[EXAIP-31] cbXRP Collateral Cap Increase

Proposal ID: EXAIP-30 Proposer: Exa Labs Date: April 18, 2026

Summary This proposal seeks to increase the Collateral Cap for the cbXRP market on Exactly Protocol (Base) from the initial $1,000,000 approved in [EXAIP-26] up to $15,000,000.

The increase reflects improved liquidity conditions, proven oracle reliability, the successful initial operation of the cbXRP market, and growing user demand for cbXRP-collateralized borrowing via the new Uphold App integration with the Exa Card.

Motivation EXAIP-26 introduced cbXRP as a new collateral type on Exactly Protocol deployed on Base, with a conservative initial Collateral Cap of $1,000,000. This conservative cap was appropriate at the time to manage risk during the early stages of cbXRP adoption on Base.

The user demand is strong and growing for the Uphold partnership (EXAIP-21). XRP is one of the largest crypto assets by market capitalization and has one of the broadest retail followings globally. Uphold, a key distribution partner for Exa, has a significant base of XRP holders (around $3bn), representing natural demand for XRP-collateralized credit. Increasing the cap enables Exactly Protocol and Exa to serve this user base and unlock meaningful growth in protocol utilization and revenue.

cbXRP operates under the same Coinbase wrapped-asset framework as cbBTC and cbETH, which have been extensively battle-tested across DeFi lending protocols. The token contract uses the same audited codebase (OpenZeppelin audit of cbETH applied to cbXRP with no material code modifications).

All other risk parameters established in EXAIP-26 (Adjust Factor, liquidation incentives, interest rate model parameters) remain unchanged.

Implementation The new cap is a ceiling, not a target. Protocol utilization is expected to grow organically as users onboard through Exa and Uphold, enabling the risk team to continuously monitor conditions. Upon approval, the Exactly Protocol team will execute the Collateral Cap update on the cbXRP market contract on Base. The first increase will be to $1,500,000, then gradually up to $15,000,000.