Flare Open Beta Completed, FXRP Debuts on Songbird

by

As a seasoned crypto investor with a knack for spotting promising projects and a portfolio that mirrors the crypto market’s volatility, I find Flare’s latest move to be intriguing. Having navigated through various bear and bull markets, I have learned to appreciate the potential of blockchain networks that cater to data-heavy use-cases like Flare does.

On their test network, Songbird, Flare – a blockchain designed for heavy data applications and compatible with Ethereum’s virtual machine (EVM) – has introduced FXRP, a token representation of XRP. This move lays the groundwork for enabling more assets that aren’t natively compatible with smart contracts to tap into programmable opportunities.

Flare’s FXRP kicks off on Songbird: Details

As per the official statement from Flare (FLR), their innovative L1 programmable blockchain with a primary focus on data, has now launched the XRP-associated DeFi asset FXRP on Songbird, which serves as Flare’s testing network. Additionally, Flare’s Open Beta phase has been officially concluded.

We know you’ve been waiting for updates on #FAssets. Make sure to read in to have all the updates about the Songbird Test:

✓Purpose
✓Duration
✓Incentives
✓Steps to get to the Test

Have more questions? We’re hosting an AMA this Thursday with @HugoPhilion and @Danrocky 🤙

— Flare ☀️ (@FlareNetworks) December 3, 2024

During the open beta, the  FAssets system handled over 263,000 mints, 395,000 redemptions, and engaged more than 48,000 participants. 

From these tests, we gained crucial understandings about user actions and system functionality across different network scenarios. After a successful trial period, FXRP is now being introduced on Songbird with additional advanced functionalities to ensure practical application and safety before it’s implemented on the Flare primary network.

Now that FXRP has been activated on Songbird, the testing phase moves from virtual settings to practical applications, utilizing Songbird’s indigenous currency (SGB) and Flare’s US Treasury-backed stablecoin, USDX, as security deposits.

This stage focuses on enhancing the system’s robustness and user-friendliness, ensuring it mirrors real-world network behavior accurately. One significant enhancement is the addition of an optional “greeting” process, which allows authorized entities to confirm the identities of addresses involved in minting and redeeming processes.

More FAssets coming to Songbird and Flare

On the Songbird platform powered by FXRP, we’re now operating with a variety of safety measures designed for the utmost convenience of developers, users, and testers. For example, Flare Labs is providing coverage up to $300,000 to shield participants in stress-test scenarios from potential losses.

1) Developers have the opportunity to investigate the settings of the Songbird Test within the Flare Developer Hub, whereas users can interact with the minting application across various platforms, thereby reducing dependence on a singular access point.

During the trial phase on Songbird, participants will have chances to receive retroactive rewards such as a $260,000 rFLR airdrop for minting, redeeming, and more incentives in SGB for trading FAssets. To ensure a comprehensive assessment of the system, at least six weeks are designated for testing each asset type.

The FAssets system signifies a groundbreaking development in connecting digital currencies such as XRP, BTC, and DOGE with Decentralized Finance (DeFi). This connection allows these assets to engage with various decentralized applications, thereby opening up fresh avenues for trading, lending, and staking. At the same time, Flare ensures a robust level of security through its overcollateralization approach.

Read More

2024-12-18 16:05