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Flare Opens Songbird Testnet to Support Ethereum-based Assets, FXRP Debuts
December 19, 2024 – The innovative Flare Network has completed its open beta test, marking a significant milestone in the development of its ambitious project. To this end, it has launched the Songbird testnet, which is designed to support the integration of Ethereum-based assets.
As announced earlier, the goal of Flare’s Songbridge initiative is to bridge traditional blockchains with decentralized finance (DeFi) and non-fungible token (NFT) markets. With its proprietary technology, this innovative network aims to unlock new possibilities for trading, lending, and staking, while ensuring high levels of security through overcollateralization.
The open beta test has been successfully completed, paving the way for the introduction of FXRP, which is now available on Songbird. FXRP is an Ethereum-based token that represents a bridge between Flare’s native cryptocurrency, SGB, and Ripple’s XRP. The debut marks a major step forward in establishing seamless communication between these two ecosystems.
During this crucial testing period, developers can explore the parameters of the Songbird testnet to better understand its capabilities and limitations. Meanwhile, users will have access to the minting app across multiple platforms to minimize reliance on a single point of access.
Source: u.today
