Biggest XRP News EVER!!?🔥Axelar x Midas CEO INTERVIEW

Midas, in partnership with Interop Labs, today announced the launch of mXRP on Axelar, the first onchain product to offer meaningful yields for XRP holders, offering 6-8% APY with no minimum deposits. The mXRP asset is issued on the new XRPL EVM, through audited smart contracts. The XRP asset is bridged into the protocol via Axelar, the Gateway to Onchain Finance and the first (and currently only) DeFi connector for the XRP Ledger.

~This episode is sponsored by Tangem~
Tangem ➜ https://bit.ly/TangemPBN
Use Code: "PBN" for Additional Discounts!

Guests:
Georgios Vlanchos - Co-founder of Axelar Protocol & Director at Axelar Foundation
Axelar Website ➜ https://bit.ly/aXelaRP
Dennis Dinkelmeyer, Co-Founder & CEO, Midas
Midas website ➜ https://bit.ly/MidasRWa

00:00 Intro
00:10 Sponsor: Tangem
00:40 Axelar crosses $1bil
01:20 Announcement: Liquid Staked XRP (mXRP)
03:00 Who can use mXRP?
04:10 Expected Target yields?
04:45 Who’s currently using Midas yield tokens?
07:00 Yield Vaults integrating mXRP
07:50 How will this compare to Flare network XRP vault?
10:00 Loans on mXRP?
11:30 Will Axelar have a competitive version of OVault? 
11:55 Liquidity pool inventives soon for mXRP?
14:00 Are institutions or DAT’s going to be holding mXRP?
15:45 Will this put too much strain on the XRPL?
19:00 Outro

#XRP #Crypto #Ethereum
~Biggest XRP News EVER!!?🔥Axelar x Midas CEO INTERVIEW~
⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺

Episode Transcript

Speaker 1 (00:00):
All right, today we're going to be breaking it down
for you guys. Could be the biggest announcement ever in
the history of XRP. You guys are gonna love it.
My name is Paul Barrel, Welcome back into the show.
Let's go over to our sponsor today, and that of
course is Tangent. You guys can jump over to Tangum
and get your journey started. When it comes to self custody,
one of the things you want to do over there

(00:21):
is make sure you get three cards set because that's
going to help you guys get started. And you've got
that backup now. If you've never used a self custody device,
this is probably one of the fastest to set up
and the most secure. So use our link down below
and you guys can get started. So right there, easy,
fast and secure. All right, let's get into it. I
want to show you guys something. The thing I'm going

(00:42):
to kind of showcase here is Axelar. We've had Georgio
on before. We'll bring him on in a second with
a surprise. But Axelar, as of course, started to explode
in terms of TVL again, this is part of the
finance traffic that has started to move within it, so
it's definitely crossing over into the one billion club. So
I'm going to bring in both of our guests today,

(01:04):
and that would be Dennis who is the co founder
of Midas, and then of course Georgio who's been on
the show before. You guys know him. He is a
co founder there at Axelar. How are you guys very well?

Speaker 2 (01:15):
Excellent, great, ex right to be back.

Speaker 1 (01:17):
So let's kind of get into the announcement.

Speaker 2 (01:20):
Yeah, let me level said a little bit.

Speaker 3 (01:22):
Because we finally have smart contracts in the XRPL ecosystem
and right now we have all the ingredients to build
a DeFi ecosystem around the XRPL. So the three ingredients
I'd like to focus on. One, of course, it's Acceller.
With Acceller being the first interoperability platform connecting to XRPL,

(01:44):
you now have access to the XRPL EVM, but also
eighty other chains. Of course, the XRPLVM itself is today
a necessary component for DeFi in the XRPL ecosystem because
it's the first time we have smart on trucks in
the ecosystem.

Speaker 2 (02:01):
And the third building block is Midus.

