Cryptocurrency

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<div class="finbold">
 <p class="paragraph">On 28 November 2023, blockchain research and development company Flare Labs launched a test <a rel="noopener noreferrer nofollow" title="version" href="https://thebittimes.com/tag/version.html">version</a> of the FAssets system on Flare’s Coston testnet.&nbsp;</p>
 <div></div>
 <p class="paragraph">The FAssets system enables non-smart contract tokens such as Bitcoin (BTC), (XRP), Dogecoin (DOGE) and others to be used trustlessly with smart contracts on Flare, as per the latest information shared with Finbold.</p>
 <p class="paragraph">By minting these tokens into FAssets, it will be possible to stake them in exchange for yield or rewards in decentralized applications on the Flare <a rel="noopener noreferrer nofollow" title="network" href="https://thebittimes.com/tag/network.html">network</a>, and once the FAssets are on Flare, tokens can also be bridged to other <a rel="noopener noreferrer nofollow" title="network" href="https://thebittimes.com/tag/network.html">network</a>s.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“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 enable these legacy assets to be represented on a smart contract chain without requiring a centralized third party,” said Hugo Philion, CEO of Flare Labs.&nbsp;</p>
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 <p class="paragraph">He added:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“For developers, it will be a new and trustless means to access new potential users and a large amount of currently untapped value.”</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-mainnet-on-the-way"><strong>Mainnet on the way</strong></h2>
 <p class="paragraph">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 <a rel="noopener noreferrer nofollow" title="network" href="https://thebittimes.com/tag/network.html">network</a> before FAssets are launched on the Flare mainnet.&nbsp;</p>
 <p class="paragraph">Flare Labs and initial partners are adopting all required roles within the current system, providing the necessary infrastructure during the Beta.&nbsp;</p>
 <p class="paragraph">However, the test assets employed during the test period will allow the simulation of market volatility to evaluate the system’s robustness under stress.</p>
 <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
  <div class="wp-block-embed__wrapper"><iframe loading="lazy" title="Flare Explains FAssets: Bringing smart contract functionality to non-smart contract tokens like XRP" width="500" height="281" src="https://www.youtube.com/embed/9OqC-aIWdRI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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  <figcaption class="wp-element-caption"><em>Explainer video of FAssets</em>
  </figcaption>
 </figure>
 <p class="paragraph">As the Beta test progresses, external participants will be able to join.</p>
 <p class="paragraph">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.</p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/flare-labs-launches-test-version-of-fassets-on-coston-network-tbt72230.html">https://thebittimes.com/flare-labs-launches-test-version-of-fassets-on-coston-network-tbt72230.html</a></p>

Flare Labs launches test version of FAssets on Coston network

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