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- FAssets announced a new utility of XRP, BTC, and DOGE with the opportunity to earn yield
- According to the FAssets website, the system allows non-smart contract tokens such as XRP, BTC, and DOGE to be used within smart contracts on Flare
- The project team hinted that FAssets can unlock up to $800 billion in non-smart contract-compatible digital assets
Flare Labs has revealed that FAssets has the potential to redefine the utility of XRP, offering holders the opportunity to earn yield or bridge their tokens to other networks.
In a recent tweet, the research team at Flare Labs, responsible for developing the FAssets protocol, drew attention to key areas of interest for crypto market participants. It highlighted the potential for yield generation and the capability to bridge tokens such as XRP, Dogecoin (DOGE), and Bitcoin (BTC) to other networks.
“The FAssets system will give your BTC, XRP, and DOGE a new purpose. Earn yield in dApps on Flare or bridge to other ecosystems using LayerCake,” the Flare network team remarked in a post on X.
The #FAssets system will give your BTC, XRP & DOGE a new purpose. Earn yield in dapps on #Flare or bridge to other ecosystems using #LayerCake, our insured-in-transit bridging and cross-network composability protocol.⛓️ https://t.co/11su9sWLIQ pic.twitter.com/FPx5aWAuTp— Flare Labs (@Flare_Labs) December 11, 2023
According to the FAssets website, the system allows non-smart contract tokens such as XRP, BTC, and DOGE to be used within smart contracts on Flare. The project seeks to make DeFi features possible even if the capabilities are not natively supported on the tokens’ original networks.
Previously, Flare Labs disclosed the initiation of private beta testing on the Coston testnet for the project. This testing phase is designed to replicate real-world scenarios, enabling testers to mint tokens like XRP and BTC on Flare, transforming them into FAssets.
The tokens minted within this system can be bridged to other networks using LayerCake. Notably, FAssets are minted as ERC20 tokens on the Flare Network. This makes them readily available for utilization within the DeFi space.
Furthermore, Flare Labs has stated that FAssets can potentially unlock up to $800 billion in XRP and other non-smart contract-compatible digital assets. Additionally, the Flare network team has emphasized that FAssets is characterized by its trustless nature. It claimed this feature distinguishes FAssets from other wrapped asset systems designed for non-smart contract tokens.
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