Flare Network continues to advance on-chain financial instruments around XRP. On July 28, the network announced the official launch of Smart Accounts v1.3, which allows users to directly deposit XRP into a designated vault using their existing XRPL wallets with a single signature.
One-time signature completes the deposit
According to Flare, this update further streamlines the previously cumbersome process. Users no longer need to prepare an EVM wallet or hold Gas tokens separately, and the manual cross-chain step has also been removed.
Flare states that Smart Accounts automatically handle minting, deposits, and yield generation in the background, while the accounts remain non-custodial. This further lowers the barrier to entry for users into XRPFi.
Eliminate multiple intermediate steps
- Initiate an operation using an existing XRPL wallet.
- XRP deposit completed with a single signature
- No separate EVM wallet required and manual bridging
Flare has recently focused on XRPFi, namely building smoother on-chain financial use cases around XRP. This update continues this direction, with a focus on reducing friction caused by wallet switching and inter-chain operations.
Ecosystem advancement and coin price performance diverge
However, product progress has not yet been directly reflected in the token price. The report mentions that FLR has been weakening recently, largely due to pressure from the overall crypto market rather than insufficient ecosystem updates.
Meanwhile, XRP's price movement continues to largely follow broader market sentiment fluctuations. Product launches related to XRP have a relatively limited impact on price in the short term.
Currently, Flare continues to expand its on-chain tools around XRP, but the pace of ecosystem development is not in sync with the token price performance.
