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FAssets Songbird test milestone: Advancing towards mainnet

Flare Updates
The FAssets Songbird Test has been instrumental in shaping the future of FAssets.

FXRP went live on Songbird on December 18, 2024, followed by FDOGE on January 14, 2025. During this period, we witnessed remarkable participation: almost 12K minting transactions were completed, bridging a total of 676K XRP and 8.9M DOGE to Songbird! We deeply appreciate the patience and support of our community. Each asset underwent rigorous testing on both Coston and Songbird, reinforcing our commitment to doing things the right way. Songbird, with its native token SGB holding real monetary value, serves as an indispensable real-world proving ground. We don’t take shortcuts — we build with integrity and thoroughness.

What coming next:

FXRP Wind-down – Important actions required

  • The wind-down process is one month long, starting on February 24. Upon completion on March 24, the redeem button for FXRP will grey out on the minting sites, disabling the redemption. Therefore, users must redeem FXRP by March 23 at 23:59 UTC.
  • The minting function for FXRP will be disabled on February 24.
  • Redemption actions from February 24 will no longer qualify for FAssets Songbird incentives.
  • Withdraw your collateral (SGB) from the FXRP pools and collect the rewards. If you have less than 1 lot of FXRP, you can withdraw it to your wallet, then swap it to other tokens such as USDX on a DEX.

FBTC on Songbird is coming in late February

FBTC on Songbird retains the same parameters that we have for the other two assets:

  • Controlled Issuance: A $2M minting cap per asset to maintain stability.
  • User protection: Insurance mechanisms in place, with Flare Labs covering losses up to $300,000 in total ($100,000 per asset).
  • Testing period: A minimum of 6 weeks and a maximum of 8 weeks of testing to ensure resilience and robustness.
  • Incentives: $37,142 worth of rFLR incentives distributed every 2 weeks:
    • 80% allocated to both FBTC and FDOGE redeeming.
    • 20% for SGB collateral provision.
    • Additional SGB/WSGB rewards directed to Enosys and BlazeSwap LPs supporting FBTC pools. Learn more about Songbird Test Incentives.

What’s new compared to FBTC on Coston?

  • Updated minting lot size: 0.05.
  • Minting fees: Each agent sets their own minting fees.
  • Redemption fee: The default redemption premium is updated to 2% and the redemption fee to 1%.
  • Underlying seconds for payment: This has been adjusted to 6 hours, giving agents more time to complete the underlying payment during redemption.
  • Note: It takes approximately 1 hour to receive the minted FBTC due to the one-hour Bitcoin confirmation time.

In addition, we now support more wallets. Bifrost users can continue using the FAssets system without the need to switch to MetaMask or Ledger. These new options are simply additional offerings for both existing and new users. For instructions on connecting with a Ledger hardware wallet, please see: https://flare.network/new-flare-app-now-available-for-all-ledger-hardware-wallets

FAssets Mainnet on the horizon

The upcoming launch of FAssets on the mainnet will mark the dawn of a new era—one that bridges the vast liquidity of multi-trillion-dollar markets to decentralized finance. With an overcollateralized model, we are pushing the boundaries of secure and trustless interoperability for non-smart contract assets while staying true to decentralization principles.

As we approach the mainnet launch, incremental increases in minting caps will pave the way for broader liquidity. Even more excitingly, FAssets V2 is set to launch late summer, introducing a design that enables unlimited minting for users—enhancing both accessibility and scalability.

Stay tuned—more details on FAssets V2 and the next phase of our journey will follow soon.

The DeFi hub for XRP, BTC, and DOGE is here, and we’re building it together. Onward to mainnet!

Resources:

https://fassets.au.cc/
https://fasset.oracle-daemon.com/sgb
https://t.me/FlareSupport