DefiLlama broke down Flare's FXRP data: about 129M FXRP, close to 90% of supply, is lent, staked or used as collateral instead of sitting in wallets.

Demand held after incentives ended in July, with FXRP in DeFi down just 5%. And 20M FXRP now sits on Ethereum, Monad and other chains, five times more than in July.

FLR is now tied to usage: inflation fell to 3% in May, and a July upgrade raised base fees 20x, so every transaction burns more FLR. Next test: FBTC, which would bring Bitcoin in.