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🚨 MUST WATCH VIDEO! 🚨 What Are F-Assets? ⤵️ #FlareNetwork
Video Transcript AI Summary
The total value of public blockchain assets is around $1 trillion, but over 70% of this value comes from tokens that can't support smart contracts. Flare Labs has developed the fAsset system, which allows assets like Bitcoin, XRP, and Dogecoin to be used in smart contracts on Flare. Minting these tokens as EF assets lets them earn rewards in DeFi and other decentralized applications. Developers can access this untapped value and gain new users through the Flare Time Series Oracle for price feeds and the stake connector for transaction verification. F assets are backed by three asset types and are minted and redeemed through independent agents, ensuring trustlessness. Holders of f assets on Flare also earn FLR from the cross-chain incentive pool.
Full Transcript
Speaker 0: Today, the total value of all public blockchain assets is approximately a $1,000,000,000,000. However, more than 70% of this value is made up of tokens from blockchains that can't support smart contracts, a critical requirement for decentralized applications. The fAsset system developed by Flare Labs allows these assets such as Bitcoin, XRP, and Dogecoin to be used trustlessly in smart contracts on Flare. Minting these tokens as EF assets enables them to earn rewards in DeFi and other types of decentralized applications. Once EF assets are minted on Flare, they can also be bridged to other networks using Layer Cake.
For developers, this means secure, trustless access to a vast amount of currently untapped value and new potential users. Firstly, the Flare Time Series Oracle for decentralized price feeds, and secondly, the stake connector, trustless verification of transactions on the underlying chain. F assets are backed by 3 asset types, the underlying, Flare native token collateral and either stablecoin or wrapped ether collateral. The process of minting and redeeming our facets is supported by independent agents. Their role in the system is secured through over collateralization, removing the need to trust any counterparty.
To Mint f assets, the minter must first select an agent and pay them a small fee to reserve the required collateral. The minter then sends the agent the underlying asset with the stake connector used to prove the transaction has taken place on the other chain. With the payment verified, the f assets are then minted as ERC 20 tokens on Flare. These tokens can be used within DeFi on Flare bridge to another chain. FAssets unlocks the value of non smart contract tokens.
Unlike many wrapped asset systems, f assets are trustless, meaning there's no centralized entity involved in the process. Holders of f assets Flare will also earn FLR from the cross chain incentive pool for bringing value onto the Flare Network
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https://flare.network/beta-testing-of-fassets-has-commenced-on-flares-coston-testnet/
Beta testing of FAssets has commenced on Flare’s Coston testnet
The FAssets system allows non-smart contract tokens such as BTC, XRP & DOGE to be used trustlessly with smart contracts on Flare.
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