Operational Parameters
This page lists the current values for the most important parameters of the FAssets system on the Coston testnet. These values are subject to change as the system is further developed and tested.
Minting and Redeeming
- Songbird
- Coston
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Minting cap Total amount of allowed FAssets in circulation. Once reached, no more FAssets can be minted until some are redeemed. This is intended as a security measure. In the final deployment, this cap will be gradually increased and finally removed. | 100k XRP (~$200k) | 2 BTC (~$200k) | 500k DOGE (~$200k) |
| Lot size Minimum quantity required for minting FAssets. | 100 XRP | 0.1 BTC | 200 DOGE |
| Collateral reservation fee (CRF) Fee applied when reserving collateral for minting. | 0.5% | 0.5% | 0.5% |
| Redemption fee Fee charged during redemption of FAssets. | 0.5% | 0.5% | 0.5% |
| Redemption default premium Premium paid if an agent fails to meet redemption obligations. | 5% | 5% | 5% |
| Redemption default premium source Where does the premium come from when an agent fails to pay the redeemer on time? If the vault CR > 1.1, from the agent's vault. Otherwise, from the agent's vault and the collateral pool. | ✅ | ✅ | ✅ |
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Minting cap Total amount of allowed FAssets in circulation. Once reached, no more FAssets can be minted until some are redeemed. This is intended as a security measure. In the final deployment, this cap will be gradually increased and finally removed. | none | none | none |
| Lot size Minimum quantity required for minting FAssets. | 20 XRP | 0.0004 BTC | 100 DOGE |
| Collateral reservation fee (CRF) Fee applied when reserving collateral for minting. | 0.1% | 0.1% | 0.1% |
| Redemption fee Fee charged during redemption of FAssets. | 0.1% | 0.1% | 0.1% |
| Redemption default premium Premium paid if an agent fails to meet redemption obligations. | 10% | 10% | 10% |
| Redemption default premium source Where does the premium come from when an agent fails to pay the redeemer on time? If the vault CR > 1.1, from the agent's vault. Otherwise, from the agent's vault and the collateral pool. | ✅ | ✅ | ✅ |
Payment Times
- Songbird
- Coston
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Underlying blocks for payment The number of underlying blocks during which the minter or agent can pay the underlying value. | 225 | 12 | 40 |
| Underlying seconds for payment The minimum time allowed for an agent to pay for a redemption or a minter to pay for minting. | 15 minutes | 2 hours | 40 minutes |
| Average block time The average time between two successive blocks on the underlying chain. | 4 seconds | 10 minutes | 1 minute |
| Time of proof availability The amount of time that proofs of payment or nonpayment must be available on the Data Connector. | 1 day | 1 day | 1 day |
| Amount of extra time per redemption The extra amount of time per redemption granted to an agent when many redemption requests occur in a short period of time. | 30 seconds | 60 seconds | 60 seconds |
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Underlying blocks for payment The number of underlying blocks during which the minter or agent can pay the underlying value. | 500 | 10 | 50 |
| Underlying seconds for payment The minimum time allowed for an agent to pay for a redemption or a minter to pay for minting. | 15 minutes | 2 hours | 50 minutes |
| Average block time The average time between two successive blocks on the underlying chain. | 2 seconds | 10 minutes | 1 minute |
| Time of proof availability The amount of time that proofs of payment or nonpayment must be available on the Data Connector. | 1 day | 1 day | 1 day |
| Amount of extra time per redemption The extra amount of time per redemption granted to an agent when many redemption requests occur in a short period of time. | 30 seconds | 60 seconds | 60 seconds |
Collateral Ratios
- Songbird
- Coston
