Summary
Ketju does not approve FAssets (Flare Network): a manually run multisig holds custody in a design meant to remove custodians, and only FXRP is live. FAssets is Flare Network’s over-collateralized bridge for assets on chains without smart contracts. Agents post collateral, and Flare’s own decentralized Data Connector verifies payments, so on paper it differs from WBTC- or BTCB-style wrappers. A "Core Vault" added in a 2025 upgrade brings manual multisig custody back. Named entities that work with the Flare Foundation approve its transactions. Flare’s documentation calls this a deliberate, temporary tradeoff. FBTC has not launched, so the roughly $158M tracked under FAssets is in effect XRP exposure, without the multi-asset backing the name suggests.
Review triggers
- FAssets v2's automation on trusted execution environments ships, removing the Core Vault's dependence on manual multisig custody
- Agent registration is confirmed permissionless, or the verification criteria are fully disclosed and shown to leave no discretion
- FBTC or another asset is confirmed live on mainnet, and this memo's scope is updated to match the live backing
- Twelve consecutive months with no Core Vault signer compromise, cascade of agent defaults, or Alert Mode activation
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Ethereum
- Reviewed
- Last confirmed