Firelight Unveils XRP Staking Protocol on Flare Blockchain
Firelight has launched FirelightProtocol, a DeFi insurance platform starting with XRP staking, aiming to provide rewards from idle assets while covering smart contract and oracle risks.
XRP
FLR
Summary
Firelight announced the launch of FirelightProtocol, a DeFi insurance service enabling users to earn rewards from idle assets. Initially offering XRP staking, the platform provides coverage for issues in smart contracts and oracles. This expands upon Firelight’s earlier XRP staking protocol on the Flare blockchain, which issued stXRP via FXRP and backed a cover pool compensating protocols for qualifying losses. Plans include gradual feature expansion beyond the initial release.
Terms & Concepts
- stXRP: A liquid ERC-20 token representing staked XRP in Firelight’s protocol, usable in trading, collateralization, or DeFi liquidity pools.
- FAssets: Flare’s system for creating decentralized synthetic versions of layer-1 tokens, enabling cross-chain DeFi integration without centralized bridges.
- FXRP: A wrapped form of XRP created via Flare’s FAssets system, used to mint stXRP for staking and DeFi participation.