Flare Labs’ FAssets system, as an important solution bridging different ecosystems, is gradually realizing its vision: bringing assets such as XRP, BTC, and DOGE into the decentralized finance (DeFi) space. The launch of the Songbird test marks an important step for FAssets from the conceptual stage towards real-world application, laying a solid foundation for achieving liquidity across multiple ecosystems.
Flare Network is pleased to announce the successful completion of the open testing phase, achieving remarkable milestones including over 263,000 minted coins, over 395,000 transactions, and active participation from over 48,000 users. Now, Flare Network is ready to move into the next phase – welcome to the Songbird FXRP test, Flare’s Canary network, with FBTC and FDOGE soon to follow.
Key Differences between Open Testing and Songbird Testing
The Songbird test serves as a crucial real-world environment test platform for FAssets, introducing the Songbird native token SGB with monetary value, and USDX as collateral for FXRP minting, to more accurately reflect real user behavior. Additionally, the Songbird test introduces an important upgrade – the optional “handshake” process, allowing authorized agents to verify the identity of addresses executing minting and transactions, striking a better balance between decentralized flexibility and security compliance.
Testing Parameters
The Songbird test will adhere to explicit testing parameters to ensure stability in issuance and operation:
Minting Cap: The total amount of minted assets for each asset is limited to $2 million to maintain a controlled issuance scale.
User Insurance Mechanism: Flare Labs commits to providing up to $300,000 in loss compensation, offering additional protection for participants.
Test Period: The test period for each asset will last at least 6 weeks for in-depth and comprehensive performance and behavior analysis.
Reward Program
Users participating in the Songbird test will enjoy multiple incentives, including a total of $260,000 in rFLR retroactive airdrops designed for active participants in the test. The reward scope encompasses not only minting and trading FAssets but also behaviors such as providing collateral, participating in liquidation agent operations, and trading FAssets on decentralized exchanges (DEX).
Of note, BlazeSwap and Enosys are integrating FXRP into the Songbird network and launching incentive pool programs. Specific details on reward allocation will be announced soon.
Vision
The launch of FAssets on Songbird is a significant milestone for Flare Labs and Flare, bringing us closer to the full deployment of FAssets and advancing our long-term vision of becoming the liquidity hub for multiple ecosystems. FAssets empower XRP, BTC, and DOGE to interact with smart contracts, unlocking liquidity covering trillions of dollars in the market. Through FAssets, users can trade, borrow, and collateralize assets, fully unleashing the immense potential of these assets in the DeFi space.
Flare Labs’ overcollateralization model ensures that each bridged currency unit is backed by higher value assets, further enhancing overall security and effectively addressing trust issues in traditional custody and multisig solutions. FAssets, as a secure entry point, enables users to explore the vast application scenarios of XRPfi, BTCfi, and DOGEfi.
Join Now!
Flare Labs will gradually open-source all components of FAssets, including the user interface, allowing users to participate in minting applications through multiple channels to avoid potential risks of single participation. During the Songbird test, users can mint FXRP through the following websites:
http://fassets.oracle-daemon.com
http://fassets.au.cc
Information for Developers
Developers can visit the FAssets on Songbird page at the Flare Developer Hub to learn about testing parameters and related technical details.
Let the testing officially begin!
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