Flare launched version 1.3 of Smart Accounts, created to make it easier for XRP holders to access decentralized finance (DeFi). The update allows users to use applications without changing wallets or performing manual operations between networks.
With the new version, the user only needs one signature in the XRP Ledger wallet. Previously, two approvals were required to complete the process of accessing DeFi services.
The operation begins with a single authorization on the XRP Ledger. After that, the system automatically converts XRP into FXRP and directs the assets to a yield vault chosen by the user.
The Flare Data Connector verifies the transaction recorded on the XRP Ledger. Then, a smart contract executes the remaining steps automatically, while the original XRP remain locked on the network at a one-to-one ratio.
The change reduces steps for those who want to use DeFi with XRP. It also eliminates the need to create a second wallet, perform a manual bridge, or acquire tokens intended for gas payment on another blockchain.
Activity involving FXRP has also increased in recent months. Since February, the volume of FXRP used in DeFi applications has risen from 82 milhões to 144 milhões, an increase of close to 75%.
In addition, more than 40 milhões of XRP are already being used for yield strategies through Smart Accounts. These assets are distributed across nearly 24 mil accounts.
According to Filip Koprivec, Flare's product director, many XRP holders faced difficulties entering DeFi due to the number of steps required.
Version 1.3 also adds new yield alternatives. The user can choose the Monarq vault or the Clearstar Flare XRP Yield Vault, which uses on-chain lending and liquidity strategies.
In the Clearstar vault, FXRP are distributed among protocols such as Avant and Euler. Flare said that the positions remain publicly visible and that Clearstar has already managed more than 33 milhões of FXRP.
Support was also expanded to Ledger, Xaman, Joey Wallet, WalletConnect, including Bifrost, and D'CENT. Joey Wallet incorporated the Smart Accounts interface into the application itself, allowing the operation to be completed without leaving the wallet.