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Backing factor The percentage of underlying assets that must be actively backed at any time. | 98% | 99% | 95-98% |
| Vault collateral Types of collateral required in the agent's vault. | |||
| • Supported types Collateral types allowed in the vault. | USDX | USDX | USDX |
| • Minimal CR The minimum collateral ratio required to avoid liquidation. | 1.2 | 1.2 | 1.2 |
| • Collateral call band CR The threshold at which collateral is considered unhealthy but liquidation is delayed. | 1.1 | 1.1 | 1.1 |
| • Safety CR The collateral ratio required to exit liquidation mode. | 1.3 | 1.3 | 1.3 |
| Pool collateral Types of collateral required in the collateral pool. | |||
| • Supported types Collateral types allowed in the pool. | SGB | SGB | SGB |
| • Minimal CR The minimum collateral ratio required for pool collateral to avoid liquidation. | 1.5 | 1.5 | 1.5 |
| • Collateral call band CR The threshold at which pool collateral is considered unhealthy but liquidation is delayed. | 1.4 | 1.4 | 1.4 |
| • Safety CR The collateral ratio required for pool collateral to exit liquidation mode. | 1.6 | 1.6 | 1.6 |
| Minting pool holdings required Minimum amount of pool tokens an agent must hold to be able to mint, as a percentage of the FAssets the agent is currently backing. Unlike pool and vault collateral ratios, if the agent's pool tokens go below this threshold, the agent does not go into liquidation, they just can't mint. | 50% | 50% | 50% |
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Backing factor | 100% | 95% | 100% |
| Vault collateral | |||
| • Supported types | USDC, USDT, simulated WETH | USDC, USDT, simulated WETH | USDC, USDT, simulated WETH |
| • Minimal CR | 1.4 | 1.4 | 1.4 |
| • Collateral call band CR | 1.3 | 1.3 | 1.3 |
| • Safety CR | 1.5 | 1.5 | 1.5 |
| Pool collateral | |||
| • Supported types | CFLR | CFLR | CFLR |
| • Minimal CR | 2.0 | 2.0 | 2.0 |
| • Collateral call band CR | 1.9 | 1.9 | 1.9 |
| • Safety CR | 2.1 | 2.1 | 2.1 |
| Minting pool holdings required Minimum amount of pool tokens an agent must hold to be able to mint, as a percentage of the FAssets the agent is currently backing. Unlike pool and vault collateral ratios, if the agent's pool tokens go below this threshold, the agent does not go into liquidation, they just can't mint. | 50% | 50% | 50% |
Liquidation
- Songbird
- Coston
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| CCB time Maximum time an agent can remain in CCB before liquidation starts. | 600 seconds | 600 seconds | 600 seconds |
| Liquidation premium Increases in steps, as time passes. | Step 1: 4% Step 2: 8% Step 3: 12% | Step 1: 4% Step 2: 8% Step 3: 12% | Step 1: 4% Step 2: 8% Step 3: 12% |
| Liquidation step time Elapsed time before the liquidation premium advances to the next step. | 300 seconds | 300 seconds | 300 seconds |
| Liquidation source Where do the funds come from to pay for liquidations? | |||
| • Liquidated value | The agent's vault | The agent's vault | The agent's vault |
| • Premium | The collateral pool | The collateral pool | The collateral pool |
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| CCB time Maximum time an agent can remain in CCB before liquidation starts. | 180 seconds | 180 seconds | 180 seconds |
| Liquidation premium Increases in steps, as time passes. | Step 1: 5% Step 2: 10% Step 3: 15% | Step 1: 5% Step 2: 10% Step 3: 15% | Step 1: 5% Step 2: 10% Step 3: 15% |
| Liquidation step time Elapsed time before the liquidation premium advances to the next step. | 180 seconds | 180 seconds | 180 seconds |
| Liquidation source Where do the funds come from to pay for liquidations? | |||
| • Liquidated value | The agent's vault | The agent's vault | The agent's vault |
| • Premium | The collateral pool | The collateral pool | The collateral pool |
Default Agent Settings
These are the default values for the agent bot provided by the Flare foundation. Agents are free to adjust these settings as they see fit.
