Close Menu
  • Crypto News
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Trending

Ethereum Ready For Explosive Breakout, Analyst Says $5,791 Is The Minimum Target

July 6, 2025

Pepe Coin plunged 40%, but the frog coin may leap higher

July 6, 2025

Bitcoin’s ‘Mempool’ Nearly Empty as Prices Trade Near Lifetime Highs

July 6, 2025

Analyst Unveils Crypto Catalysts for ‘Jubilant July,’ Says Altcoins Will Likely ‘Cook’ for Next Few Weeks

July 6, 2025

Bitcoin Exchange Outflows Continue To Rise: Investor Confidence At An All-Time High?

July 6, 2025
Facebook X (Twitter) Instagram
  • Advertise
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianoru Русскийes Españolzh-CN 简体中文hi हिन्दीja 日本語
Crypto Observer
  • Crypto News

    Ethereum Ready For Explosive Breakout, Analyst Says $5,791 Is The Minimum Target

    July 6, 2025

    Bitcoin Exchange Outflows Continue To Rise: Investor Confidence At An All-Time High?

    July 6, 2025

    Bitcoin Meets Heartbreak In Drake’s Latest Track—Details

    July 6, 2025

    Are Bitcoin Retail Traders Back In The Market? On-Chain Data Suggests So

    July 6, 2025

    Toncoin Hits 19-Day High Following UAE Visa Offer for $100K in Staked TON

    July 6, 2025
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi
Facebook X (Twitter) Instagram
Crypto Observer
Home » XRP » Flare Network advances with FAssets testing on Coston testnet
XRP

Flare Network advances with FAssets testing on Coston testnet

Crypto Observer StaffBy Crypto Observer StaffDecember 1, 2023No Comments2 Mins Read
Facebook Twitter Pinterest Reddit Telegram Email LinkedIn Tumblr
Share
Facebook Twitter LinkedIn Pinterest Email

© Reuters

Flare Labs has launched a private beta phase for its innovative FAssets system on the Coston testnet, marking a significant step forward in integrating , BTC, and DOGE into the DeFi ecosystem. This development is a precursor to a broader public beta expected in Q1 2024, aimed at expanding user participation and dApp integration.

The FAssets project allows for the minting of synthetic assets, representing non-smart contract tokens like BTC, XRP, and DOGE, on a smart contract chain. This process is designed to bring over 70% of value from the non-smart contract token space into the realm of DeFi, according to Flare Labs CEO Hugo Philion. The private beta phase focuses on critical user interactions and internal trials by Flare Labs.

The upcoming beta stages will involve affiliated builders and data providers in controlled tests to assess the system’s resilience. These tests will include market stress simulations to ensure robustness. The minting of FAssets is secured by collateral and is verified through a State Connector, a system that provides trustless access to external data. Liquidators and challengers play crucial roles in maintaining the collateral balance and monitoring for unauthorized mints, respectively.

Once feedback from these controlled tests is incorporated, the FAssets system will move into a public beta phase, which will allow for broader user engagement and the opportunity for developers to integrate decentralized applications (dApps) with the FAssets.

Looking ahead beyond the beta testing, the successful deployment of FAssets on both the Coston and Songbird networks will set the stage for a mainnet release. Users can anticipate the opportunity to benefit from a cross-chain incentive pool by earning FLR tokens. The platform is designed to enhance the utility of blockchain by providing decentralized and trustless access to external data, which is crucial for the functionality of smart contracts through the Time Series Oracle (NYSE:).

The integration of FAssets into the DeFi space is a significant move towards bridging the gap between traditional cryptocurrencies and smart contract capabilities, offering a new avenue for token holders to engage with the DeFi sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SHIB’s Goal to ‘Finish Everything’ by End of 2024, Binance Freezes Stolen XRP Tokens, Anon Whale Moves $318 Million in Bitcoin to PayPal: Crypto News Digest by U.Today

February 2, 2024

Bitcoin Whales Boost Holdings by $3 Billion, Pro-XRP Lawyer Highlights Key Factor in Ripple’s Win, SHIB Price History Hints at Double-Digit Gains Next Month: Crypto News Digest by U.Today

January 30, 2024

XRP Starts Moving Earlier, Solana (SOL) Already Stronger Than Everyone Else; Does Ethereum (ETH) Need More Fuel?

January 27, 2024

‘Ripple Is Wrong’ Claims SEC In New Filing, Shibarium Announces New Era in SHIB Burns, Arthur Hayes Predicts Crucial BTC Bottom to Watch: Crypto News Digest by U.Today

January 25, 2024
Add A Comment

Leave A Reply Cancel Reply

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Top Posts

Ethereum Ready For Explosive Breakout, Analyst Says $5,791 Is The Minimum Target

July 6, 2025

Pepe Coin plunged 40%, but the frog coin may leap higher

July 6, 2025

Bitcoin’s ‘Mempool’ Nearly Empty as Prices Trade Near Lifetime Highs

July 6, 2025
Advertisement
Demo

Crypto Observer is your one-stop website for the latest crypto news and updates, follow us now to get the news that matters to you.

Facebook X (Twitter) Instagram
Crypto News

Bitcoin Exchange Outflows Continue To Rise: Investor Confidence At An All-Time High?

July 6, 2025

Bitcoin Meets Heartbreak In Drake’s Latest Track—Details

July 6, 2025

Are Bitcoin Retail Traders Back In The Market? On-Chain Data Suggests So

July 6, 2025
Get Informed

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Facebook X (Twitter)
  • Privacy Policy
  • Terms of use
  • Advertise with us | Publishing
  • Contact us
  • Crypto News – Press release
  • Newsletter sign up
  • Markets
  • Altcoins
  • Bitcoin
  • Crypto News
  • DeFi
  • Ethereum
  • Technology
  • Blockchain
  • AI
  • NFT
  • Thanks for joining us
© 2025 Crypto Observer. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.