid in XRP. Users can deposit XRP as collateral into a tokenized structure that tracks the performance of the underlying yield strategy, thus minting mXRP. These strategies may include market making and providing liquidity, managed by third-party asset management institutions known as “risk managers.” Midas co-founder and CEO Dennis Dinkelmeyer revealed that Hyperithm acts as the manager of mXRP.
In addition to basic returns, mXRP can also be deployed in various DeFi protocols to earn additional yields. The mXRP Token is issued on the Ethereum Virtual Machine (EVM) sidechain of the XRP Ledger and runs on the infrastructure provided by Axelar. According to information from the Midas website, the tokens issued by Midas, including mXRP, are not available to users in the United States, the United Kingdom, or sanctioned regions, as access to these areas is restricted.
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