FAssets Open Beta Now Supports Bitcoin Boosting TestBTC Holders Participation

We are happy to inform that TestBTC may now be bridged to Flare Coston using FAssets, developed by Flare Labs. The following functionalities are now available to users at https://fasset-beta.flarelabs.org:

• Mint FTestBTC with TestBTC
• Redeem FTestBTC for TestBTC

With the addition of FBTC compatibility to Bifrost Wallet, TestBTC holders may now participate easily.

The most recent asset added to the FAssets protocol, FTestBTC, is an ERC-20 token on Flare Coston. BTC holders may mint FBTC to access DeFi options including trading, swapping, lending, borrowing, and bridging to other chains once FAssets becomes live on the Flare mainnet.

We will also activate the FBTC pools and dashboard later this week, enabling users to begin contributing to an agent’s TestBTC vault and receiving test rewards in the process.

Why Do We Need to Build FBTC?

FAssets is a decentralized substitute for current BTC bridging solutions, with a focus on trust minimization.

In order to overcome bridging difficulties, FAssets implements:

Overcollateralization: Stablecoins, ETH, FLR, BTC, and other assets overcollateralize the assets. Verifiable economic security is provided by the locked-in smart contracts that guarantee the minted assets may always be redeemed for the underlying assets they represent or reimbursed by collateral.

Flare Time Series Oracle (FTSO): Calculating collateral ratios and providing precise and decentralized price feeds are made possible by Flare’s embedded oracle, FTSO.

Flare Data Connector (FDC): Another one of Flare’s entrenched oracles, FDC reads and verifies the status of other blockchains using independent attestation providers. It transfers payment data to Flare and confirms minters’ payments on linked chains, such as the Bitcoin network. After verification, FAssets (such as FBTC) may be sent to the minter’s account to begin the minting process.

FTestBTC vs FTestXRP

Have you been using FTestXRP to test the Open Beta? If so, you should be good to go since the procedures are rather similar:

1. Selecting an Agent: A list of available agents, together with their vault addresses and related fees, may be seen on the dashboard.
2. Mint Fee: You will pay agents this fee in exchange for minting assets. For example, minting 20 FTestXRP will cost 0.05 FTestXRP if the agent fee is 0.25%.
3. Available Lots: This is the total amount of FTestXRP lots available for minting from each agent.

Key differences:

• Longer wait times due to BTC confirmation periods
• Lot value: 0.0004 BTC = 1 Lot
• Faucet distribution: 0.000049 BTC per request
• TestBTC faucet: https://bitcoinfaucet.uo1.net/
• Please be advised, agents: FTestBTC no longer requires 100% of the requisite underlying assets; instead, it now requires 95%. The lower lot size and longer confirmation time required for Bitcoin transactions are the reasons behind this shift. Participate in the FAssets Agents support group if you have any further queries.

Test away with happiness at https://fasset-beta.flarelabs.org