FAssets beta progress update

The two months since Flare Labs’ last progress update on FAssets have flown by – and there’s plenty to report. The closed beta is progressing well on the Coston testnet and new beta testers will soon be invited to participate on an open basis, starting with agents.

Closed beta

The objective of the closed beta phase on Coston is to refine and validate all functionalities of the FAssets system in a live environment – minting, redeeming, challenging and liquidating. Within the closed beta, the following milestones have been reached:

  • All protocol contracts have been deployed on Coston.
  • An audit of the FAssets code by Coinspect has been successfully completed.
  • 10 beta testers have been onboarded and are providing detailed reports on their experience. 5 additional testers are due to join imminently.
  • Their feedback has already enabled the onboarding documentation to be improved and finalized, ready for smooth onboarding of new agents.
  • The initial FAssets front end user interface is almost complete. Anyone can create their own dapp front end for the system but Flare Labs will provide an initial set up to support the beta.
  • The Agent user interface development is also underway. This will replace the command line interface system which is currently being used by beta participants and simplify the configuration and monitoring of the system.

Before the open beta phase can start, Flare Labs needs to complete the following tasks:

  • Complete real-life scenario simulations with the existing 15 testers. Different market volatility scenarios have been designed to challenge the beta testers and stress test the whole system.
  • Improve the monitoring system and documentation.
  • Finalize the FAssets user interface to enable easy active participation.
  • Get confirmation that the XRP testnet will not be reset during the period of the open beta.
  • Separately the Flare Foundation, which is aiding Flare Labs in the roll out of FAssets, needs to complete the implementation of FTSOv2.

Open beta

In the open beta, the wider Flare community will be invited to participate in the FAssets system and provide feedback on their experience. New user groups will be onboarded step by step to ensure the team can provide sufficient support.

  • Initially only agents and liquidators will be invited to the open beta.
  • Subsequently, the beta will also be opened to minters and liquidity providers, once the user interface is available.

During the open beta, Flare Labs will continue to monitor and refine system parameters based on performance and feedback. Considering the expanded user base and system load, beta participants will be asked to share any inconsistencies or issues they experience while using the system. They will also be invited to try and break or beat the system, testing the robustness of FAssets in an open and uncontrolled environment. Gamification and competitions are being planned.

Flare Labs and Flare Foundation are pleased to cooperate in this regular update on FAssets implementation. Further progress updates will be provided as soon as each of the milestones described above are reached and new groups are welcomed to join the beta.