Speaker 3 (02:04):
Midus is the biggest provider of vault infrastructure across the
Ethereum ecosystem, and they're going to be coming to the
XRPL AVM and connected to the XRPL itself through acceller.
So with these three ingredients, it's now time to kickstart
the DeFi ecosystem. The first big product loans is going

(02:25):
to be m XSRP, a product that exists in a
similar form in the Theoryum ecosystem and has fifty billion
dollars of AUM in the ecosystem. If you're familiar with
lidough ether FI, these are similar products over there that
provide yield to the holders. So as a holder of MSRP,
you will be able to earn yield just by holding,

(02:45):
and you will also have opportunities to deposit a XRP
in DeFi for additional hutility and additional yield.

Speaker 1 (02:51):
All right, So that's big announcement. I'm looking at your
Twitter account. Xlre soon enable yield sources for XRP, capturing
USD nominated yield from both ETH and Solana. One of
the key things you hit on right here is an
infinite money glitch coming into XRP. Really kind of I
think escalate the opportunity of what we're going to see

(03:12):
around XARP in general. Is this going to have KYC
or minimums? What's the process? Maybe you can answer that Dennis.

Speaker 4 (03:19):
Mx apiece designed to be product that anyone in DEFA
can use. So it's a token that adheres to the
highest regulatory standards but at the same time doesn't compromise
on composibility and transferability. So users can subscribe the product
if you're in an ellegible jurisdiction. So unless you're anywhere
in sunctioned countries the United States, the UK, or the

(03:39):
restricted regions where you are not able to access this product,
you will be able to find exposure to the product.
And then once you have the product, you can decide
to do many things with it. So you could, for example,
hold it passively in that your returns compound, or you
can you can engage with it in a thriving and
composible DEFA ecosystem that you're bidding. So these are things
will we discuss more more later. But the product is

(04:02):
accessible to a wide audience.

Speaker 1 (04:03):
You guys can get a chance to look at some
of the yields that are being paid out there. What
would I expect in terms of target yields.

Speaker 4 (04:11):
On this, of course, it's always difficult to make projections
going forward since we have a regulatory framework, be cautioned
not to make forward looking statements. Of that being said,
if you look at some of the yield profiles on
a website, or if you look at the historical performance,
you can get an idea. So I think it is
today if we've found the numbers and simulations, you're looking

(04:32):
at something of high single digit return profiles and we'll
see how it comes from. The product is life in
the market shortly.

Speaker 1 (04:39):
High single digit? That's good. Those are good numbers. Who's
using these tokens right now? When it comes to the
overall situation that you guys are in.

Speaker 4 (04:47):
At Midas, we have nearly a billion dollar of TV,
so we have quite a wide range of user groups.
I would say the biggest user groups are prosumers and
small institutional users. Well on seventy percent of our walllets
come from from users that hold over a million dollars,
so it's quite institutional catered. That being said, if you

(05:07):
look at if DeFi as a whole, so if you
look at the average use of RV, the average use
of mophone oiler. Actually it's quite similar. So they tend
to be few uses in terms of numbers, but high
value users. And this is ultimately something we've seen that
to be the average user group across all of the
def ecosystem that being set. This may actually be a

(05:29):
limitation of the theium ecosystem itself because gars, fees and
other considerations have generally led for this speed to be
only economic if you make transduction size. So while it's
feasible to target file user groups, it just happens to
be that a lot of users institutional size.

Speaker 1 (05:45):
Well, I can imagine this is going to be pretty
well received within the XRP community, So the likelihood is
we're going to see some big activity going on.

Speaker 3 (05:53):
Just to disclose my thus is my biggest DeFi position
on saying, you know, I do something and I've been
using their productol for a long long time. I'm also
an investor in the seed round and MXRP came about
really because and I was thinking, why don't we do
the same thing for XRPL.

Speaker 2 (06:13):
It's as simple as that.

Speaker 3 (06:15):
At the same time, there are other bold providers, but
if you look at who is doing things like in
a regulated compliant high integrity manner. In my opinion, Midas
is by far the most credible team to tackle this
problem right, extremely hyper deigrete team. Most of the team
I believe it's from Goldman Sachs. Dennis is one of

(06:37):
Dennis co founders who's head of product at on THEO.
You're familiar with on THEO. I'm sure you know ten
billion evaluation. There's really no other team with this caliber,
So this was a no brainer for us, and I
have high conviction on that might as the right partner,
both as a user but also as a go to
market partner.

