Flare Labs Launches FAssets Private Beta Test on Coston Network
Flare Labs, the blockchain research and development wing of Flare network, has announced the launch of an initial private beta test of its FAssets on the Coston network, the testnet version of Flare network. This test aims to bring smart contracts and decentralized finance capabilities to blockchain tokens that lack smart contract capabilities.
The private beta test will cover all major components of the system, with Flare Labs and initial partners adopting necessary roles and providing infrastructure. This will stress-test the system, simulate market volatility, and assess its robustness under stress. The FAssets system allows users to transform non-smart contract assets into smart contract-capable tokens, enabling participation in DeFi.
The Impact of FAssets on the Blockchain World
“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,” said Hugo Philion, CEO of Flare Labs. “FAssets are formally a Delta neutral synthetic with multi collateral backing which enables [non-smart contract] legacy tokens to be represented on a smart contract chain without requiring a centralized third party.”
The FAssets system is a novel technology that allows tokens such as BTC, XRP, and DOGE to be used trustlessly with smart contracts on Flare. With the majority of crypto value locked into non-smart contract tokens, FAssets will provide better capabilities and utilities for users, such as interacting with DeFi platforms and earning yield on DApps built on the Flare network.
FAssets Private Beta Test and Future Launch
The initial private beta test of the FAssets system will be conducted on Flare’s Coston network, followed by implementation on the Songbird canary network. As testing progresses, Flare Labs will provide access to external participants. If successful, the FAssets system will be launched on the Flare mainnet, with the timeline for the mainnet launch yet to be announced.
Earning FLR Tokens with FAssets
The FAssets system will also allow users and DApps to earn FLR tokens from the cross-chain incentive pool as a reward for bringing sustainable value to Flare.
Hot Take: Unlocking the Potential of Non-Smart Contract Tokens
The launch of Flare Labs’ FAssets system marks a significant milestone in the blockchain world. By enabling non-smart contract tokens to become smart contract-capable, FAssets opens up new possibilities for users and developers. With the majority of blockchain assets lacking smart contracts, this technology will unlock the potential of previously untapped value. Users can now access DeFi platforms and earn yield on DApps using their non-smart contract tokens. Flare Labs’ innovative approach brings trustless functionality to legacy tokens and paves the way for a more inclusive and accessible blockchain ecosystem.
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