The FAssets system, developed by Flare Labs, will bring trustless DeFi onto Flare for non-smart contract assets like BTC and XRP.

Since launching on Flare’s Coston testnet on June 4th, the open beta has seen more than 40K participants perform 450K mint and redeem transactions for both FTestXRP and FBTC, totaling 48M FXRP and 6.85 FBTC minted on Coston.

Participation Reminder: To be eligible for the retroactive airdrop, participants should actively engage in the Open Beta on Coston and demonstrate activity on Songbird and Flare. The airdrop will be distributed after the FAssets system is officially released on Flare.

📌 Important Notice: All historical participation on the testnet has been recorded and will be included in the retroactive airdrop calculation if you redeemed your FTestXRP before the XRP testnet reset on August 19. Users who did not redeem their FTestXRP before the reset will not be eligible to claim the airdrop.

What does this mean for the retroactive airdrop?

The goal of the retroactive airdrop is to reward and incentivize community members for their active participation in the FAssets system during the open beta phase on Coston. This participation helps the Flare Labs team identify bugs and stress-test the system to ensure it remains robust under a wide variety of usage scenarios.

Comprehensive testing of the FAssets system requires a large number of mint, redeem, and collateral top-up transactions. Users holding significant amounts of tokens negatively impact the ability to stress-test the system, as this prevents additional minting and denies other users the chance to participate.

To deter hodling

• All wallets with FTestXRP balances greater than 1,000 will not be eligible for the airdrop. Only applicable to Coston.
• All wallets with FBTC balances greater than 0.01 FBTC will not be eligible for the airdrop. Only applicable to Coston. This rule will take effect starting 48 hours after this announcement.
• All wallets with FTestDoge balances greater than 2,000 FTestDoge will not be eligible for the airdrop. Only applicable to Coston.

Airdrop Parameters

• Total Allocation: $400,000 in rFLR
• Maximum Number of Recipients: 10,000 most active users
• Incentivized Actions: Only mint, redeem, and add/remove collateral transactions are incentivized
• Tiered Airdrop Allocations: Ranging from $10 to $1,000
• To Prevent Sybil Attacks:
  • Wallets used in the open beta must have a history of engagement with FLR/SGB delegation or staking
  • Alternatively, wallets can be directly linked to other wallets that have a history of engagement with FLR/SGB delegation or staking (e.g., send a small FLR/SGB transaction from the main wallet to the beta wallet, then send it back)
  • Each main wallet can only be connected to one beta wallet
• Our analysis of wallet activity will identify and rule out Sybil behaviour, such as using multiple wallets to attempt to claim multiple portions of the airdrop

Thank you for participating in the FAssets open beta. This is only one of the several ways we are incentivizing participation, so please keep your eyes open for other announcements – Something special is planned for FBTC, coming soon.