The launch of FXRP v1.2 on the Songbird platform marks a significant achievement in meeting security needs ahead of the Flare mainnet launch. Concurrently, an audit is taking place through the Code4rena competition.
Multi-Layered FXRP Security Approach
Flare's approach to FXRP security is based on a multi-layered strategy. In FAssets v1.1, XRP funds in the Core Vault were stored in escrow accounts, with partial daily releases to minimize risks. In case of a security threat, the Flare Foundation can activate Alert Mode, freezing operations to prevent unauthorized access. Bug bounties hosted on Immunefi encourage ethical hackers to identify vulnerabilities, while completed audits further strengthen the system. The v1.1 codebase was optimized to v1.2, reducing complexity and potential failure points.
Launch and Testing on the Songbird Network
The launch on Songbird coincides with the Code4rena competition, allowing security researchers to examine FXRP v1.2 in a live environment. This independent scrutiny adds an additional layer of control with rewards for identifying vulnerabilities. Tests focus on security monitoring systems, interaction with Core Vault, and integration of FXRP with dApps. The FAssets system was paused for 8 hours on August 20 to complete an upgrade, which is now finished and actively running on Songbird.
How FXRP Works
FXRP allows users to mint a 1:1 representation of XRP, which can then be used on both Songbird and Flare. The process includes selecting an agent, paying a collateral reservation fee, and validating the XRP transaction via the Flare Data Connector before FXRP minting occurs. To redeem FXRP, users must send their tokens back through the dApp for burning, after which the equivalent amount of XRP is returned.
The introduction of FXRP v1.2 significantly enhances the capabilities of XRP within DeFi, ensuring user security and control. With built-in data support and EVM compatibility, Flare emerges as a key player in blockchain infrastructure.
