TestBTC can now be seamlessly bridged to Flare Coston via FAssets, marking a significant development from Flare Labs. Starting today, users have the opportunity to explore new possibilities by visiting the FAssets Open Beta at fasset-beta.flarelabs.org.
New Capabilities for TestBTC Users
With this update, TestBTC holders can now access several exciting features:
Mint FTestBTC: Convert your TestBTC into FTestBTC, an ERC-20 token on Flare Coston, and gain exposure to the DeFi ecosystem on Flare.
Redeem FTestBTC: Easily swap your FTestBTC back into TestBTC whenever needed.
Earn Rewards: Provide collateral to the FTestBTC pool and earn rewards for your participation.
Additionally, the Bifrost Wallet now fully supports FBTC, ensuring a seamless experience for TestBTC holders who want to dive into these new DeFi opportunities.
FBTC: A Gateway to DeFi on Flare
FTestBTC is the latest asset supported on the FAssets protocol, designed to bring Bitcoin into the decentralized finance world. When FAssets launches on the Flare mainnet, BTC holders will be able to mint FBTC and unlock a range of DeFi opportunities, including trading, swapping, lending, borrowing, and bridging to other blockchains.
Later this week, they'll also be activating the pools and dashboard for FBTC. This will allow users to contribute to the TestBTC vault of an agent and earn test rewards, further enhancing their DeFi experience.
Loading tweet...
View Tweet
The Vision Behind FBTC: A Trust-Minimized BTC Bridge
FBTC is more than just another token—it’s a trust-minimized BTC bridge offering a decentralized alternative to existing Bitcoin bridging solutions. Here’s how it works:
Overcollateralization: FAssets are secured through overcollateralization by multiple assets, such as BTC, stablecoins, ETH, and FLR. These assets are locked in smart contracts, ensuring that minted FAssets can always be redeemed for the underlying assets or compensated by collateral.
Flare Time Series Oracle (FTSO): Flare’s enshrined oracle, FTSO, provides decentralized price feeds and collateral ratio calculations, ensuring accuracy and security.
Flare Data Connector (FDC): FDC is another Flare oracle that verifies the state of connected blockchains. It confirms payments on networks like Bitcoin and brings this data onto Flare, enabling the minting process for FAssets like FBTC.
Loading tweet...
View Tweet
Getting Started: FTestBTC vs. FTestXRP
If you’ve already been testing the Open Beta with FTestXRP, you’ll find the process for FTestBTC familiar. However, there are a few key differences:
Longer Wait Times: BTC’s confirmation periods result in longer wait times compared to XRP.
Lot Value: 1 Lot of FTestBTC is equal to 0.0004 BTC.
Faucet Distribution: Request TestBTC via the faucet at bitcoinfaucet.uo1.net with a distribution of 0.000049 BTC per request.
For agents, please 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 associated with BTC transactions.
Loading tweet...
View Tweet
Start Testing Today
Explore these new features and share your feedback as Flare Labs continues to enhance the FAssets protocol. To get started and for more information, visit fasset-beta.flarelabs.org.
