FAssets, Flare-based cryptocurrencies that mirror non-programmable assets, are finally live in mainnet. FXRP, a synthetic version of XRP crypto, is among the first FAssets to go live. This launch introduces XRP to on-chain finance space.
XRP-based crypto becomes first FAsset on Flare
According to the official statements by the team behind Flare (FLR), a programmable blockchain for data-intensive use cases, it now supports the mainnet version of FAssets, a class of synthetic tokens. FAssets mirror assets from non-programmable blockchains to integrate them in DeFi designs. FXRP, an XRP-based cryptocurrency, is included in the first release.
With FAssets live on mainnet, non-smart-contract assets gain access to the full potential of Flare’s composable decentralized finance ecosystem, including DEX trading, lending, stablecoin minting, liquid staking and other use cases.
FAssets are built for composability. Once minted, FXRP can move freely across Flare’s DeFi ecosystem. This allows protocols to integrate FXRP directly as a native building block, without needing special workarounds.
To mint their first FXRP coins, users should first obtain XRP tokens, then transfer them to the minting platforms of AU and Oracle Daemon.
To support a secure rollout, FXRP minting will be capped at five million FXRP in week one, with the cap gradually ramping up thereafter.
FXRP tokens can already be used in DeFi
Immediately upon the initial mainnet release, FAssets can be integrated in sophisticated DeFi designs. First off, FXRP coins are already available on DEXes, including the likes of SparkDEX, BlazeSwap or Enosys. Flare's ecosystem wallets like Luminite and Oxen Flow will also offer built-in swap functionality.
Then, users can lock their FXRP liquidity on Kinetic — or on the abovementioned SparkDEX, BlazeSwap or Enosys. Once Firelight launches and stXRP becomes available, the full XRPFi flywheel will accelerate — engaging more ecosystem partners, expanding collateral options and driving new layers of utility for XRP on Flare.
As covered by U.Today previously, Enosys recently launched Enosys Loans, a platform designed to mint the stablecoins with FXRP as a collateral.
On Enosys Loans — the friendly fork of Ethereum's popular CDP Liquity v2 — stablecoin minting will be available for FXRP and wFLR depositors with Staked XRP (stXRP) and FlareBTC (FBTC) services incoming.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team