👀 A Comprehensive breakdown of Flare Lab’s recent update on commencing FAsset Private Beta Testing Phase 1 and the significant enhanced capabilities and architecture for V2.0 FAsset System!
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Covering #XRP, #Flare, #Songbird, #RootNetwork
👀👇OFFICIAL LINKS👇of Resources I Used in Video
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🔗FASSET GITHUB REPO- [ Ссылка ]
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🔗FAssets- [ Ссылка ]
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📌 KEY FEATURES📌 OF FAssets 🪙
🧑🔧Roles and responsibilities within the FAssets system
There are four main roles within the system: minter/redeemer, agent, liquidator, challenger. Each has different responsibilities in ensuring smooth operation.
🧰Minter and Redeemer: The minter is the customer of the FAssets system. They initiate the minting of FAssets, providing the underlying token to an FAssets agent, and ultimately receiving freshly minted FAssets in their Flare wallet. The same person can also be a redeemer if they choose to return their FAssets and claim the underlying tokens they represent.
🏆Agent: Agents facilitate the minting and redemption of FAssets. To render the system trustless, the amount of FAssets mintable by an agent is dependent on the collateral they have locked up. They provide three types of backing for the FAssets they mint: the underlying assets such as BTC, highly liquid stablecoin or ETH collateral, plus Flare native token, FLR, collateral.
💦Liquidator: If the value of collateral held by an agent becomes too low to support their minted FAssets, they are automatically put into "liquidation mode". Liquidators spring into action redeeming FAssets with the agent in order to bring the agent's collateral ratio back into balance.
⚖️Challenger: Agents are required to hold the underlying assets. If they make a transaction using these funds which was not permitted, a Challenger can use the State Connector to detect the unpermitted transaction and provide proof to the protocol of this action. With proof, the Agent will be disabled from minting and their backed FAssets will be put into liquidation.
🫡👏Special Thanks interview with Hugo, CEO of Flare Labs, in thos twitter spaces from 7.21.23
👀🔊⚠️I AM STILL BULLISH ON #FLR & #FlareNetwork. I run a validator on Flare and FTSO's on both Songbird and Flare with my team. I will be continuing to cover the entire Flare and XRPL ECOSYSTEM including all major developments!
👀🔊🚨The reason why I had focused on #XRP so much previously is because I felt it was the most critical period for entire XRPcommunity to LEVEL🆙
It’ll be looked back at a significant turning point. Not everyone is going to ride 🌊 of WEALTH OPPORTUNITIES as they'll still be stuck in 2018/2019 mindset or expecting some fantasy big bang😂
Accepting that this is a rapidly evolving space and it's imperative to acknowledge that the learning never stops due to the pace of innovation on open , public , permissionless decentralized, and composable nature of the Web3/IOV ecosystem. Remember to always keep an open mind to understand what is happening as this case has ended focus on developments and not hopium fantasies of storytelling fairies and wizards
📈#XRP value proposition is as Liquidity in Liquidity pools. The STORAGE DEMAND of providing #XRP as liquidity will be the single biggest factor that will drive up #XRP Value🤑
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☀️Hi, I'm Mickey B Fresh. My team and I are committed to researching and sharing mu knowledge with you to LEVEL UP the Knowledge Base and DeFi IQ of our growing community!
You’re at the FRONTIER OF WEB3 and DEFI which is the FUTURE, I’m dedicated to educating those living in the world of FLARE NETWORK, SONGBIRD NETWORK, ROOT NETWORK, XAHAU, XRPL EVM Side-Chain and XRP LEDGER!
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