Flare Launches FAssets v1.1 on Songbird, Unlocking Scalable FXRP Utility

Flare Network has officially launched FAssets v1.1 on the Songbird testnet, marking a key upgrade to support scalable and capital-efficient use of FXRP in decentralized finance (DeFi). The new release introduces the Core Vault, a major innovation that enhances capital efficiency by freeing up previously locked collateral and resolving bottlenecks in the minting process.

FAssets, including FXRP, are designed to bring non-smart contract tokens like Bitcoin and Dogecoin into the DeFi ecosystem. With this update, agents can now deposit XRP directly into a Core Vault address on the XRP Ledger, which automatically unlocks FLR collateral on Songbird, enabling minting without additional capital.

The Core Vault infrastructure incorporates high-level security, using time-locked escrow accounts and multi-signature mechanisms maintained by trusted ecosystem members. Flare has also completed several smart contract audits and initiated an active bug bounty program through Immunefi to ensure reliability.

Hugo Philion, Co-founder and CEO of Flare, emphasized that this upgrade empowers XRP to fully participate in composable DeFi, stating, “FXRP isn’t just a wrapper — it’s how XRP becomes usable in a DeFi world.”

Initially, minting will be capped at 750,000 FXRP, with gradual scaling planned to meet network demand. A bi-weekly incentive program through the Flare Portal will distribute rFLR rewards to FXRP liquidity providers and SGB collateral contributors. Moreover, Flare is set to airdrop $135,000 worth of rFLR on May 21 to the top 10,000 early testers from the Coston network.

With FAssets v1.1, Flare strengthens its commitment to integrating major non-smart contract assets like XRP into the expanding DeFi landscape, paving the way for lending, staking, and cross-chain yield farming on its upcoming mainnet.