Kinetic’s $24 million XRP-linked lending market showed a 0.04% base rate before rewards

Kinetic’s FXRP lending market on Flare showed roughly $24 million supplied on Nov. 1, yet the base annualized rate for lenders was about 0.04% before rewards. For XRP holders, the supplied balance alone is a weak measure of borrower-funded income.Kinetic is a lending protocol on Flare, where FXRP represents XRP-linked exposure through the FAssets system. Its official market page displayed $24 million of FXRP supplied and $2 million borrowed in the Nov. 1 observation.The paired stablecoin market told a different story. FlareSignal’s Nov. 1 lending snapshot put FXRP utilization at 6.7%, against 92.8% for USDT0. The gap helps explain why demand to borrow a token, demand to borrow against it, and the income paid to its holders require separate measures.What the 0.04% rate measuresThe FXRP supply APR in that snapshot was about 0.04%, while the FXRP borrower APR was about 0.7%. The supply figure describes a simple annualized base rate at the observation time.Rewards change the displayed return. In the Nov. 1 capture, Kinetic’s official FXRP row showed a 0.59% supply APY and a separately displayed 0.55% rFLR reward component. The reward component belongs inside the quoted yield comparison...