Flare has opened beta testing of its FAssets system to the public, experiencing huge success, with 937,000 XRP tokens minted in over 2,000 mintings on the first day.
The FAsset system is a project by Flare Networks that seeks to introduce smart contract functionality into cryptocurrencies that do not natively support them on their blockchains. This innovation could create new features for these digital assets, with XRP at the forefront of this effort.
Flare witnesses impressive statistics with the FXRP test
Specifically, the protocol works by allowing users to mint tokens like XRP as FAssets on the Flare Network, thus connecting them to the smart contract scene and multichain web3 protocols supported by Flare. The group stressed out last December that the project could help unlock $800 billion in cryptocurrency value.
Hugo Philion, co-founder and CEO of Flare Labs, recently shared a screenshot capturing FXRP’s impressive results on its inaugural day of open public beta testing. These feats come a day after the Flare team opened beta testing to the public on June 17.
The first day and it’s just a test! pic.twitter.com/Gq6iuZsKBx
— Hugo Philion ☀️ (@HugoPhilion) June 18, 2024
The statistics reveal a staggering 2,213 coins and 937,400 FtestXRP minted. Additionally, there were 2,939 redemptions for a total of 303,800 FtestXRP redeemed. 51 agents also participated in the platform, of which 43 remained available at the end of the day.
The success of this inaugural test caught the attention of the XRP community, with media personality Eri highlighting it as a landmark development. He highlighted that with nearly five million XRP wallets available and such active participation on day one, it is clear that the interest and growth potential is immense.
*Day One* @FlareNetworks #FAsset numbers with #XRP (FtestXRP) 👉 incredible
2,213 ticks
937.4k FtestXRP🤯
2,939 redemptions
303.8k total redeemed FtestXRP🎉
51 agents made available / 43 agents available
Given the nearly 5 million wallets and first day activity, we can scale… https://t.co/wkYaaHlsmN— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) June 18, 2024
How to test the FAsset system for XRP
For those who don’t know, the private beta testing phase started on Coston’s testnet last November, marking a crucial step in the FAssets development process. The team opened public beta testing on June 4, but limited it to the agent onboarding process. Now, the public beta is now open to everyone.
The Flare team is trying to strengthen convenience for anyone looking to mint FtestXRP tokens at this point that the actual dashboard dedicated to the FAsset protocol has not been launched. They have introduced a demo dApp compatible with the Bifrost Wallet self-custodial multi-chain wallet for minting and redeeming proof tokens.
Any market trader interested in testing the process will need to create an account with Bifrost Wallet and enable developer mode. Additionally, they would need to source testXRP and Coston Flare (CFLR) tokens. Backers can get these tokens for free as they have monetary value. Interested parties will find a more detailed step-by-step guide on the site Flare official page.
