In a groundbreaking move set to redefine the dynamics of the cryptocurrency market, Flare Network is poised to launch its transformative FAssets system. This innovative initiative aims to unleash the previously inaccessible potential of non-smart contract tokens, such as XRP, Bitcoin, and Dogecoin, within the realm of decentralized applications (DApps). Notably, this evolution could unlock a staggering $800 billion in untapped crypto assets.

The digital asset landscape has been hampered by a significant limitation—more than 70% of the value comprises tokens from blockchains incapable of supporting smart contracts. Enter Flare Network’s FAssets system, a groundbreaking solution designed to bridge this gap. The absence of smart contract functionality in these tokens has hindered their participation in the burgeoning decentralized finance (DeFi) ecosystem.

The core principle of the FAssets system lies in its ability to mint non-smart contract tokens as FAssets on the Flare Network. This transformation empowers users, enabling them to seamlessly engage in DeFi activities, earn yields, and unlock an abundance of previously dormant value within these assets. Moreover, this revolutionary system isn’t limited to the Flare Network alone; it facilitates the bridging of minted tokens to other networks using the LayerCake infrastructure.

What sets the FAssets system apart is its emphasis on trustlessness—a feature that distinguishes it from other wrapped asset systems for non-smart contract tokens. Users can partake in smart contracts without the risks associated with centralized intermediaries. This security is achieved through the utilization of Flare’s native data acquisition protocols, ensuring decentralized price feeds via the Flare Time Series Oracle and trustless transaction verification via the Stake Connector on the underlying chain.

Backing the FAssets are three essential asset types: the underlying asset, collateral in the form of Flare’s native token, and either stablecoin or wrapped Ethereum collateral. The minting and redeeming processes are facilitated by independent agents, ensuring a robust and secure system that resonates with the ethos of decentralization.

A significant aspect of the FAssets system lies in its compatibility with DeFi frameworks and other chains. These FAssets are minted as ERC20 tokens on the Flare Network, ready to be utilized within DeFi protocols or seamlessly bridged to various blockchain networks, amplifying their utility and accessibility.

The private Beta of FAssets is currently active on Flare’s Coston testnet, showcasing the practicality and potential of this revolutionary system. As the crypto market evolves, Flare Network’s FAssets system promises to democratize access to value creation, expand the utility of non-smart contract tokens, and foster a more inclusive and vibrant decentralized financial ecosystem.

The current crypto landscape boasts a total value surpassing a trillion dollars, with a significant portion – over 70% – represented by tokens from blockchains that lack smart contract capabilities. However, the absence of smart contract functionality poses a critical limitation for decentralized applications (DApps).

Addressing this pressing challenge head-on, Flare Labs introduces the innovative “FAssets system.” This groundbreaking solution empowers non-smart contract tokens, including XRP, Bitcoin, and Dogecoin, to actively participate in DApps by minting them as FAssets on the Flare Network. This pivotal move enables users to engage in decentralized finance (DeFi), unlocking substantial untapped value and yielding lucrative returns.

Currently, the private Beta of the FAssets system is operational on Flare’s