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Flare opened beta testing for its FAssets system to the public, witnessing massive success, with 937,000 XRP tokens minted across more than 2,000 mints on the first day.
The FAsset system is a project by Flare Networks that seeks to introduce smart contract capabilities to cryptocurrencies that do not natively support them on their blockchains. This innovation could create new functionalities for these digital assets, with XRP at the forefront of the endeavor.
Flare Witnesses Impressive Stats with FXRP Test
Notably, the protocol works by allowing users to mint tokens such as XRP as FAssets on Flare Network, thereby bridging them into the smart contracts scene and multichain web3 protocols supported by Flare. The team stressed last December that the project could help unlock the value of $800 billion worth of crypto.
Hugo Philion, co-founder and CEO of Flare Labs, recently shared a screenshot that captured the remarkable achievements of FXRP on its inaugural day of open public beta testing. These feats come a day after the Flare team opened the beta testing for the public on June 17.
First day and it’s just a test! pic.twitter.com/Gq6iuZsKBx
— Hugo Philion ☀️ (@HugoPhilion) June 18, 2024
The stats reveal an incredible 2,213 mints and 937,400 FtestXRP minted. In addition, there were 2,939 redeems with a total of 303,800 FtestXRP redeemed. The platform also saw participation from 51 agents with 43 remaining available by the end of the day.
The success of this inaugural test caught the attention of the XRP community, with media personality Eri spotlighting it as a pivotal development. She emphasized that with nearly five million XRP wallets available and such active participation on the first day, it is clear that the interest and potential for scaling are immense.
*First Day* @FlareNetworks #FAsset numbers with #XRP (FtestXRP) 👉incredible
2,213 mints
937.4k FtestXRP🤯
2,939 redeems
303.8k total redeemed FtestXRP🎉
51 agents made available / 43 agents available
Given the nearly 5 million wallets and the first day's activity, we can scale… https://t.co/wkYaaHlsmN— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) June 18, 2024
How to Test the FAsset System for XRP
For the uninitiated, the private beta testing phase commenced on the Coston testnet last November, marking a crucial step in the development process of FAssets. The team opened public beta testing on June 4, but limited it to the agent onboard process. Now, the public beta is now open to everyone.
The Flare team is looking to bolster convenience for anyone seeking to mint FtestXRP tokens at this point that the actual dashboard dedicated to the FAsset protocol has not been launched. They introduced a demo dApp compatible with self-custodial multi-chain wallet Bifrost Wallet for minting and redeeming the test tokens.
Any market participant interested in testing the process would need to create an account with Bifrost Wallet and enable Developer Mode. In addition, they would need to procure testXRP and Coston Flare (CFLR) tokens. Proponents can get these tokens for free as they have monetary value. Interested parties will find a more detailed step-by-step guide on the official Flare page.