Flare Labs launches FAssets beta test on Coston testnet

According to official news, Flare Labs has launched a private beta test of FAssets on the Coston test network. Initial testing will cover all major components and key user scenarios. The FAssets system will allow non-smart contract tokens (such as BTC, XRP, and DOGE) to be used trustlessly with smart contracts on Flare. By minting these non-smart contract tokens into FAssets, users can use them to earn revenue or rewards in DApps on the Flare network. Initial testing of the FAssets system will take place on the Coston test network, followed by implementation on the Songbird canary network before being fully integrated into the Flare main network. Once FAssets are online on the Flare mainnet, in addition to earning DeFi revenue, users and DApps can also earn FLR tokens from the cross-chain incentive pool as a reward for bringing sustainable value to Flare.