FAssets, beginning with FXRP v1.2, are now live on the Flare mainnet. Now that the first FAsset has finally been launched, holders of XRP may mint FXRP on Flare and begin using XRP throughout Flare DeFi. The XRP DeFi awakening is just getting started.
Flare’s FAssets protocol converts cryptocurrencies like XRP that aren’t smart contract enabled into assets that can be utilized in DeFi on Flare and other applications. They are one-to-one copies of the original asset (XRP to FXRP, for example), protected by Flare’s codified data standards and an overcollateralized structure of independent agents. As a consequence, Flare’s composable decentralized financial ecosystem, which includes DEX trading, lending, stablecoin minting, liquid staking, and other use cases, becomes fully accessible to non-smart contract assets.
FAssets are built for composability. FXRP may travel freely within Flare’s DeFi ecosystem when it is minted. This eliminates the need for unique workarounds and enables protocols to use FXRP directly as a native building block.
FAsset security is a continuous effort rather than a one-time achievement. In addition to Immunefi-powered bug bounties and community-driven evaluations like Code4rena, the system has already completed at least four independent audits by reputable companies like Zellic and Coinspect.
Additionally, Hypernative keeps a close eye on the FAssets system and the DeFi apps on Flare around-the-clock. Comprehensive security and fast reaction procedures are also in place.
Why are there so many layers? Because FAssets oversee high-value, intricate processes where security is a must, such as multi-chain minting, collateral management, and trustless bridging. Particularly, institutional stakeholders want constant confirmation that the system is still resistant to emerging risks in addition to the initial assurance.
To guarantee FAssets maintain the highest levels of safety, trust, and dependability for both institutions and the XRP community, the Flare Foundation will keep making investments in strong, scalable security mechanisms.
Minting FXRP
Take note: FXRP minting will be restricted to 5 million FXRP in the first week in order to facilitate a safe rollout. After that, the restriction will progressively increase.
See our FXRP minting tutorial for further instructions:
[Link to video]
Please visit this link for further technical documentation: https://dev.flare.network/fassets/overview
Alternatively, DEXes on Flare provide FXRP, which you may swap:
Luminite has a built-in swap to FXRP on Flare, native support for FAssets minting and redeeming, and cross-chain bridging. Soon, it will be feasible to use Stargate + FAssets to route any EVM token (from Base or Arbitrum, for example) straight to XRP on the XRPL, eliminating the need for manual hops.
Oxen Flow is a self-custody mobile wallet that facilitates easy interaction with the FAssets system and onboarding into the Flare ecosystem. The app unlocks Flare’s cross-chain capability and trustless DeFi prospects while enabling users to stake and swap FXRP, bridge assets with total key control, and monitor their profits with ease.
Only DeFi pools that significantly contribute to total value locked or stimulate on-chain activity will get the FAssets incentives in the form of rFLR in order to optimize effect and guarantee sustained development.
The following pools will get FXRP incentives upon launch:
Pools of FXRP/USDT₰0 Liquidity on:
SparkDEX
Blazeswap
Enosys
Target APR of 50%.
The incentives for the launch are only the start. FXRP and stXRP (liquid staked XRP powered by Firelight) will enable more thorough integrations across the Flare ecosystem in the next weeks:
The first XRP-backed stablecoin will be supported by a rFLR-incentivized stability pool, and FXRP will be enabled as collateral for Enosys Loans (CDP).
With stXRP positioned as the primary deposit asset, the yield market (which will open soon)→ Incentivized LP pools for PTs and specific vaults. Moreover, vaults that have been curated to facilitate the smooth administration of yield-generating tactics.
The complete XRPFi flywheel will accelerate with the introduction of Firelight and stXRP, including more ecosystem partners, increasing collateral alternatives, and generating new levels of usefulness for XRP on Flare. The XRP awakening has begun; join us in creating the future.
Also read: $12 Billion Bitwise CIO: Bitcoin Is Undervalued — Should Already Be at $200,000 Price
