Blockchain platform Flare has released a summary technical update for its #FXRP token, which enables DeFi applications of $XRP .
This update, presented as FAssets v1.1, includes significant improvements in terms of scalability and capital economy.
The most important product introduced with the update was the new system called Core Vault. Core Vault frees previously locked collateral, eliminating bottlenecks in the minting (FXRP minting) process. The Core Vault system is protected by time-stored accounts and a multi-signature approval structure. This structure is managed by the long-term operations of the Flare ecosystem.
"The main purpose of this update is to provide real benefit to XRP. #xrp is the third largest cryptocurrency excluding Tether. This step will provide an infrastructure that will make XRP usable in the DeFi world," Flare CEO Hugo Philion said. Flare also announced that a total of $135,000 worth of airdrops will be distributed to the first 10,000 people who join the early testing strategy on the Coston testnet on May 21.
