Flare has released version 1.3 of its Smart Accounts, an upgrade designed to simplify decentralized finance (DeFi) access for XRP holders. The update introduces a single-wallet-signature process, eliminating the need for separate wallets, manual asset bridging, or gas token management.
According to a press release sent to CryptoPotato, users now need only one signature from their XRP Ledger wallet to access DeFi services, a change from the previous two-approval requirement. The system converts XRP to FXRP, which is then automatically deposited into a chosen yield vault. Flare stated that the original XRP remains locked on the XRP Ledger at a one-to-one ratio throughout this process, ensuring users maintain non-custodial control over their assets.
The Flare Data Connector verifies the XRP Ledger transaction before a smart contract finalizes the deposit into a yield vault. This simplification coincides with an expansion in FXRP activity within DeFi. Since February, the amount of FXRP deployed across DeFi applications has grown by nearly 75%, increasing from 82 million to 144 million. Flare also reported that over 40 million XRP is currently generating yield through Smart Accounts, utilized by nearly 24,000 accounts.
Filip Koprivec, Chief Product Officer at Flare, commented that many XRP holders have sought DeFi access but found the existing experience too complex. He noted that version 1.3 allows users to transition from XRP to yield generation with a single wallet signature while remaining fully non-custodial.
The update broadens available yield options with the introduction of the Clearstar Flare XRP Yield Vault, complementing the existing Monarq vault. The Clearstar vault utilizes on-chain lending and liquidity strategies, distributing FXRP across protocols such as Avant and Euler. According to the company, Clearstar has previously managed over 33 million FXRP in earlier deployments, with all positions remaining publicly visible.
Furthermore, wallet support has been expanded to include Ledger, Xaman, Joey Wallet, WalletConnect, Bifrost, and D’CENT. Notably, Joey Wallet has integrated the Smart Accounts interface directly into its application, allowing users to complete the process without leaving the wallet environment.
Why This Matters
The materials describe a narrow update: Flare’s Smart Accounts v1. The simplified process comes as FXRP activity across decentralized finance platforms continues to expand.
Broader Context
Source materials place the factual news in this context: Flare has introduced Smart Accounts version 1.3 to simplify how XRP holders access decentralized finance (DeFi) without changing their existing wallet.
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