Speaker 1 (06:57):
Let's talk about yield vaults and integrating MXRP into those.
Can you share more on that, Dennis.

Speaker 4 (07:05):
So we've partnered up with a number of top t
ASSEID manisters to make this happen, and as a result,
we'll be integrating the receipt token on many other defied
protocols that allow users stand and enhance the return profile
even further. So user can, for example, the depositanry acid,
receive the receipt token and then fully DeFi composed my

(07:26):
manner engaged with other protocols in order to enhance the
return further, provide a collateral loop against it, or even
stand on the on the on the asset and more
passive fashion.

Speaker 1 (07:35):
That's going to be good. But we just had Hugo
on with Flare Networks not too long ago, and he
is on your tail right in terms of getting this
done out there, so there's some competition. How fast can
we see this happen Georgia.

Speaker 3 (07:52):
The interview is going to be live by the time
the product will be live, so we're looking a week
from from now.

Speaker 2 (07:59):
Wow.

Speaker 3 (08:00):
With respective yields, we talked about high single digit yields
just for illustrative purposes. Let's talk about seven percent, right,
and let's assume that seven percent is the annual return
for holding MSRP. By leveraging these additional opportunities that den
Is mentioned, for example, you will be able to go
on a lending protocol like Morpho and get a loan

(08:21):
against your MSRP. Using the loan, you will be able
to deploy it again into defied strategies and increase your yield.
So for users that have higher risk capitite, you will
be able to do these looping strategies and go from
seven percent to like twelve percent or fourteen percent or
even twenty percent with more aggressive strategies. So what's really

(08:43):
nice here is that the protocol itself allows users to
decide on their risk profile and potentially go after significantly
higher returns. What's also worth noting with respect to Flair
is that MSRP is not limited to a single ecosystem,
so it's going to access yield from many different chains.

(09:03):
As an example, some of the existing minus volts.

Speaker 2 (09:08):
They earn yield on Flare.

Speaker 3 (09:10):
So if Flare has some good yields for XRP, the
asset manager will take the XRP collateral and deploy on
Flair and capture that yield in addition to many other
sources on Ethereum, on Solana and many other ecosystems. Of course,
this yield will mostly be in USDC, and the us
DIC is going to be used to buy back more

(09:32):
XRP and distribute that to the users.

Speaker 2 (09:34):
Right.

Speaker 3 (09:35):
So, in addition to having the highest yields on the market,
because will be able to aggregate sources from everywhere, not
just from Flare, from ETHERIYM or Solana, it also becomes
a perpetual buyer of XRP. Where collateral of MSRP is
in a way locked out of circulation and then it's
used to generate yield in USD and buy more and

(09:55):
more XRP over time. So this is also very healthy
for the price of XRP.

Speaker 1 (10:00):
So that's again now we'll that'll feed the ecosystem. What
you're telling me is is this going to be available
immediately with being able to do loans against your x RP.

Speaker 3 (10:10):
Maybe not day one, but yeah, the teams are actively
working or that.

Speaker 2 (10:13):
And I mean Danish is the expert here.

Speaker 3 (10:16):
He's been working on more for for the longest time,
and I believe Midas is one of the biggest contributors
of AUM for more for So I'll let that all.

Speaker 4 (10:25):
Of our assets are integrated across s diffin More Forwards.
They are intricate and pandule and many other interesting defat productolts.
So we'll make it available and do a course and
working with all of the main creators in order to
force adoption. Of course, we are as infrastructure providers and
MOREPHO and different creators on more for having different I

(10:46):
would say degree of control, so we don't necessarily control
over More Forwards, but of course there will be interested
in the products and provided and performances as you anticipated
to be. So we're working very hard to make it
available as soon as possible. Expect this to be the
case in the coming weeks, Paul.

