Blockchain research and development firm, Flare Labs, has reached a pivotal moment in the integration of non-smart contract tokens into the decentralized finance (DeFi) landscape.
With the successful launch of the FAssets test version on Flare’s Coston testnet, the project aims to unlock the potential of older tokens like bitcoin (BTC), ripple’s XRP, and dogecoin (DOGE) for smart contract functionalities on the Flare network.
Flare Labs’ FAssets testing on Coston Testnet
Flare Labs has marked a significant milestone by introducing a test version of FAssets on the Coston testnet. This development caters to the challenge posed by more than 70% of blockchain assets lacking smart contracts, hindering their efficient deployment in the DeFi ecosystem.
FAssets provide a solution, allowing non-smart contract tokens to be utilized trustlessly with smart contracts on Flare. The innovative system involves minting these tokens into FAssets, enabling them to earn yields or rewards within decentralized applications on the Flare network.
Hugo Philion, CEO of Flare Labs, emphasizes the importance of FAssets as a means to represent legacy assets on a smart contract chain without relying on centralized third parties.
Watch here: https://www.youtube.com/embed/9OqC-aIWdRI?feature=oembed
The system’s structure, described as a Delta neutral synthetic with multi-collateral backing, ensures a robust and decentralised approach. Following the initial private Beta on the Coston testnet, the next steps involve implementation on the Songbird canary network before a full-scale launch on the Flare mainnet. Users and decentralized applications can anticipate earning FLR tokens from the cross-chain incentive pool, reflecting the project’s commitment to fostering sustainable value within the Flare ecosystem.
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