FXRP is live on Songbird: Mint, trade, and get rewarded

Let the Songbird test begin! We are thrilled to announce the successful completion of the open beta phase, achieving remarkable milestones: over 263,000 mints, more than 395,000 redeems, and 48,000+ participants engaged throughout the open beta. Now, we are ready for the next chapter—welcome to FXRP on Songbird, our Canary network, with FBTC and FDOGE following.

Key differences between Open Beta and Songbird Test

The Open Beta provided valuable insights. Since June, the FAssets system facilitated over 700k transactions and proved robust even during rare occasions like source network downtime and high market volatility. We learned that redeeming is less preferred while holding FAssets is prevalent when only test tokens are involved.

The Songbird test serves as a crucial real-world testing bed for FAssets. By introducing SGB, the native token of the Songbird network with monetary value, and USDX on Songbird as collateral for FXRP minting, participant behaviors will be reflected more accurately.

Another significant enhancement is the optional "handshake" process, allowing permissioned agents to verify the identity of addresses performing minting and redeeming transactions. Selected agents can reject requests from malicious addresses, balancing security and compliance with decentralized flexibility.

https://youtu.be/EH-fhvCk8rI

Test parameters

The Songbird test will feature specific parameters:

• $2M minting cap per asset to ensure controlled issuance.
• Insurance mechanisms to protect users; Flare Labs will cover losses up to $300,000 total.
• A minimum of 6 weeks of testing per asset for a thorough evaluation.

Incentives Breakdown

Participants can look forward to various incentives, including a $260K in rFLR retroactive airdrop for active users in the Songbird Test. Users will be rewarded not only for minting and redeeming FAssets but also for providing collateral, liquidating agents, and trading FAssets on DEXes. Notably, BlazeSwap and Enosys are integrating FAssets on Songbird with incentivized pools. More details on incentives: https://flare.network/incentives-for-fassets-on-songbird/

Vision

The launch of FAssets on Songbird marks a significant milestone for Flare Labs and Flare, bringing us closer to fully launching FAssets and realizing our vision of becoming a liquidity hub that unites multiple ecosystems.

FAssets enable XRP, BTC, and DOGE to interact with smart contracts, unlocking liquidity across multi-trillion-dollar markets. With FAssets, users can trade, lend, and stake these assets to realize their DeFi potential.

Our overcollateralization model guarantees that each bridged currency unit is backed by greater value, enhancing security while addressing trust issues in traditional custodial and multisig solutions. FAssets serve as a gateway to securely explore XRPfi, BTCfi, and DOGEfi.

Join Now

Flare Labs will be open-sourcing all aspects of FAssets in stages, including user interfaces. This approach allows users to access the minting app through multiple channels, avoiding a single point of access.

Currently, you can mint FXRP using this site during the Songbird Test:

• https://fasset.oracle-daemon.com/sgb

Please visit FAssets on Songbird at the Flare Developer Hub to understand the test parameters. To ensure a smooth user experience for the Songbird test, please use the Bifrost wallet, clear the wallet cache, and toggle developer mode: turn it off for the Songbird test. If you have any questions, join the FAssets Telegram Support group here.

Let the test begin!