Speaker 3 (11:00):
We're also you know, having discussions. Maybe I won't disclose
the partners, but if you look at like chains like
BNP binances blocks in like based the coin based blocks
in some of the new blocksins that are launching, because
acceller is connected to all of them and can distribute
MXSRP there, we are in active discussions to do similar integrations.
So it won't be just more for there are going
to be additional sources for utility for MSRP in many

(11:24):
other major ecosystems.

Speaker 1 (11:26):
If you look at what you know, Layer zero has
been able to do single click one hundred and forty
chains out there, will we see something like that.

Speaker 4 (11:35):
Yes, yes, And in principle it's exact same configuration where
we will be able to get one high quality collateral
asset world with the technology of the accident network across
multiple defer ecosystems.

Speaker 1 (11:49):
One other thing, I look at the size of the
XRP ecosystem. Would you consider doing some kind of you know,
event that would help onboarding in to these pools, some
sort of bonus, some sort of program that would really
kind of initiate the army.

Speaker 3 (12:07):
Yeah, I don't know if I can disclose specifics, but
actually right here, the Actual Foundation is looking to create
some of these programs in the early days just to
put the adoption.

Speaker 2 (12:21):
Frankly, I don't know if that's necessary.

Speaker 3 (12:23):
If you look at my Dous's growth, they had fifty
million in AUM in January and now they're closed to
a billion, right nine hundred and forty millions of the day.
They're definitely going to hit a billion, very very soon.
What's remarkable is they did this without any points or
incentive programs. It was all organic demand because the product
is good and people like making money. That said, Actual

(12:47):
Foundation is committed to help grow the XRPL and we
do want to accelerate adoption. So there is going to
be a distribution related to MSRP and will be able
to disclose more about that in.

Speaker 4 (13:02):
The coming Okay, Yeah, I think we will have a
very excitement, a very exciting surprise coming in the future.
But to the point of our growth, so we be
adding around one hundred million dollars of assets of TVL
per week, So we're definitely quite a growth journey. All
of this without any governance in tokens incentives points of
their kind purely on merit of the product itself. So

(13:22):
we focus on attractive fork of yield, good risk of
just to return. So that's ultimately because we've been doing
this for quite a while, we we know what works,
you know what doesn't work. We we partner with top
tierarset managers. We have a top tier team, so we
have a team for formerly from Goverment sars couple group
onto mccancie. There is a top tier team that is

(13:43):
both on TRAT five but also in crypto. Very fan
but we also very lean and what we do we
do very few things. Those things we do we try
to do very well, and this is one of those
things that is we really excited about.

Speaker 1 (13:53):
Yeah, I was looking at some of your partners here,
pretty big groups obviously black Rock and Tether. That that
makes me wonder you look at digital asset treasuries, would
they be able to hold you know, m XRP.

Speaker 4 (14:07):
Now, yeah, absolutely, I suspect it will be a big
it will be a big use case. And again I go,
I'll go back to the to the statement we've made
in the beginning of the conversation. If you look at
the seven percent and you assume a ten billion dollar adoption,
this is around seven hundred million dollars of buying pressure
every year. So effectively, you find it's a very complementary

(14:30):
vehicle for the entire ecosystem. Ultimately, it is a perpetual
buyer of XRP. It's sort of a an extreme attractive proposition.
But also, of course, if you're a large holder of XP,
you you hold your treasure. You otherwise you you you
first have your saving instrument, You first have money, and
then over time you have money market instruments and savings products.

(14:51):
And this is effectively saving products catering to you. Now
if you feel even more adventurous, you used to use
this savings product in a composable manner and borrow and
lend against it and the transactions that we VI VIV
we've elaborated, and you you help bootstop the defa ecosystem
on the chain, and that ultimately that allows you to

(15:13):
benefit from even better suggest the returns. So it's a
it's a spectrum, and I certainly expect that larger treasures
will tap into this, I certainly expect some of the
prosumers of the cryptonative DEFA users that we know from
the other chains will be migrating and we'll be adding assets.
And we've seen the playbook work across different chains go
into different protocols. We see the exact same potential here, all.

