Flare Integrates XRP as FAsset on Songbird, FLR Surges 165% in One Month

Flare, the blockchain network known for its focus on data, has made a significant move by adding XRP to its FAssets on the Songbird canary network ahead of its mainnet launch. This development is part of Flare’s initiative to introduce smart-contract functionality for blockchain assets like XRP, BTC, and DOGE, which do not inherently support smart contracts.

The integration of XRP as an FAsset on Songbird is a crucial step in testing the novel bridging mechanism that Flare has developed. This mechanism will eventually be rolled out on the Flare mainnet, opening up new possibilities for creating powerful applications that enhance the capabilities of traditional crypto assets. The Flare team is optimistic about the potential of FAssets to transform the way assets like XRP and BTC are utilized within the DeFi ecosystem.

To encourage adoption and testing on the Songbird network, Flare is offering a generous airdrop reward pool of $260,000 in rFLR tokens. These rewards can be earned by participants who engage in testing activities such as minting, redemption, and trading processes. Additionally, the integrations are currently undergoing audits, with results expected by mid-December.

The anticipation surrounding the launch of FAssets has had a positive impact on Flare’s native currency, FLR, which has surged over 165% in the past month. With a market cap of $1.72 billion and $3.35 of FDV, FLR is currently ranked as the 79th largest crypto asset. According to data from Coinmarketcap, FLR is trading near the $0.033 price mark with a 24-hour trading volume of $45.16 million. The all-time high price for FLR was recorded at $0.0797 on January 10, 2023.

Market analysts believe that if the launch of FAssets goes smoothly and market dynamics remain favorable, FLR could potentially revisit its previous price highs and even break into new all-time high territory. The upcoming Altseason is also expected to bring a surge in various low and mid-cap altcoins, including FLR.

Overall, the addition of XRP as an FAsset on the Songbird network represents a significant milestone for Flare and its vision for enhancing the capabilities of traditional crypto assets through smart-contract functionality. The upcoming launch of FAssets and the positive market dynamics surrounding FLR indicate a promising future for the Flare network and its native currency.