- Songbird
- Coston
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Minting fee | 1% | 1% | 1% |
| Pool share | 30% | 30% | 30% |
| Minting CR | |||
| • Agent vault | 1.3 | 1.3 | 1.3 |
| • Collateral pool | 1.6 | 1.6 | 1.6 |
| Exit CR | 1.6 | 1.6 | 1.6 |
| Top-up CR | 1.5 | 1.5 | 1.5 |
| • Top-up discount | 0.5% | 0.5% | 0.5% |
| Discount for agent self-close In a self-close exit, the pool token holder burns FAssets to increase pool CR enough to enable the exit. Usually, the burned FAssets are redeemed in the normal redemption process. However, if the closed amount is less than 1 lot, or on explicit request, the agent buys the underlying assets (at a discounted FTSO price, to compensate the agent for possible price fluctuations) and pays the exiting token holder in vault collateral. | 1% | 1% | 1% |
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Minting fee | 0.25% | 0.25% | 0.25% |
| Pool share | 40% | 40% | 40% |
| Minting CR | |||
| • Agent vault | 1.6 | 1.6 | 1.6 |
| • Collateral pool | 2.3 | 2.3 | 2.3 |
| Exit CR | 2.3 | 2.3 | 2.3 |
| Top-up CR | 2.1 | 2.1 | 2.1 |
| • Top-up discount | 10% | 10% | 10% |
| Discount for agent self-close In a self-close exit, the pool token holder burns FAssets to increase pool CR enough to enable the exit. Usually, the burned FAssets are redeemed in the normal redemption process. However, if the closed amount is less than 1 lot, or on explicit request, the agent buys the underlying assets (at a discounted FTSO price, to compensate the agent for possible price fluctuations) and pays the exiting token holder in vault collateral. | 1% | 1% | 1% |
Rewarding
- Songbird
- Coston
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Challenger reward After a successful challenge for an illegal operation, the agent goes into full liquidation and the challenger is paid this reward from the agent's vault. | 250 USD converted to vault collateral | 250 USD converted to vault collateral | 250 USD converted to vault collateral |
| Confirmation by others If an agent or redeemer becomes unresponsive, anybody can confirm payments and non-payments some time after the request was made, and get a reward from the agent's vault. | |||
| • Minimum time | 2 hours | 4 hours | 4 hours |
| • Reward | 50 USD (converted to vault collateral) | 50 USD (converted to vault collateral) | 50 USD (converted to vault collateral) |
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Challenger reward After a successful challenge for an illegal operation, the agent goes into full liquidation and the challenger is paid this reward from the agent's vault. | 300 USD converted to vault collateral | 300 USD converted to vault collateral | 300 USD converted to vault collateral |
| Confirmation by others If an agent or redeemer becomes unresponsive, anybody can confirm payments and non-payments some time after the request was made, and get a reward from the agent's vault. | |||
| • Minimum time | 2 hours | 4 hours | 4 hours |
| • Reward | 100 USD converted to vault collateral | 100 USD converted to vault collateral | 100 USD converted to vault collateral |
Time Locks
These settings are far shorter in the beta phases than in the final version, in order to be able to perform quick experiments.
- Songbird
- Coston
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Agent withdrawal time lock Agent has to announce any collateral withdrawal or vault destruction and then wait this time before executing it. | 1 hour | 1 hour | 1 hour |
| Maximum governance update frequency Minimum amount of time between updates of any governance setting. | 1 day | 1 day | 1 day |
| Token invalidation time Time between the moment a token is deprecated by governance and it becomes invalid. Agents still using it as vault collateral get liquidated after this time. | 1 day | 1 day | 1 day |
| Agent exit available time lock The time the agent has to wait after announcing exit from the list of publicly available agents and executing the exit. | 3 hours | 3 hours | 3 hours |
| Agent fee change time lock The time the agent has to wait between announcing and changing the agent fee or the pool share. | 1 day | 1 day | 1 day |
| Agent minting CR change time lock The time the agent has to wait between announcing and changing the minting CR (vault or pool). | 1 hour | 1 hour | 1 hour |
| Pool exit and top-up change time lock The time the agent has to wait between announcing and changing any pool exit and top-up settings. | 1 day | 1 day | 1 day |
| Agent time-locked operation window Once the above time locks expire, agents have this amount of time to execute the requested operation. | 2 hours | 2 hours | 2 hours |
| Collateral pool token time lock Amount of seconds that a user entering the collateral pool must wait before spending (exit or transfer) the obtained pool tokens. | 60 seconds | 60 seconds | 60 seconds |
| Minimum diamond-cut time lock Amount of time that must elapse before the system performs a diamond cut. | 1 hour | 1 hour | 1 hour |
