The FAssets open beta, launched on June 4th, has successfully facilitated the bridging of 34.6M TestXRP to Flare for 32.4k participants.

Last week, the Ripple team informed us of an upcoming reset of the XRP testnet on August 19th, which will effectively invalidate all existing FTestXRP. As FTestXRP is the underlying asset collateral for FAssets, the open beta will be temporarily paused until the XRP testnet stabilizes. This means that the FAsset system on Coston will need to be reset.

What you need to do:

Please redeem your FTestXRP by August 18th at 11.59 PM EST. We understand this inconvenience and will airdrop 1000 new TestXRP to affected users to facilitate a smooth transition.

Prerequisite information: Remember that to qualify for any FAssets beta airdrops you must not hold more than 1000 units of each test FAsset (unless you are an agent or liquidator) and be using an address on Coston that is the same as an address that you hold on Songbird or Flare that stakes or delegates a meaningful amount of FLR or SGB. On Flare, this equates to 100 FLR or WFLR, and on Songbird, this equates to 300 SGB or WSGB.

If you do not wish to use your main address for the FAssets beta, you must send this amount to the wallet address on Songbird or Flare that you are using with the beta.

Please note that the XRP testnet reset is not something that will happen with any mainnet.

What’s Next:

• Launch of the official FAssets dashboard.
• Enable community-managed collateral pools.
• Introduce FBTC minting and redeeming support.
• A fair and transparent retroactive reward system will be implemented based on factors like task complexity, duration, numbers of actions, and early support. Details will be shared in a dedicated article.

Thank you for your continued support and participation in the FAssets open beta.