Speaker 1 (15:36):
Right, So I mean, I look at this because we've
already seen a very successful that launch within the eth ecosystem,
and we haven't seen any kind of yields that compare
to this. So immediately you're going to talk about institutional adoption,
probably at scale. Obviously that's going to put some pressure
on XRPL in general. Georgios, do you think x r

(16:00):
PL the ecosystem can handle this?

Speaker 3 (16:03):
I mean, the technology is great, right, It's as Dennis mentioned,
it's way deeper than if you should be able to
reduce the betterer of entry. You can have smaller users
for a lot of the protocols that we're going to
be launching. And you know, historically XRPL has been running
for I believe twelve years. It's one of the oldest chains,

(16:23):
alterer than ethereum. I mean, I have no doubt that
it will be able to arise after the.

Speaker 4 (16:29):
Talent all right now, But even more importantly, I think
this is actually from a vision perspective and from the
core if it's extremely aligned vide extra peak system. Ultimately,
when you think of the Internet of value to organization
and stable coin's been extremely central, central office, and I
think this is exactly the ingredient that will help the
ecosystem get to the next step. And we were excited
to partners. We feel like brothers and siblings from a

(16:53):
different universe if we work on exactly if those on
those things day and day out. And we've been trying
for a long time to find and the right partners
to make it happen, and it certainly feels like a
matchment of heaven.

Speaker 3 (17:03):
I think we're going to see some similar dynamics to
what happened on Ethereum back in the day. So initially
Ethereum there were no yields. Now you see you see
extremely high yields for like even stable coins right which
traditionally it's very hard to get these high yields on
stable coins. We expect something similar to happen on XRPL.
So once MXRP lounches and has these high yields, and

(17:24):
there are lending protocols where you can get loans against MSRP.
The loans can be in all kinds of assets, and
the lending rates are going to rise and converge to
the borough rate or to the interest rate embedded into MSRP.

Speaker 2 (17:45):
So the fact that MSRP will.

Speaker 3 (17:47):
Have these high rates and will be widely embedded across DeFi,
we'll also raise yields for r l USD for depositing XRP.
Just van neil x orp into lending protocols for tokenized
our wuas.

Speaker 2 (18:01):
Now they'll suddenly have yield, right.

Speaker 3 (18:03):
So as we saw in ethereum, once you have an
asset that has high yields, this draws the yields across
the DeFi ecosystem for all assets much higher. Right, So
don't be surprised if as this grows, we start seeing
high heels on XRPL for r wuas that traditionally have
no way to access yield in the traditional world. As

(18:25):
Denny said, XRPL will be the biggest chain for r
WA's and you know we're here to create all these
opportunites and grow the ecosystem together.

Speaker 1 (18:35):
Well, definitely it's going to grow. I'm looking at midas
you're setting at TVL around a three hundred and sixty
five and growing. Obviously you look at axel R holding
in the billion. So if your brothers, this is definitely
a good brotherly competition right there. Yes, in terms of
efforticuarly yeah, well.

Speaker 4 (18:54):
F adding that we haven't added all of our assets
and circulation yet to defer amas were actually sitting at
a billion dollar right now.

Speaker 1 (19:00):
So it's neck and neck. The race is on.

Speaker 2 (19:04):
Protocols. Yeah, that's nice.

Speaker 3 (19:05):
I love it.

Speaker 1 (19:06):
Hey, listen, it's great to have you guys. I'm very
intrigued on how this starts to roll out. We'll definitely
maybe do a six month or a ninety day you know,
review of how this rolled out and if there's any
findings from this, because I think this could be big
in terms of what's happening within the XRP ecosystem, but

(19:27):
maybe across all of DeFi this could start to shift
some pretty big advancements I think when it comes to crypto.
But anyway, guys, thanks for coming in. We appreciate it.

Speaker 4 (19:38):
Thank you. In a few months, if you're not.

Speaker 1 (19:40):
Part of the Diamond Circle, make sure and jump in
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Speaker 2 (19:43):
Guys.

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(20:03):
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