- Flare Labs enables DeFi access for XRP, BTC and DOGE through its innovative FAssets system.
- FAssets enable non-smart contract tokens to interact with decentralized finance applications.
Flare Labs is rapidly increasing the capabilities of FAssets, a new system intended to integrate non-smart contract assets such as XRP, Bitcoin and Dogecoin into the decentralized finance (DeFi) ecosystem.
Plans to quickly add FBTC for Bitcoin and FDOGE for Dogecoin led to the original deployment of FAssets starting with FXRP, a tokenized form of XRP as we previously reported reported.
This method allows users to transform non-smart contract assets into ERC-20 compatible tokens, facilitating smooth interaction with smart contracts in many distributed applications. Thanks to Flare’s creative approach, these assets, among the largest non-smart contract tokens available, are likely to open up new DeFi prospects.
Don’t make FDoge disappear.
FAssets start with FXRP, then Flare Labs will move to FBTC as quickly as possible, and finally FDoge. For now, these are the largest non-smart contract assets on the market.
– Flare ☀️ (@FlareNetworks) November 4, 2024
Connect XRP, BTC and DOGE to DeFi
Through this project, Flare seeks to address a significant barrier that non-smart contract assets have historically faced in DeFi: the inability to directly engage with smart contracts.
Flare provides a way for these tokens (XRP, BTC and DOGE) to be used in applications once they are out of reach by tokenizing these assets.
This means that popular cryptocurrencies without native smart contract capabilities can now participate in the DeFi domain, broadening the field and adding variation to current systems for both consumers and developers.
Flare has been very involved since the introduction of the FAssets open beta; over 40,000 people on the Coston testnet have completed 450,000 minting and redemption transactions for FTestXRP and FBTC.
Already, the beta phase has produced around 7 FBTC and almost 48 million FXRP. These figures highlight the great degree of interest and involvement in the Burst ecosystem, where users not only test but also actively help the FAssets system to remain stable and prosper.
Flare also highlighted that active participants in this open beta test may be eligible for a retroactive airdrop, thereby motivating continued participation.
Flare enhances FAssets with new features for a smooth user experience
Flare has introduced new features to improve the user experience, such as support for Facebook TCV, while continuing to refine FAssets. Users now have the choice to offer liquidity by adding CFLR to the agency pool, choose preferred agents when creating FAssets, and monitor FAsset performance via a public dashboard.
By combining MetaMask and Coinbase Wallet, the wallet capacity has been further improved and more users can interact with the FAssets system without having to migrate to alternative platforms. Whether users are end users wanting to trade FAssets or liquidity providers, these additions help users interact with the network.
FAssets’ developments show Flare’s commitment to creating an open and easily accessible DeFi ecosystem into which historically constrained assets could fit. Flare’s efforts also highlight the need to expand support and access to decentralized finance, enabling further advancements outside of XRP, BTC and DOGE.
Flare strives to achieve a vision in which additional assets can be effortlessly merged into DeFi with each upgrade so that users can use their favorite tokens without limitations.
On the other hand, the CNF previously note that Flare’s Blockchain Machine Images improve access by streamlining the rapid deployment of entire blockchain nodes for 20+ networks.
For businesses trying to simplify their blockchain operations and developers in general, Flare’s Blockchain Machine Images are both affordable and efficient due to their connection with Google Cloud.
