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- FAssets introduced a brand new utility of XRP, BTC, and DOGE with the chance to earn yield
- In accordance with the FAssets web site, the system permits non-smart contract tokens corresponding to XRP, BTC, and DOGE for use inside sensible contracts on Flare
- The undertaking staff hinted that FAssets can unlock as much as $800 billion in non-smart contract-compatible digital belongings
Flare Labs has revealed that FAssets has the potential to redefine the utility of XRP, providing holders the chance to earn yield or bridge their tokens to different networks.
In a current tweet, the analysis staff at Flare Labs, answerable for growing the FAssets protocol, drew consideration to key areas of curiosity for crypto market contributors. It highlighted the potential for yield technology and the potential to bridge tokens corresponding to XRP, Dogecoin (DOGE), and Bitcoin (BTC) to different networks.
“The FAssets system will give your BTC, XRP, and DOGE a brand new goal. Earn yield in dApps on Flare or bridge to different ecosystems utilizing LayerCake,” the Flare community staff remarked in a put up on X.
In accordance with the FAssets web site, the system permits non-smart contract tokens corresponding to XRP, BTC, and DOGE for use inside sensible contracts on Flare. The undertaking seeks to make DeFi options potential even when the capabilities usually are not natively supported on the tokens’ authentic networks.
Beforehand, Flare Labs disclosed the initiation of personal beta testing on the Coston testnet for the undertaking. This testing section is designed to duplicate real-world eventualities, enabling testers to mint tokens like XRP and BTC on Flare, remodeling them into FAssets.
The tokens minted inside this method will be bridged to different networks utilizing LayerCake. Notably, FAssets are minted as ERC20 tokens on the Flare Community. This makes them available for utilization throughout the DeFi area.
Moreover, Flare Labs has said that FAssets can doubtlessly unlock as much as $800 billion in XRP and different non-smart contract-compatible digital belongings. Moreover, the Flare community staff has emphasised that FAssets is characterised by its trustless nature. It claimed this characteristic distinguishes FAssets from different wrapped asset programs designed for non-smart contract tokens.
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