In this post:
- Flare Blockchain recently announced that it had successfully deployed the tokenized XRP token FXRP on its canary network, Songbird.
- The announcement came after the blockchain completed the open beta for the FAssets system, which recorded over 260,000 mints and attracted thousands of participants.
- Flare’s FAssets system enables digital assets that cannot support smart contracts to be used in wrapped versions on decentralized applications on Flare.
Flare’s blockchain for data recently announced that it had successfully deployed the FXRP token on its canary network, Songbird. According to Flare, the availability of FXRP on Songbird marks an important step in its plans to improve its FAssets system. The Flare canary network enables universal connectivity and interoperability between Flare and other blockchains.
The blockchain confirmed that the deployment on Songbird will take FXRP from virtual testing to real-world use. The token will use the Songbird native token SGB and the Flare U.S. Treasury-linked stablecoin USDX as collateral. The rollout also features unique features that will enhance FXRP’s usability and security in the real world before the token’s launch on the Flare mainnet.
Flare also revealed that the current phase would help the developers test the system’s resilience and usability in a live environment. This process would further enable the platform to accurately monitor the token’s behavior in real-time. Flare explained that the Songbird test phase would ensure a minimum of six weeks of testing per asset to ensure correct evaluation.
The blockchain has initiated several measures to ensure that user assets are safe while accounting for possible losses during the process. Flare introduced permissioned agents that can verify addresses participating in minting and redeeming of FXRP tokens. The blockchain explained that the process, which it referred to as the handshake mechanism, was optional for users.
Flare has also assured users that the presence of FXRP on Songbird will be a transparent and controlled testing process. The blockchain has set aside a $2 million minting cap per asset to ensure controlled liquidity and issuance during the phase. The blockchain for data has further availed $300,000 to cater to potential losses during the phase as a protection measure for user funds.
Flare completes FAssets system open beta
The Songbird phase comes after the Flare ecosystem successfully completed the FAssets open beta testing phase. The blockchain announced that the open beta phase handled over 750,000 transactions since its launch in June. The platform further revealed that the open beta phase welcomed about 48,000 participants, 263,000 mints, and 395,000 redeems.
Flare mentioned that the FAssets open beta phase used FXRP test tokens, FtestXRP. The blockchain explained that the test phase provided its team with ‘valuable insights’ during the FAssets system test. The platform further revealed that the system proved robust, including downtime and market volatility.
The Flare open beta documentation revealed that the phase continued to educate users of different roles that would aid the FAssets systems. Flare also aimed to deal with any issues presented during the testing phase from feedback.
Flare to offer users incentives during the Songbird testing phase
Flare explained the essence of the Songbird Test in stepping closer to the full launch of the FAssets system. The system allows non-smart-contract-native tokens like BTC, XRP, and DOGE to be usable in decentralized applications. Flare confirmed that FBTC and FDOGE would follow after successfully testing FXRP on Songbird.
Flare mentioned that it was offering users incentives to participate in the Songbird testing phase. During the Songbird phase, the blockchain announced a $260,000 rFLR airdrop for all active users. The platform encouraged users to mint and redeem FAssets for rewards. Flare also explained that users could liquidate agents, provide liquidity, and trade FAssets on decentralized exchanges for additional rewards. The blockchain revealed that it would announce the details of reward distribution soon.
