Flare Labs Unveils Beta Release of FAssets on Coston Network
Flare Labs Debuts Trial Edition of FAssets System on Coston Testnet, Marking November 28, 2023
The FAssets system securely integrates non-smart contract tokens like Bitcoin (BTC), XRP, Dogecoin (DOGE), and others into Flare’s smart contracts.
By minting FAssets, users can stake them for yield or rewards within decentralized applications on the Flare network. Additionally, once FAssets are integrated into Flare, users can seamlessly bridge their tokens to other networks.
“More than 70% of the total value of all blockchain assets do not have smart contracts and therefore can’t be efficiently deployed in DeFi. FAssets enable these legacy assets to be represented on a smart contract chain without requiring a centralized third party,” said Hugo Philion, CEO of Flare Labs.
He added:
“For developers, it will be a new and trustless means to access new potential users and a large amount of currently untapped value.”
Mainnet on the way
After the private Beta on Flare’s Coston testnet, FAssets will deploy on the Songbird canary network before the official launch on the Flare mainnet.
During the Beta phase, Flare Labs and its initial partners are actively assuming all essential roles within the existing system, ensuring the provision of vital infrastructure.
Nevertheless, the utilization of test assets throughout the testing period will facilitate the simulation of market volatility, enabling an assessment of the system’s resilience under stress conditions.
As the Beta test advances, external participants will have the opportunity to join the testing phase.
Upon the live deployment of FAssets on the Flare mainnet, users and decentralized applications (dApps) will not only have the opportunity to generate DeFi yields but also stand a chance to earn FLR tokens from the cross-chain incentive pool. This serves as a reward for contributing sustainable value to the Flare network.
