A test version of FAssets has been successfully deployed on Flare’s Coston testnet by renowned blockchain research and development firm Flare Labs. Enabling DeFi and smart contracts for older tokens has reached a major milestone with this.
Non-smart contract tokens like BTC, XRP, and DOGE may be utilized securely with smart contracts on Flare thanks to the FAssets system. These non-smart contract tokens may be minted into FAssets and used in decentralized Flare network apps to generate rewards or yield. The assets may also be bridged to other networks once they are on Flare.
Hugo Philion, CEO of Flare Labs, stated:
“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. 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.”
Before launching on the Flare mainnet, FAssets will undergo an initial private Beta on Flare’s Coston testnet, followed by an implementation on the Songbird canary network.
All of the system’s primary components will be covered in the beta, with Flare Labs and its early partners taking on all essential tasks and offering the infrastructure. Test assets will make it possible to simulate market volatility and evaluate how resilient the system is under pressure. External participants will be allowed to join as the beta test moves forward.
Users and dapps who provide sustainable value to Flare will be rewarded with FLR tokens from the cross-chain incentive pool once FAssets become live on the Flare mainnet, in addition to receiving DeFi yields.
FAssets explanation video: https://youtu.be/9OqC-aIWdRI
