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 a significant step towards the real-world application of FAssets, laying a solid foundation for achieving liquidity centrality across multiple ecosystems.
This article is a sponsored article provided by Flare Network, does not represent the position of the publication, and is not investment advice, purchase, or sale advice. See the responsibility warning at the end of the article.
Flare Network is pleased to announce the successful completion of the open testing phase, achieving remarkable milestones: over 263,000 minted coins, over 395,000 transactions, and over 48,000 active participants. 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 to follow suit.
Key Differences between Open Testing and Songbird Testing
The Songbird test serves as a crucial real-world testing platform for FAssets, further introducing the Songbird native token SGB with monetary value, as well as USDX as collateral for FXRP minting, to more accurately reflect real user behavior.
Additionally, the Songbird test introduces an important upgrade – the selective “handshake” process, allowing authorized agents to verify the identity of addresses executing minting and transactions, enabling them to reject requests from malicious addresses and achieve a better balance between decentralized flexibility and security compliance.
Testing Parameters
The Songbird test will adopt the following explicit testing parameters to ensure stability in issuance and operation:
Minting Cap: The total minting limit for each asset is restricted 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.
Testing Period: The testing 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 includes not only minting coins and trading FAssets but also behaviors such as:
Providing collateral
Participating in liquidation agent operations
Trading FAssets on decentralized exchanges (DEX)
It is worth noting that BlazeSwap and Enosys are integrating FXRP into the Songbird network and launching incentive pool programs. Specific details of the 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 further advancing our long-term vision of becoming a 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’ over-collateralization model ensures that each bridged currency unit is backed by higher value assets, further enhancing overall security and effectively addressing trust issues in traditional custodial and multisig solutions. FAssets, as a secure entry point, allows 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, enabling users to participate in minting applications through multiple channels and 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 of the Flare Developer Hub to learn about testing parameters and related technical details.
Let the testing officially begin!
___
Sponsored Disclaimer: The content of this article is a promotional article provided by the contributor, and the contributor has no relationship with the publication. This article also does not represent the position of the publication. This article is not intended to provide any investment, asset advice, or legal advice and should not be construed as an offer to buy, sell, or hold assets. Any services, plans, or tools mentioned in the promotional article are for reference only, and the actual content or rules are subject to the announcement or explanation of the contributor. The publication is not responsible for any risks or losses that may exist, and readers are reminded to carefully verify before making any decisions or actions.
