New update from Flare: "XRP will open up to the DeFi world

The blockchain platform Flare has released a comprehensive technical update for the FXRP token, which enables the use of XRP in DeFi applications. This update, named FAssets v1.1, offers significant improvements in terms of scalability and capital efficiency.

The most important component introduced with the update is the new mechanism called Core Vault. Core Vault eliminates the bottlenecks in the minting process of (FXRP by releasing previously locked collateral. The Core Vault system is protected by time-locked escrow accounts and a multi-signature approval structure. This structure is managed by long-term participants in the Flare ecosystem.

Flare CEO Hugo Philion stated, “The main purpose of this update is to provide real benefits to XRP. XRP is the third largest cryptocurrency after Tether. This step will provide an infrastructure that will make XRP usable in the DeFi world.”

Flare also announced that a total of 135 thousand dollars worth of airdrop will be distributed to the first 10,000 users participating in the early testing process on the Coston test network on May 21.

Published: May 15, 2025 14:36