FXRP v1.2 Live on Songbird
The launch of FXRP v1.2 on Songbird marks an important security milestone ahead of the Flare mainnet launch. At the same time, the Code4rena audit competition is live, serving as an independent verification stage to ensure the protocol meets the highest standards of robustness.
A multi-stage & layered security approach
Flare’s approach to FXRP security is deliberate and multi-layered. Security was paramount in FAssets v1.1. where XRP funds in the Core Vault were stored in escrow accounts, with portions released daily to minimize risk. In the event 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 report vulnerabilities, and completed audits further strengthen the system.
To optimize the production code, the v1.1 codebase was streamlined to v1.2, reducing complexity and potential points of failure. Continuous internal testing and security reviews ensure the foundational code is robust before it reaches external auditors.
Next, the protocol underwent a formal audit by Zellic, a respected security firm. All issues identified in this audit were resolved before public deployment on Songbird, giving high confidence in the core code.
The Songbird launch coincides with the Code4rena competition, enabling security researchers worldwide to examine FXRP v1.2 in a live, real-world environment. This adds an independent, incentivized layer of scrutiny, with rewards for identifying rare or severe vulnerabilities.
The decision to adopt this multi-stage approach was also driven by strong institutional demand. Organizations like VivoPower and Uphold are already committed to taking part in Flare’s XRP staking solutions, meaning the FAssets protocol must meet the highest standards of security and reliability. Launching first on Songbird, Flare’s canary network, allows the team to test the protocol in a live environment with real economic value before mainnet deployment.
What Songbird is and what we’re testing
Songbird is Flare’s canary network, a fully operational, EVM-compatible chain with native support for Flare’s enshrined protocols. Unlike a testnet, Songbird carries real economic value, making it ideal for validating upgrades before mainnet deployment.
During the Songbird launch, we are focusing on:
- Testing all security monitoring systems in production environment
- Robust testing with Core Vault signers, including response times and uptime
- Making sure agents do a smooth upgrade to v1.2 and are ready for Flare deploy
- Integrating FXRP with dApps and other protocols, ensuring faster adoption time on mainnet launch
The FAssets system was paused for up to 8 hours on August 20 to complete an upgrade, starting in the morning (UTC). During this period, minting and redemption of FAssets were temporarily unavailable.
The upgrade is now complete. FAssets v1.2 is live on Songbird and fully functional. No action was required from collateral providers, token holders, or users, as all FXRP v1.1 automatically upgraded to v1.2.
Caps have been set during this phase. The goal of the Songbird launch is not growth, but ensuring the product is safe and stable before scaling.
How FXRP Works
- The minter initiates minting via the FAssets dApp:
a. Choose an agent
b. Pay a 0.1% collateral reservation fee in FLR and an agent minting fee in XRP - Collateral in the Agent Vault and Community Pool is locked in preparation for minting
- The minter sends XRP to the agent within a set time limit
- The Flare Data Connector verifies the XRP transaction on the XRPL, triggering FXRP minting
- FXRP is minted on Songbird (or Flare when live on mainnet) and sent to the minter’s wallet
- To redeem FXRP, the user sends it to the agent via the FAssets dApp; FXRP is burned, and the agent returns the equivalent amount of XRP
Summary
The FAssets system brings XRP into DeFi securely and at scale while keeping users in full control of custody.
Through FXRP, holders can mint a 1-to-1 representation of XRP, now on Songbird and later on Flare, in a fully non-custodial manner. FXRP gains EVM-level composability, opening access to DeFi opportunities across Flare.
Flare’s built-in data stack (Flare Time Series Oracle and Flare Data Connector) makes it a “blockchain for data,” delivering verifiable cross-chain activity and real-time price feeds without relying on external middleware. This infrastructure underpins FXRP’s security and distinguishes Flare’s FAssets from traditional bridging systems.
Users can mint FXRP on Songbird using either OracleDaemon or FAssets.au.cc.