Flare, the blockchain network designed for data, has added XRP to FAssets on its canary network Songbird before the mainnet launch.
FAssets is a new development from Flare that introduces smart-contract functionality for blockchain like XRP, BTC, and DOGE, which does not support smart contracts.
The novel bridging mechanism for this integration is being tested on Songbird before the rolling out feature on Flare mainnet. Once launched, FAssets will open a new door for creating powerful applications that bring enhanced capabilities to traditional crypto assets.
Flare team believes that FAssets have potential to transform the way crypto assets like XRP and BTC are used in the DeFi ecosystem. With creating a decentralized system for minting, trading, and redeeming bridged assets, Flare aims to provide these tokens with the same utility as native smart-contract assets.
To stimulate adoption on Songbird, the team is offering an airdrop reward pool of $260,000 in rFLR which will incentivize agents and collateral pool participants. These rewards can be earned for testing minting, redemption, and trading processes.
These integrations are currently going through audits, with results expected by mid-December.
Flare Jumps 165% in past month
In anticipation of FAsset launch, Flare’s native currency FLR has jumped over 165% in the past month. With a market cap of $1.72 billion and $3.35 of FDV, FLR is the 79th largest crypto asset.
According to data from Coinmarketcap, FLR is trading near the $0.033 price mark with a 24 hour trading volume of $45.16 million. The all-time high price for FLR is $0.0797 which it marked on January 10, 2023.
If the launch of FAssets and market dynamics favors, FLR could revisit its previous price gains and approach breaking to a new all-time high. The upcoming Altseason is expected to bring an enormous surge in various low and mid cap altcoins including FLR.
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