In a bid to provide clarity on the ongoing FAsset testing on Songbird, Hugo Philion, co-founder of Flare, recently took to social media, highlighting the restrictions and considerations of the test phase. As per Philion, the testing phase is intentionally limited, with a cap of $2 million per asset and additional limitations related to the collateral accessible by agents and pool.
A central question raised by the community centered on why agents were not injecting more collateral to push minting closer to the cap. Philion provided a key insight into this, highlighting the risk coverage during the testing phase. As it stands, Flare Labs is covering the risk for potential exploits resulting from coding errors up to a limit of $300,000. Despite agents technically being able to provide additional collateral, they remain hesitant, as any issues surpassing the $300,000 limit would not be covered.
These constraints will remain in place until the completion of the testing phase and the complete transition of FAssets to Flare’s primary network. Philion stressed that increasing the scale of the test system would not yield any additional advantages, underlining Flare’s commitment to ensuring security and resilience before expanding operations.
This strategic approach is indicative of Flare’s concerted effort to build trust within its ecosystem. Recently, as reported by Crypto News Flash, Flare entered into a partnership with ChainPatrol to enhance Web3 security. The collaboration is aimed at mitigating common risks such as phishing, social engineering, and impersonation, thereby protecting Flare’s user base on platforms like Discord, Slack, and Telegram bots. ChainPatrol’s real-time threat monitoring adds a crucial layer of safeguarding, reinforcing Flare’s commitment to user safety.
In related news, Flare’s native token, FLR, has experienced some volatility in the market recently. At the time of writing, FLR was trading at about $0.02598, with a decrease of 13.04% over the past week and 3.25% in the last 24 hours.
As we continue to monitor the progress of Flare’s FAsset testing phase and the performance of FLR in the market, it’s clear that Flare is dedicated to maintaining a secure and reliable platform for its users. The company’s strategic moves and partnerships underscore its commitment to these principles, and it will be interesting to observe how these efforts impact Flare’s overall growth and acceptance in the crypto community.
