Flare Labs commences testing of FAssets on Coston network - Non-Smart Contract Tokens Headed to Flare
Dubai
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November 30, 2023 05:46 PM Eastern Standard Time
Leading blockchain research and development company, Flare Labs, has successfully launched a test version of FAssets on Flare’s Coston testnet. This marks a significant milestone in enabling smart contracts and DeFi for older tokens.
The FAssets system allows non-smart contract tokens such as BTC, XRP & DOGE to be used trustlessly with smart contracts on Flare. By minting these non-smart contract tokens into FAssets it will be possible to put them to work earning yield or rewards in decentralized applications on the Flare network. Once the FAssets are on Flare, they can also be bridged to other networks.
Hugo Philion, CEO of Flare Labs, comments: “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.”
While an initial private Beta of the FAssets system will be conducted on Flare’s Coston testnet, a subsequent implementation will follow on the Songbird canary network before FAssets are launched on the Flare mainnet.
The Beta will cover all major components of the system with Flare Labs and initial partners adopting all required roles within the system and providing the necessary infrastructure. Test assets will allow the simulation of market volatility to assess the system’s robustness under stress. As the Beta test progresses external participants will be able to join.
Once FAssets are live on Flare mainnet, in addition to earning DeFi yields, users and dapps will be able to earn FLR tokens from the cross-chain incentive pool as a reward for bringing sustainable value to Flare.
Explainer video for FAssets: https://youtu.be/9OqC-aIWdRI
About Flare Labs:
Flare Labs researches and develops software to increase the utility of decentralized systems. They built the software that powers the Flare and Songbird blockchains, which was subsequently licensed to the Flare Foundation.
About Flare:
Flare is the blockchain for data, an EVM smart contract platform that expands the utility of blockchain.
By giving developers trustless access to the broadest range of data, at scale and for minimal cost, Flare acts as a utility layer for the blockchain industry and supports the development of new and improved use cases.
> The State Connector reaches consensus on event information from external blockchains and web2 APIs, allowing it to be used trustlessly in smart contracts on Flare.
> The Flare Time Series Oracle delivers highly decentralized price and data feeds to dApps on Flare without relying on centralized providers.
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Nick Campion
