FAssets Open Beta: Updates For Agents

The FAssets Open Beta launched on 4 June. Since then we have seen 50,238 minting and 63,319 redeeming transactions by 14,153 participants – all supported by 58 FAssets agents.

To support the critical role of FAssets agent, a new FAssets Agent Admin Console has been launched, and the detailed economic parameters for FAssets have been added to the Flare technical documentation. Continue reading to find out more…

Launch of FAssets Agent Admin Console

The new user-friendly FAssets Agent Admin Console supercedes the existing command line interface (CLI) in order to simplify agent management. Here is what agents can expect:

Simpler setup process: New agents are guided through connecting their wallet with the whitelisted management address, through setting up secrets.json, and configuring the work address.

Main dashboard that provides an overview of funds, agent bot alerts, and vault status: The main dashboard will provide a more streamlined overview page. The alerts will ensure agents don’t miss any important notifications or reminders.

More streamlined vault management: Agents can manage their vaults, deposit collateral, activate/deactivate vaults, and adjust settings (e.g. minting fees).

Learn more about the FAssets Agent Admin Console in the Flare Technical Documentation.

FAssets Economic Parameters

The Flare technical documentation now includes comprehensive details on the economic parameters that drive the FAsset system.

Collateral Ratio (CR): The CR ensures that there is always enough collateral to back the minted FAssets, which prevents liquidation while simultaneously maintaining system stability.

Minting Fee: Minting fees are a primary source of revenue for agents, and thus essential for incentivizing continued agent participation

Backing Factor: The Backing Factor specifies the proportion of held assets that must be locked in order to ensure the full backing of minted FAssets

For more in-depth information on the economic parameters, please check out the full documentation.