FAssets Open Beta adds Bitcoin support
Flare Labs, a decentralization software platform, has announced that users can now bridge Test Bitcoin (TestBTC) to the Flare Coston network, according to the most recent updates disclosed to Finbold on Tuesday, September 3.
Through the FAssets Open Beta protocol, users can mint and redeem FTestBTC with TestBTC.
New TestBTC updates
In addition, the Bifrost Wallet has integrated support for FBTC to ensure a smoother experience within the ecosystem.
FTestBTC, an ERC-20 token on Flare Coston, is the latest asset added to the FAssets protocol.
Once FAssets goes live on the Flare mainnet, Bitcoin (BTC) holders will be able to mint FBTC and explore a wide range of decentralized finance (DeFi) opportunities, including trading, swapping, lending, borrowing, and bridging to other blockchain networks.
Later this week, Flare Labs will further enhance the experience by activating the FBTC pools and dashboard, allowing users to contribute to the TestBTC vault of an agent and earn test rewards.
FAssets Open Beta reset completed ✅
Welcome to the official dashboard: https://t.co/AM4i9nsXjY
This guide highlights the key features of the FAssets Open Beta🔓 pic.twitter.com/KosNU7neI4
— Flare ☀️ (@FlareNetworks) August 26, 2024
Addressing BTC bridging issues
The FAssets protocol is designed to address the limitations of existing BTC bridging solutions.
As a trust-minimized BTC bridge, FAssets ensures verifiable economic security by overcollateralizing assets, including BTC, Ethereum (ETH), and Flare (FLR).
These assets are locked in smart contracts, and users can redeem the minted FAssets for the underlying assets or be compensated by collateral.
The Flare Time Series Oracle (FTSO) plays a crucial role in the process by providing accurate and decentralized price feeds and collateral ratio calculations.
Additionally, the Flare Data Connector (FDC) uses independent attestation providers to verify blockchain states and confirm payments on connected chains.
Once verified, the minting process sends FAssets (such as FBTC) to the minter’s account.
Transitioning to FTestBTC
Transitioning to FTestBTC, users can choose an agent from the dashboard, pay a mint fee, and check available lots.
However, there are some differences, such as longer wait times due to BTC confirmation periods and a smaller lot size (0.0004 BTC = 1 Lot).
It’s also important to note that the required underlying assets for FTestBTC have been adjusted from 100% to 95% due to the smaller lot size and longer confirmation times.
