ELON fires DOGE price

Yesterday, Flare Labs introduced FAssets V1.1. Here is a product update: 🔹 Identifiable entities are cooperating with the Flare Foundation to decentralize the Core Vault in V1.1 🔹 Flare Labs is finalizing code changes and kicking off audits 🔹Next up: FXRP V1.1 launch on Songbird FAssets V1 incentivized testing is ongoing! The 7th bi-weekly $37K reward was distributed yesterday. Both FXRP and FDOGE redemptions still qualify for the lottery. 🎟️ 🔗 Learn more:

TLDR: We have been working away at Flare Labs and there will be an FXRP protocol on Flare that can enable unlimited minting well before late summer. Papers and full information soon. ————— Songbird has shown that FAssets V1 is too capital intensive. As a result not enough FXRP, FDOGE etc can be minted. I previously said that FAssets V1 would launch in March on Flare and V2 would launch in late Summer. What I didn’t know when I posted was that we would make good progress internally on V1.1 of FXRP. V1.1 of FXRP is a step between V1 which is constrained by capital and V2 which is not. V1.1 of FXRP can allow unlimited minting of FXRP. As a result we won’t launch V1 on Flare. We will move directly to V1.1 after it has been tested on Songbird. Most of the codebase is the same so it will not need the same length of testing as V1 FAssets. This means that there will be an FXRP protocol on Flare that can allow unlimited minting well before late summer. This path is absolutely necessary as XRP staking will also go live around the time that FXRP V1.1 does and there must be a viable market on Flare between FXRP and the XRP Liquid Staked Token (LST). Only FXRP V1.1 can enable this. As a side note, we won’t be launching V1 of FDOGE or FBTC on Flare. We will be moving directly to V2 with those assets as the first launch - ie late summer. We can build V1.1 of FXRP due only to the escrow functionality available on XRPL. Seperately because of the increased capital efficiency of V1.1 of FXRP there is no reason for it not to remain on Songbird after it has been tested and launched on Flare. The same goes for V2’s of XRP, BTC and DOGE.

Want to test FAssets a few more times before the mainnet launch? You're invited to try and earn from the $37K biweekly rFLR rewards (next distribution ~Monday)! FXRP is very popular, but try minting FDOGE 🐕 > >

In a few days, some of you will receive the third batch of FAssets Songbird test rewards. A new feature has been introduced: a lottery system to make supporting FAssets even more fun 🎟 Here's how the lottery works: