FAssets on Songbird
The launch of FAssets on Songbird Canary-Network demonstrates system behavior while paving the way for its next deployment on Flare Mainnet. The primary goals of this test are to ensure the system operates as intended, identify edge cases, refine usability and automation, and incentivize whitehat security researchers to uncover potential code errors.
The test on Songbird Canary-Network will have the following characteristics:
| Parameters | Description |
|---|---|
| FAsset Sequence | XRP will be tested first, followed by either BTC or DOGE. |
| Agent Whitelisting | FAssets agents must be whitelisted by Flare Labs to perform their roles. |
| Caps and Losses | Flare Labs will underwrite up to $300,000 in FAsset issuance to cover any losses resulting from system issues, while imposing a cap of $2 million in issuance per asset. |
| Duration of the Test | Each FAsset will be tested on Songbird for at least 6 weeks until no issues have been found. |
| FAssets Minting dApps | FAssets system users can access the frontend web interface for minting and redeeming: - https://fasset.oracle-daemon.com/sgb - https://fassets.au.cc/ |
| System Integrity and FAsset Pricing | During the Songbird test, restrictions and incentives may cause the FAsset price to deviate from the underlying currency's value. The current focus is on testing system integrity, not price alignment. |
| Vault Collateral | USDX will serve as collateral for FAsset agent vaults. To ensure sufficient support for FAsset issuance and possible liquidations on Songbird, a large amount of USDX has been minted. |
Help improve FAssets
To participate, begin by joining the Flare Network FAssets Songbird Telegram channel or contact [email protected].