Flare has announced that FAssets v1.1 is now available on the Songbird network, as it brings a major upgrade meant to improve the FXRP utility and scalability.
Flare has announced that FAssets v1.1 is now available on the Songbird network. As it brings a major upgrade meant to improve the FXRP utility and scalability, a new system called Core Vault has been integrated to repurpose locked collateral, eliminate minting constraints, and enable XRP’s integration into decentralized finance.
FAssets are meant to bridge non-smart contract-based tokens like Bitcoin and Dogecoin to be used in DeFi environments. XRP is the first asset to be added on board under the revised framework. The v1.1 update enables agents to deposit XRP to a Core Vault right on the XRP Ledger.
The process immediately releases previously bonded FLR collateral on Songbird. This allows minting operations to continue without injecting fresh liquidity. The several protective layers are the escrow accounts with a time limit and multi-signature environment that is maintained by experienced participants of the Flare ecosystem.
The platform has gone through auditing steps, and a continuous bug bounty is now available on Immunefi to further ascertain integrity of the system.
Hugo Philion, the Co-founder and CEO of Flare, explained why it is important for XRP. According to him, the latest upgrade is ultimately all about giving Ripple’s XRP real utility. He added, “XRP is the third largest crypto asset, excluding Tether—it’s a vast asset. It would be idiotic for us not to build a protocol that serves it. FXRP isn’t just a wrapper—it’s how XRP becomes usable in a composable DeFi world.”
For further context, FXRP minting starts with a limited supply of 750,000 tokens, with the vision of increasing it gradually. Flare is also starting a bi-weekly rewards initiative through the Flare Portal, with rFLR given to collateral suppliers and liquidity providers.
Moreover, on May 21, an airdrop of $135,000 worth rFLR will be shared out to 10,000 early Coston testnet participants.
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