Flare Labs Tests FAssets on the Coston Network: Non-Smart Contract Tokens Will Hit Flare

2023-12-01 03:06:37

On November 28th, Flare Labs, a leading blockchain R&D company, successfully launched the beta version of FAssets on Flare’s Coston testnet. The launch of the FAssets beta marks a significant milestone in enabling smart contracts and DeFi for old tokens.

The FAssets system can provide trustless smart contract functionality on Flare for non-smart contract tokens such as BTC, XRP, and DOGE. By minting non-smart contract tokens into FAssets, they can be made to earn or reward in decentralized applications on the Flare network. Once FAsset is live on the Flare mainnet, these tokens can also be bridged to other networks.

Hugo Philion, CEO of Flare Labs, commented: "More than 70% of the total value of all assets on the blockchain does not have smart contracts, making it impossible to deploy effectively in DeFi. FAssets are delta-neutral synthetic assets backed by multiple collaterals (note: a portfolio is delta-neutral if it consists of underlying financial products and its value is not affected by small price movements in the underlying asset). FAssets provide a new representation of these assets on the smart contract chain without relying on a centralized third party. For developers, this will be a new, trustless way to acquire new users and unlock a wealth of untapped value. ”

While the initial beta testing of the FAssets system took place on Flare’s Coston testnet, subsequent testing will be conducted on the Songbird Canary Network (Flare’s precursor network) before it is fully integrated into the Flare mainnet. The initial testing will cover all the major components of the FAssets system, with Flare Labs taking care of all the work to build the decentralized infrastructure of the future. The test will simulate large fluctuations in asset prices to analyze the robustness of the system.

Once the FAssets system is live on the Flare mainnet, in addition to DeFi yields, users will also be able to earn FLR tokens from the cross-chain incentive pool as a reward for bringing value to Flare.

About Flare Labs:

Flare Labs researches and develops software to improve the utility of decentralized systems. They developed the software that powers the Flare and Songbird networks, which were then licensed to the Flare Foundation.

About Flare:

Flare is an EVM smart contract platform that extends the utility of blockchain. Giving developers access to large volumes and a wide range of data at minimal cost, Flare acts as a utility layer for the blockchain industry and supports improvements and the development of new use cases.

State Connector reaches consensus on event information from external blockchains and Web2 APIs, allowing it to be used trustlessly in Flare’s smart contracts.

FlareTime Series oracles feed highly decentralized prices and data to dApps on Flare, without relying on centralized vendors.

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