FAssets Open Beta Relaunches with New Features

Following a successful reset, the FAssets Open Beta is back with exciting new features for participants.

What is FAssets?

Developed by Flare Labs, FAssets brings verifiable economic security to BTC, XRP, and DOGE, enabling decentralized finance for these non-smart contract tokens on Flare. FAssets allows users to mint ERC-20 versions of these tokens in a trustless manner, unlocking their DeFi potential within dApps on Flare and other chains.

Open Beta Phases

The FAssets Open Beta has unfolded in phases:

Phase 1 (Closed Beta): Focused on establishing the core infrastructure, this phase was dedicated to agents and technical operators.
Phase 2 (Public Beta): Launched on June 4th, this phase allowed users to mint and redeem FTestXRP through a demo dApp.

The Open Beta successfully facilitated the bridging of 34.6 million TestXRP to Flare for its 32,400 participants. Due to a recent Ripple XRP Testnet reset, Flare paused and reset the FAssets Open Beta. To enable participants to resume interacting with the relaunched Open Beta, we airdropped a total of 31 million new testXRP tokens. Importantly, previous beta activity will still be considered for the retroactive airdrop.

With the reset complete, we’re thrilled to officially relaunch the FAssets Open Beta and are excited to share key features on fasset-beta.flarelabs.org.

Key Features

Before you head over to the official FAssets dashboard to resume building, learn more about the new Beta here.

How to become a Liquidity Provider

Users can provide liquidity by adding CFLR agents’ collateral pools, in turn earning rewards. Here’s how:

Choose a Pool: Select a pool and click ‘Deposit.’
Withdraw Anytime: Liquidity is always accessible and users can withdraw assets whenever they want. View your updated position and claim your rewards at the top of the ‘Pools’ page. (Note: there is a 60-second cooldown timer after depositing before users can withdraw.)
Earn Rewards: Rewards you earn are based on:
1. Fees and Commissions: Earned by agents when users mint FAssets.
2. Pool Share: The percentage of your collateral in the pool.

Note: FAssets are currently on Coston, and rewards are in FTestXRP CFLR. Participating and sharing your experiences will help you earn retroactive rewards.

How to mint and redeem FAssets

While most of the minting and redeeming process will be familiar to previous users, we’ve added the ability for users to choose their own preferred agents.

Choosing an Agent: On the dashboard, you’ll see a list of available agents as well as their vault addresses and associated fees.
Mint Fee: This is the commission you will pay to agents for minting FAssets. For instance, if an agent fee is 0.25%, minting 20 FTestXRP will require a 0.05 FTestXRP fee.
Available Lots: This is the number of lots of FTestXRP that are available to mint from each agent.

New Wallet Support

Flare has introduced new wallet support for both MetaMask and Coinbase Wallet for liquidity provision on the Pool page. Support for full operation is in progress.

At this time, Bifrost Wallet is the only wallet that fully supports all operations – minting, redeeming, collateral provision.

Public Dashboard

Users can track the Open Beta performance with the brand new, public dashboard. The available metrics include:

Value Traded: To track the total value traded within the FAssets Open Beta system.
Number of Transactions: This tracks the total number of transactions completed and will provide insights on how active the network is.
Accumulated Pool Rewards: See the total amount of rewards accrued in the collateral pools.
FAssets System Health: This is the total available supply of FTestXRP and Total Value Locked (TVL) across all collateral pools.

Please note that the currently displayed metrics reflect activities since the XRP testnet reset, including data from our private beta and QA tests. This means readers are getting a first look right now.

For Advanced Users: Becoming an Agent

For users who are comfortable with CLI operations, consider becoming an agent. Agents play a pivotal role in providing liquidity and supporting minting operations. In exchange for participation, agents will earn fees from FAsset mints when FAssets are finally live on mainnet.

If interested, please check out the FAssets support group on Telegram.

What’s Next for the Open Beta?

We’re excited to share that FBTC support is next on the roadmap. Bringing BTC onto Flare is a major milestone. Here is a sneak peak on what to look forward to:

Wallet Support: We have already expanded wallet support for FBTC in preparation.
Agent Support: Testing is currently in progress for Agent vaults with TestBTC, and both minting and redeeming of FTestBTC will be available very soon.

Thank you to all the current testers for continuing to help make FAssets come to life, and welcome to new testers. Check out the FAssets Open Beta dashboard.