Mainnet Launch: Flare Labs Introduces FAssets System on Testnet
Blockchain research and development company, Flare Labs, has announced the launch of a test version of the FAssets system on Flare’s Coston testnet. This system allows non-smart contract tokens like Bitcoin (BTC), XRP, and Dogecoin (DOGE) to be used trustlessly with smart contracts on Flare. By minting these tokens into FAssets, users can stake them in exchange for yield or rewards in decentralized applications on the Flare network. Additionally, FAssets can be bridged to other networks once they are on Flare.
According to Hugo Philion, CEO of Flare Labs, over 70% of the total value of all blockchain assets cannot be efficiently deployed in DeFi due to the lack of smart contracts. FAssets address this issue by enabling legacy assets to be represented on a smart contract chain without the need for a centralized third party.
Philion also highlighted that the FAssets system provides developers with a new and trustless means to access untapped users and value. While an initial private Beta will take place on Flare’s Coston testnet, a subsequent implementation will follow on the Songbird canary network before FAssets are launched on the Flare mainnet.
During the Beta test, Flare Labs and its partners will fulfill all necessary roles and provide infrastructure. The use of test assets will simulate market volatility to assess the system’s robustness. As the Beta progresses, external participants will have the opportunity to join.
Once FAssets go live on the Flare mainnet, users and dapps can earn DeFi yields and FLR tokens from the cross-chain incentive pool as a reward for contributing sustainable value to Flare.
Hot Take: Expanding DeFi Access and Unlocking Value
Flare Labs’ launch of the FAssets system on the testnet marks a significant step toward expanding access to decentralized finance (DeFi) for non-smart contract tokens. By enabling these tokens to be used trustlessly with smart contracts, Flare is unlocking new potential users and a large amount of currently untapped value. The upcoming mainnet launch will further solidify this innovative solution, allowing users and dapps to earn rewards while bringing sustainable value to the Flare network. With the integration of FAssets, Flare is bridging the gap between legacy assets and DeFi, creating more opportunities for growth and adoption in the crypto ecosystem.
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