Flare Labs, the blockchain research and development arm of Flare network, has launched an initial private beta test of its FAssets on the Coston network. This move aims to bring smart contract capabilities to tokens that currently do not have them. The beta test will cover all major components of the system and involve Flare Labs and initial partners adopting various roles within the system. The goal is to stress-test the system and assess its robustness under market volatility. FAssets are synthetic tokens backed by corresponding tokens, allowing non-smart contract assets to be represented on a smart contract chain without the need for a centralized third party. This technology will enable legacy tokens like BTC, XRP, and DOGE to be used trustlessly with smart contracts on Flare. With 70% of total crypto value locked into non-smart contract assets, the introduction of FAssets will provide users with better capabilities and utilities, such as interacting with DeFi and smart contract platforms. Developers will also have a new means to access potential users and untapped value. The initial private beta test will be conducted on Flare’s Coston network, with subsequent implementation on the Songbird canary network. If successful, the FAssets system will be launched on the Flare mainnet. Additionally, users and DApps will have the opportunity to earn FLR tokens from the cross-chain incentive pool as a reward for bringing sustainable value to Flare.

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Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	1
People	Hugo Philion
Companies	Flare Labs
Currencies	Bitcoin, Dogecoin, XRP
Securities	None