Flare Network cofounder Hugo Philion predicted $1 billion in XRP locked on his blockchain last year, and thinks it will somehow surpass $5 billion by this summer. Meanwhile, his network’s native token just hit an all-time low.
Six months after launch, his Flare XRP DeFi ecosystem averages fewer than 80 new users per day.
Flare Bridged XRP, a 1:1 representation of the XRP coin on Flare, launched in September 2025. It was pitched by former derivatives trader Philion as XRP’s DeFi breakthrough with a billion-dollar, “500% growth” target just around the corner.
On-chain data, however, tells a different story. Its DeFi ecosystem averages 76 new users per day since launch with the median day attracting a mere 33 people.
A new user, precisely defined, is a wallet that first interacted with the FXRP ecosystem via a mint, swap, burn, borrow, or repay. By that count, over half of all days since launch saw fewer than 50.
The data reveals brief spikes followed by rapid decay. On February 27, 2026, new users peaked above 2,000, coinciding with Flare’s one-click Xaman wallet integration.
Within two weeks, that number had fallen below 30.
The same pattern arose in September 2025 with a 467 new user spike on the day FAssets launched. Entrants then dropped more than 90% a week later.
Exclude the sparse days with anomalous spikes above 500, and the entire six-month average drops to under 50. The last seven days have averaged 60 new users.
An XRP enthusiast on X claimed that Flare XRP DeFi had more than $149 million in value secured and that user growth was accelerating fast.
That’s certainly less than one, let alone multiple billions, and no, growth in Flare XRP DeFi has actually flatlined.
Read more: Ripple founders lobbied for XRP reserve, got sell-only stockpile instead
Protos previously covered the launch of XRP’s EVM mainnet that took “years of building and testing” to earn $26 in daily volume within two months.
Anemic growth of XRP DeFi
The Flare token (FLR), the network’s native coin, has fared even worse.
FLR closed for trading on January 10, 2023 above $0.04 after a two-year-delayed airdrop to XRP holders. Recipients dumped immediately.
By October, it was trading for less than a penny and today trades at $0.0079, down 80% from its first-day close.
It set a new all-time low today, after making worsening lows for weeks.
Flare originally airdropped 4.28 billion FLR to XRP holders. Three years of FlareDrops later, circulating supply sits at 85 billion, a 20-fold dilution. The FlareDrop program concluded on January 30, 2026.
Despite this catastrophe, Philion has escalated his predictions, claiming Flare could hold 5 billion XRP by mid-2026. At today’s XRP price of $1.37, that target represents $6.9 billion or more than 10 times FLR’s market cap.
FXRP has roughly 138 million tokens in circulation, and $190 million in bridged assets with fewer than 80 daily users is certainly not a success story of the XRP DeFi ecosystem.
The on-chain reality is a protocol where most days bring fewer new participants than many restaurants serve at dinner.
Got a tip? Send us an email securely via Protos Leaks. For more informed news, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
The post Flare’s billion-dollar XRP DeFi dream has just 80 new users a day appeared first on Protos.
