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FAsset Instructions

In this guide, we will take a closer look at the Flare Smart Accounts instructions related to FAssets. FAsset is a trustless, over-collateralized bridge between XRPL and the Flare chain. The FXRP is a token representation of XRP on the Flare chain. FAssets allow XRPL users to partake in Flare's DeFi ecosystem using their XRP assets, without exchanging them for the FLR token.

Several steps of the FAsset process are performed as transactions on the Flare chain, which requires users to hold FLR tokens for paying gas fees. The Flare Smart Accounts sidestep this by allowing XRPL users to trigger these actions through Payment transactions on XRPL. Thus, they eradicate completely the need for XRPL users to hold any non-XRPL assets.

You can learn more about the FAssets in the dedicated section.

01 Deposit​

Deposit an amount of FXRP from your account into the Firelight vault depositVault. The address depositVault is designated by the MasterAccountController contract, and the amount is read from the last 31 bytes of the payment reference.

A deposit payment reference is the 32-byte value:

  • byte representation of 02 on the first byte,
  • byte representation of the amount number on the other 31 bytes.
Breakdown of bytes in payment reference for the deposit actionBreakdown of bytes in payment reference for the deposit action

02 Withdraw​

The first part of the withdrawal process from a Firelight vault.

Initiate a withdrawal request of an amount of FXRP from the Firelight vault depositVault. The address depositVault is designated by the MasterAccountController contract, and the amount is read from the last 31 bytes of the payment reference.

A withdraw payment reference is the 32-byte value:

  • byte representation of 02 on the first byte,
  • byte representation of the amount number on the other 31 bytes.
Breakdown of bytes in payment reference for the withdraw actionBreakdown of bytes in payment reference for the withdraw action

03 Approve (deprecated)​

Approval has been integrated into the deposit action and is now deprecated.

Approve the depositVault address to withdraw an amount of FXRP from your smart account. The address depositVault is designated by the MasterAccountController contract, and the amount is read from the last 31 bytes of the payment reference.

A withdraw payment reference is the 32-byte value:

  • byte representation of 03 on the first byte,
  • byte representation of the amount number on the other 31 bytes.
Breakdown of bytes in payment reference for the approve actionBreakdown of bytes in payment reference for the approve action

04 Redeem​

Redemption is the process of converting FXRP back to XRP. A number of lots of FXRP are burned, and the same number of lots of XRP is returned to the user's XRPL account.

The process is performed by an executor with executorFee (explained in the minting guide); both of these are defined by the MasterAccountController contract. The lots and agentVault values are both read from the payment reference.

A redeem payment reference is the 32-byte value:

  • byte representation of 04 on the first byte,
  • 19 empty bytes,
  • byte representation of the lots number on the last 11 bytes.
Breakdown of bytes in payment reference for the redeem actionBreakdown of bytes in payment reference for the redeem action

05 Reserve collateral​

Collateral reservation is the first step in the FAssets minting process. In anticipation of the transfer of XRP to the agent's underlying address on XRPL, a portion of its collateral is locked to prevent accidental under-collateralization. Since this action happens on the Flare chain, the gas fees need to be paid in the native FLR token.

The reserveCollateral action reserves a number of lots of collateral of the agentVault. The process is performed by an executor with executorFee (explained in the minting guide); both of these are defined by the MasterAccountController contract. The lots and agentVault values are both read from the payment reference.

A reserveCollateral payment reference is a 32-byte value:

  • byte representation of 05 on the first byte,
  • agentVault address on the next 20 bytes,
  • byte representation of the lots number on the last 11 bytes.
Breakdown of bytes in payment reference for the reserve collateral actionBreakdown of bytes in payment reference for the reserve collateral action

06 Claim withdraw​

The second part of the withdrawal process from the Firelight vault. Claim the pending withdrawal from the Firelight depositVault, specified by the MasterAccountController contract. The assets are transferred to the user's smart account. The action can only be performed after one full period has passed.

A reserveCollateral payment reference is a 32-byte value:

  • byte representation of 06 on the first byte,
  • 31 empty bytes.
Breakdown of bytes in payment reference for the claim withdraw actionBreakdown of bytes in payment reference for the claim withdraw action