FAssets v1.1, a significant upgrade for the FXRP ecosystem, has launched on Songbird blockchain. This update introduces scalability, unlocks XRP’s utility in DeFi, and allows users to mint FXRP more efficiently. 🔐 📈
The Core Vault at the heart of this release offers several benefits: it frees previously locked collateral, removes minting bottlenecks, and provides a clear pathway for XRP to integrate with DeFi.
With FAssets v1.1, non-smart contract assets like Bitcoin (BTC) and Dogecoin (DOGE) can be brought into DeFi securely and at scale, starting with XRP. Users can now deposit XRP directly into the Core Vault on the XRP Ledger, automatically unlocking associated FLR collateral on Songbird. This allows for minting without needing additional capital, enhancing efficiency and reducing friction within the system.
To safeguard network integrity, the Core Vault employs a multi-layered security framework featuring time-locked escrow accounts and multi-signature authorization controlled by long-term ecosystem participants. Active bug bounty programs run on Immunefi, while audits have already been completed. 🛡️
“This update is about giving XRP real utility,” states Hugo Philion, Co-founder and CEO of Flare. “XRP is the third largest crypto asset after Tether. It has a vast potential, but we shouldn’t leave it untapped! FAssets v1.1 isn’t just an upgrade; it will revolutionize how XRP functions within a DeFi ecosystem.”
FAssets v1.1 sets the stage for broader decentralized financial use cases for XRP, such as lending and borrowing, staking, and cross-chain yield farming. A cap of 750,000 FXRP is initially enforced to support growth and scale over time.
A bi-weekly incentive program will distribute rFLR rewards to both SGB collateral providers and FXRP liquidity contributors via the Flare Portal. Additionally, a retro airdrop of $135,000 worth of rFLR on May 21 is being distributed to the top 10,000 early testers on the Coston test network.
Flare’s recent growth has been remarkable, with total value locked growing by 180% (currently at $168 million) following the integration of USDT0— a Tether-backed, omnichain, institutional-grade stablecoin. This strong liquidity base will further enhance FXRP’s ability to integrate with DeFi on Flare.
Developers and users can now begin interacting with FAssets v1.1. Minting is currently available through OracleDaemon and FAssets.au. Technical documentation and integration guides are also publicly accessible at dev.flare.network/fassets.