Flare Labs tests FAssets on the Coston network Non-smart contract tokens will land on Flare

Flare Labs Trials FAssets on Coston Network Non-Smart Contract Tokens to be Supported by Flare

On November 28th, leading blockchain development company Flare Labs successfully launched the FAssets test version on Flare’s Coston Testnet. The release of the FAssets test version marks an important milestone in enabling smart contracts and DeFi for old tokens.

The FAssets system allows non-smart contract tokens such as BTC, XRP, and DOGE to have smart contract functionality on Flare without the need for trust. By minting non-smart contract tokens into FAssets, they can earn profits or rewards in decentralized applications on the Flare network. Once FAssets are integrated into the Flare mainnet, these tokens can also be bridged to other networks.

Hugo Philion, CEO of Flare Labs, commented, “Over 70% of the total value of assets on the blockchain do not have smart contracts, so they cannot be effectively deployed in DeFi. FAssets are synthetic assets supported by multiple collaterals and have delta-neutral characteristics. FAssets provide a new representation for these assets on smart contract chains without relying on centralized third parties. For developers, this will be a new and trustless way to attract new users and unlock untapped value.”

While the initial testing of the FAssets system is conducted on Flare’s Coston test network, subsequent tests will be implemented on the Songbird Canary Network (Flare’s testnet) before being fully integrated into the Flare mainnet. The initial testing will cover all major components of the FAssets system, with Flare Labs responsible for all the work in building the future decentralized infrastructure. The testing will simulate significant fluctuations in asset prices to analyze the system’s robustness.

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Once the FAssets system goes live on the Flare mainnet, users will not only be able to earn DeFi profits but also receive FLR tokens from the cross-chain incentivization pool as rewards for the value brought to Flare.

About Flare Labs

Flare Labs improves the utility of decentralized systems through research and software development. They develop software that supports the Flare and Songbird networks, which are subsequently licensed to the Flare Foundation.

About Flare

Flare is an EVM smart contract platform that extends the utility of blockchain. It provides developers with access to a vast amount of diverse data at minimal cost. Flare acts as the practical utility layer for the blockchain industry, supporting improvements and the development of new use cases.

> The State Connector reaches consensus on event information from external blockchains and Web2 APIs, allowing their trustless use in Flare’s smart contracts.

> The Flare Time Series Oracle feeds highly decentralized prices and data to dApps on Flare without relying on centralized providers.

Website: https://flare.xyz/

Twitter: https://twitter.com/FlareNetworks

Telegram: https://t.me/+MTlhVPCM5pVhMDc1

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