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Agent withdrawal time lock Agent has to announce any collateral withdrawal or vault destruction and then wait this time before executing it. | 60 seconds | 60 seconds | 60 seconds |
| Maximum governance update frequency Minimum amount of time between updates of any governance setting. | 60 seconds | 60 seconds | 60 seconds |
| Token invalidation time Time between the moment a token is deprecated by governance and it becomes invalid. Agents still using it as vault collateral get liquidated after this time. | 1 day | 1 day | 1 day |
| Agent exit available time lock The time the agent has to wait after announcing exit from the list of publicly available agents and executing the exit. | 60 seconds | 60 seconds | 60 seconds |
| Agent fee change time lock The time the agent has to wait between announcing and changing the agent fee or the pool share. | 120 seconds | 120 seconds | 120 seconds |
| Agent minting CR change time lock The time the agent has to wait between announcing and changing the minting CR (vault or pool). | 120 seconds | 120 seconds | 120 seconds |
| Pool exit and top-up change time lock The time the agent has to wait between announcing and changing any pool exit and top-up settings. | 120 seconds | 120 seconds | 120 seconds |
| Agent time-locked operation window Once the above time locks expire, agents have this amount of time to execute the requested operation. | 1 hour | 1 hour | 1 hour |
| Collateral pool token time lock Amount of seconds that a user entering the collateral pool must wait before spending (exit or transfer) the obtained pool tokens. | 60 seconds | 60 seconds | 60 seconds |
| Minimum diamond-cut time lock Amount of time that must elapse before the system performs a diamond cut. | 2 hours | 2 hours | 2 hours |
Emergency Pause
- Songbird
- Coston
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Emergency pause The maximum time for a pause triggered by governance or some other entity. | 3 days | 3 days | 3 days |
| Emergency pause reset The amount of time since the last emergency pause. After it has elapsed, the pause duration counter automatically resets. | 1 week | 1 week | 1 week |
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Emergency pause The maximum time for a pause triggered by governance or some other entity. | 1 day | 1 day | 1 day |
| Emergency pause reset The amount of time since the last emergency pause. After it has elapsed, the pause duration counter automatically resets. | 1 week | 1 week | 1 week |
FAssets Upgrade
- Songbird
- Coston
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Buyback collateral premium The premium at which agents can buy back their collateral when f-asset is terminated. | 0.5% | 0.5% | 0.5% |
| Burn collateral premium The premium at which agents can burn collateral to unstick a minting process. | 0% | 0% | 0% |
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Buyback collateral premium The premium at which agents can buy back their collateral when f-asset is terminated. | 0.3% | 0.3% | 0.3% |
| Burn collateral premium The premium at which agents can burn collateral to unstick a minting process. | 0% | 0% | 0% |
Transfer Fees
- Songbird
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Transfer fee represented as a fraction of one millionth of the transferred amount The fee on FAsset token transfer. Each transfer has this value times the transferred amount deducted from its value. The fees get deposited into epochs that are claimable by agents depending on their minting history. | 0 | 0 | 0 |
| Maximum Unexpired Epochs for Transfer Fee Claims The number of epochs to pass before the fees get transferred to new epochs. | 30 | 30 | 30 |
| Epoch Duration in Seconds for Transfer Fee Claims Duration of each reward epoch. | 3.5 days | 3.5 days | 3.5 days |
| Start Timestamp for First Transfer Fee Claim Epoch The first reward epoch timestamp. | 1733122800 (Mon Dec 02 2024 07:00:00 GMT) | 1733122800 (Mon Dec 02 2024 07:00:00 GMT) | 1733122800 (Mon Dec 02 2024 07:00:00 GMT) |
Handshake
- Songbird
| Parameter | XRP | BTC | DOGE |
|---|---|---|---|
| Collateral Reservation Timeout Time after which collateral reservation can be canceled if the handshake isn't completed. | 60 seconds | 60 seconds | 60 seconds |
| Redemption Request Rejection Window Time window within which the agent can reject a redemption request. | 120 seconds | 120 seconds | 120 seconds |
| Redemption Request Takeover Window Time window during which another agent can take over a rejected redemption request. | 120 seconds | 120 seconds | 120 seconds |
| Vault Collateral Compensation Factor Portion of compensation factor paid from the agent's vault collateral during redemption rejection. | 1.01 | 1.01 | 1.01 |
| Pool Collateral Compensation Factor Portion of compensation factor paid from the pool collateral during redemption rejection. | 0 | 0 | 0 |