T
Thistle Llama
F-Assets is live on the Songbird network and will soon be live on Flare Network's main net. The main net is expected to go live before the end of 2025 making Koinly tax integration critical. F-Assets will finally allow the thousands of XRP holders, in the XRP ARMY, to mint FXRP and gain yield.
The Firelight protocol on Flare Network primarily connects with Flare’s core protocols and systems to enable XRP staking and DeFi functionality. Based on available information, the key protocols and systems integrated with or connected to Firelight include:
  1. FAssets System: Firelight relies on Flare’s FAssets protocol to bridge non-smart contract assets like XRP to the Flare Network. XRP is converted into FXRP, a wrapped version of XRP, which is then used within Firelight to mint stXRP, a liquid staking token. This system enables XRP to participate in DeFi while maintaining security and interoperability.
  2. Flare Time Series Oracle (FTSO): The FTSO provides decentralized price and time-series data to the Flare Network, which Firelight uses to ensure accurate pricing for collateral and assets involved in staking and yield generation. It supports the stability of the FAssets system by providing reliable market data.
  3. Flare Data Connector (FDC): The FDC allows Firelight to verify actions on external blockchains, such as the XRP Ledger (XRPL), ensuring trustless bridging of XRP to FXRP. It monitors and verifies the locking of XRP on XRPL before minting FXRP on Flare.
  4. Economically Secured Services (ESS): Firelight’s staking mechanism generates yield through ESS, which are blockchain applications that pay fees to leverage Firelight’s XRP-backed security infrastructure. These fees are shared with stXRP holders as rewards.
  5. State Connector: This protocol enables Flare to access and verify data from external blockchains, supporting Firelight’s ability to interact with the XRPL and other networks securely. It works alongside the FDC to ensure decentralized data acquisition for Firelight’s operations.
Please give priority to the implementation of these protocols on Koinly.