Flare Simplifies DeFi for XRP Holders With Smart Accounts Upgrade

Flare has introduced Smart Accounts version 1.3 to simplify how XRP holders access decentralized finance (DeFi) without changing their existing wallet. The update also removes the need to create separate wallets, manually bridge assets, or manage gas tokens before using DeFi services.

According to a press release sent to CryptoPotato, users now need only a single wallet signature to access DeFi. Previously, the process required two separate approvals.

How Smart Accounts Version 1.3 Works

Under the new version, users approve a single transaction from their XRP Ledger wallet. The system then converts their XRP into FXRP and automatically deposits it into a selected yield vault.

The Flare Data Connector verifies the XRP Ledger transaction before a smart contract completes the remaining steps. Flare said the original XRP remains locked on the XRP Ledger at a one-to-one ratio throughout the process.

This setup allows users to retain control of their assets while removing the need for manual bridging or obtaining gas tokens on another blockchain. The simplified process comes as FXRP activity across decentralized finance platforms continues to expand.

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