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Cryptogambling / Flare Labs introduces FAssets on Coston network

Flare Labs introduces FAssets on Coston network

Publish Date: 01/12/2023
Video: Flare Explains FAssets: Bringing smart contract functionality to non-smart contract tokens like XRP

Flare Explains FAssets: Bringing smart contract functionality to non-smart contract tokens like XRP

Top blockchain research and development company Flare Labs has launched a test version of FAssets on Flare’s Coston testnet. This represents a significant step forward in enabling smart contracts and decentralized finance (DeFi) capabilities for older tokens.

The FAssets system enables tokens like BTC, XRP and DOGE, which are not smart contracts, to be used with smart contracts on Flare. By converting these tokens into FAssets, they can generate yield or rewards in decentralized Flare network applications. Once on Flare, FAssets can connect to other networks through bridges.

“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 are formally a Delta neutral synthetic with multi collateral backing,” CEO of Flare Labs Hugo Philion said.

“They enable these legacy assets to be represented on a smart contract chain without requiring a centralized third party. For developers, it will be a new and trustless means to access new potential users and a large amount of currently untapped value.”

The FAssets system will first undergo a private Beta on Flare’s Coston testnet, followed by implementation on the Songbird canary network before its launch on the Flare mainnet.

During the beta, Flare Labs and initial partners will take on necessary roles and set up the needed infrastructure for all parts of the system. Test assets will imitate market changes to test how well the system handles stress. As the Beta advances, external participants will have the opportunity to join in.

Once FAssets are active on the Flare mainnet, users and decentralized applications (dApps) can not only earn DeFi yields but also acquire FLR tokens from the cross-chain incentive pool as a reward for contributing sustainable value to Flare.

Beta development progresses through five stages

The beta test on the Coston network consists of five stages. The first stage involves deploying the project’s code on the Coston test network for beta trials. The second stage includes private beta testing conducted by Flare Labs.

In the third stage, called beta phase 2, the Flare team will invite other associated parties, such as Flare network builders or data providers for the Flare Time Series Oracle (FTSO), to participate in the beta trials.

The FTSO serves as Flare’s oracle for time series data, like cryptocurrency prices. It supplies accurate and decentralized data to Flare network applications. The FTSO relies on a set of independent data providers to retrieve information from external sources.

Next is beta phase 3, where all parties can test user scenarios in a controlled environment. After that comes beta phase 4, enabling the testing of user scenarios in an open and competitive environment. This phase aims to assess the project’s resilience and reliability.

In beta phase 5, the team will gather feedback and observations from private testers to identify any necessary updates. They anticipate concluding the entire private beta by Q1 2024. After implementing the updates, the team plans to open the beta phase to the public.

To mint FAssets, the team has designated specific roles for different entities. These roles are the minter (or user), the agent responsible for running the minting and redemption of the FAssets, the liquidator managing balanced collateral and the challenger exposing unauthorized mints.

The process involves the minter finding an agent to pay a fee for collateral security. Afterward, the minter transfers the underlying asset — such as XRP — to the agent. Following verification by a State Connector, the agent proceeds to mint an FAsset for the underlying token.

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