What is wXRP and how does it work?

[johnblockbuster]

Q: What is wrapped XRP (wXRP)?
wXRP is a tokenized version of XRP that exists on other blockchains like Solana. It is backed 1:1, meaning each wXRP represents one real XRP locked in custody.

Q: How do you get wXRP?
Users deposit their XRP through a regulated custodian, Hex Trust, and receive wXRP on Solana. When they redeem it, the wXRP is burned and the original XRP is released.

Q: What’s the benefit?
It allows XRP holders to access DeFi tools like swapping, lending, and earning yield without selling their XRP holdings.

[chainsniff]

the 1:1 backing model is straightforward, but trust depends on the custodian