The release of FAssets v1.1 on Songbird marks a significant upgrade that improves scalability and utility of FXRP for decentralized finance (DeFi).
FAssets v1.1 Upgrade
FAssets v1.1 introduces the Core Vault mechanism, which allows for freeing previously locked collateral, eliminating minting bottlenecks, and opening pathways for XRP to participate in DeFi. Users can now deposit XRP directly into a Core Vault address on the XRP Ledger, automatically unlocking associated FLR collateral on Songbird.
Core Vault Security
To safeguard network integrity, the Core Vault features a multi-layered security framework that utilizes time-locked escrow accounts and multi-signature authorization managed by long-term ecosystem participants. Additionally, active bounty programs are running, and security audits have been completed.
Further Development of XRP in DeFi
FAssets v1.1 lays the groundwork for broader decentralized financial use cases for XRP. Future capabilities will allow users to engage in lending, borrowing, staking, and cross-chain yield farming, with an initial mint cap of 750,000 FXRP that will increase over time.
The FAssets v1.1 upgrade paves the way for new opportunities for XRP holders, allowing them to participate in DeFi applications and earn rewards while supporting the chain.
