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Flare, an EVM-compatible L1 blockchain for data-heavy use-cases, has officially launched FXRP, a tokenized version of XRP, on Songbird, its canary network. This deployment paves the path for unlocking programmable opportunities for more assets that can't be integrated with smart contracts natively.
Flare's FXRP kicks off on Songbird: Details
According to the official announcement by Flare (FLR), a novel L1 programmable blockchain with focus on data, XRP-linked DeFi-enabled asset FXRP has officially launched on Songbird, a Flare's canary network. Also, Open Beta of Flare is officially completed.
We know you’ve been waiting for updates on #FAssets. Make sure to read in to have all the updates about the Songbird Test:
— Flare ☀️ (@FlareNetworks) December 3, 2024
✓Purpose
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✓Incentives
✓Steps to get to the Test
Have more questions? We're hosting an AMA this Thursday with @HugoPhilion and @Danrocky 🤙 https://t.co/59u2YfJdPh
During the open beta, the FAssets system handled over 263,000 mints, 395,000 redemptions, and engaged more than 48,000 participants.
These trials provided valuable insights, highlighting user behavior and system performance under various network conditions. Following a successful beta phase, FXRP’s rollout on Songbird introduces several enhanced features to ensure real-world usability and security ahead of their deployment on the Flare mainnet.
With FXRP now live on Songbird, testing shifts from simulated environments to real-world scenarios, incorporating Songbird's native token (SGB) and Flare’s US Treasury-linked stablecoin, USDX, as collateral.
This phase aims to refine system resilience and usability while accurately reflecting behavior in a live network environment. One of several key improvements is the introduction of an optional "handshake" mechanism, enabling permissioned agents to verify the identity of addresses performing minting and redeeming.
More FAssets coming to Songbird and Flare
FXRP on Songbird goes live with a number of security safeguard for maximum comfort of developers, users, and testers. For instance, Flare Labs is underwriting up to $300,000 in potential losses to protect participants of stress-test experiments.
Developers can now explore the parameters of the Songbird test on the Flare Developer Hub, while users can access the minting app through multiple platforms to avoid reliance on a single point of access.
During the testing period on Songbird, there will be the opportunity for participants to earn retroactive rewards including a $260,000 rFLR airdrop for minting, redeeming, and additional incentives in SGB for trading FAssets. A minimum testing period of six weeks per asset has been earmarked to thoroughly evaluate the system.
The FAssets system represents a breakthrough in bridging cryptocurrencies like XRP, BTC, and DOGE with DeFi. By enabling these assets to interact with decentralized applications, Flare unlocks new opportunities for trading, lending, and staking while maintaining high levels of security through its overcollateralization model.