FAssets Set To Introduce New Purposes For XRP

XRP continues to get more adoption and expansion through additional developments. Recently, the research team behind Flare Network, Flare Labs, revealed its move to introduce new purposes for XRP.

With the new development, XRP holders could earn yields on their tokens. Also, the move will create a bridge for the token users to explore other EVM networks via LayerCake.

New Purpose For XRP And Other Crypto Tokens

Flare Labs has been committed to its goal of making a positive impact in the crypto industry. This led to the creation of the FAssets protocol.The crypto project is focused on bringing smart contract functionalities to crypto assets that originally lacked support for smart contracts.

Some prominent tokens in this class include Bitcoin (BTC) and XRP. Following the launch of its private Beta testing for FAsset protocol, Flare Labs stated the benefits of its project.

According to its post on the X platform on December 11, the firm announced giving a new purpose to XRP and other crypto tokens.

The #FAssets system will give your BTC, XRP & DOGE a new purpose.

Earn yield in dapps on #Flare or bridge to other ecosystems using #LayerCake, our insured-in-transit bridging and cross-network composability protocol.

https://t.co/11su9sWLIQ pic.twitter.com/FPx5aWAuTp

- Flare Labs (@Flare_Labs) December 11, 2023

In its statement, the company noted that users have a lot to enjoy from the possibilities that come with FAssets. These include yield earning and bridging their crypto holdings to other EVN networks.

The project team stated:

Earn Yield in dapps on #Flare or bridge to other ecosystems using #LayerCake, our insured-in-transit bridging and cross-network composability protocol.

Once users unlock XRP and others as FAssets, they can leverage their new forms for various purposes, which is only possible through the use of smart contracts.

Flare Network Opens More Doors Of Possibilities Via FAssets

Flare Labs launched the private Beta testing of its crypto project on Flare's Coston testnet last week. This testing phase comes with great similarities to the real case uses of the project. Further, it allows users to mint some tokens on Flare as FAssets, including BTC and XRP.

Also, the company mentioned that FAssests can unlock up to $800 billion worth of crypto assets. Flare Network has many projects that are developed on the platform, including multiple dApps.

As of December 2022, a total of 42 projects existed on the network.

However, Flare has recorded over 566% increase as the number of projects rose to 280 this year. Notably, most projects enable users to earn yields from staking their tokens and engaging in other DeFi activities.

Crypto enthusiasts can scale their earnings using the protocol after minting their XRP and others as FAssets.

Alternatively, users could explore yield earning from dApps on other EVN networks like Ethereum, Polygon, Cosmos, and Avalanche. Flare Labs offers customers the opportunity to bridge their FAssets to other blockchains.

Other blockchains available for Flare Network users are Binance Smart Chain (BSC), Solana, and Cardano.

The Flare team indicated that Flare's cross-network protocol, LayerCake, provides the anchor for FAssets bridging to other blockchains.Moreover, the team mentioned that the bridge protocol will offer solutions to issues regarding security, lack of liquidity, and centralization.

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