Flare Completes Open Beta And Launches FXRP On Songbird
In Brief
Flare has launched FXRP on its canary network, Songbird, marking a major step in the rollout of the FAssets protocol.
Blockchain platform for data, Flare announced that it has launched FXRP, tokenized XRP, on its canary network, Songbird, marking a key step in the rollout of the FAssets protocol. This protocol is designed to enable non-smart contract cryptocurrencies like XRP, BTC, and DOGE to interact with decentralized finance (DeFi) applications.
The open beta phase of the FAssets system facilitated over 263,000 mints and 395,000 redemptions and engaged more than 48,000 participants. These trials provided critical insights into user behavior and system performance under various network conditions. Following the successful beta, the launch of FXRP on Songbird introduces several new features aimed at enhancing real-world usability and security before its deployment on the Flare mainnet.
With FXRP now live on Songbird, the testing phase transitions from simulated environments to real-world scenarios. This phase will incorporate Songbird’s native token (SGB) and Flare’s US Treasury-linked stablecoin, USDX, as collateral. The goal is to refine the system’s resilience and usability while closely monitoring its behavior on a live network. A key improvement is the introduction of an optional “handshake” mechanism, which allows permissioned agents to verify the identity of addresses involved in minting and redeeming.
To ensure a controlled and transparent testing environment, FXRP on Songbird is subject to several safeguards, including a $2 million issuance cap per asset to maintain liquidity control. Additionally, Flare Labs is providing up to $300,000 in coverage for potential losses during the testing period.
Developers can explore the parameters of the Songbird test on the Flare Developer Hub, while users can access the minting application through multiple platforms to avoid relying on a single point of access. Participants in the testing phase will also be eligible for retroactive rewards, including a $260,000 rFLR airdrop for minting and redeeming, as well as SGB incentives for trading FAssets. The testing period will last at least six weeks per asset to ensure a thorough evaluation of the system.
Flare’s FAssets System Bridges Crypto To DeFi, Providing Enhanced Security And Liquidity
The FAssets system represents a notable advancement in bridging cryptocurrencies like XRP, BTC, and DOGE with DeFi. By allowing these assets to interact with decentralized applications (dApps), Flare creates new opportunities for trading, lending, and staking, all while ensuring high levels of security through its overcollateralization model.
Unlike traditional custodial solutions or multisignature setups, FAssets ensures that each bridged unit is backed by collateral exceeding its value, reducing trust dependencies and minimizing over-leveraging risks. This system is further safeguarded by automated liquidation mechanisms that protect users and maintain the integrity of the system.
The current phase on Songbird is crucial for testing and refining the system before its eventual deployment on the Flare mainnet. Rigorous testing on Songbird will identify potential edge cases and fine-tune the system to ensure optimal performance under various conditions.
Flare’s long-term vision is to fully integrate non-smart contract cryptocurrencies into the DeFi ecosystem, transforming them into liquid, programmable assets capable of fully participating in the decentralized economy. This development brings Flare closer to its goal of becoming a central liquidity hub that integrates assets across multi-trillion-dollar markets.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
