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Firelight launches DeFi insurance on Flare backed by 50.2 million staked XRP

Firelight has launched decentralized finance insurance on the Flare network backed by 50.2 million staked XRP, establishing a $115 million coverage cap to guard against smart contract exploits and oracle failures.

Graphic featuring the Firelight logo on the left and the XRP logo on the right side by side.
Image: @BSCNews

Decentralized finance protocol Firelight has launched an onchain insurance market on the Flare network backed by 50.2 million staked XRP. The coverage operates with an aggregate cap of $115 million for staked XRP positions.[1][2][3]

The protocol relies on XRP bridged as FXRP to power the protection market, which is designed to protect DeFi vaults against technical risks including smart contract exploits and oracle failures. BSCN reported that coverage is available for vaults such as Sentora's USD Protected Vault.[2][3]

According to Crypto Briefing, deploying DeFi insurance backed by staked XRP could expand the asset's utility and adoption, potentially influencing its long-term market prospects.[1]

Key facts

  • Firelight launched DeFi insurance coverage on the Flare network backed by 50.2 million staked XRP.
  • The aggregate coverage cap for staked XRP positions is set at $115 million.
  • The insurance protects vaults against risks including smart contract exploits and oracle failures.
  • Firelight utilizes XRP bridged as FXRP to underpin the onchain protection market.
  • Coverage is accessible for vaults including Sentora's USD Protected Vault.
  • Crypto Briefing reported that the insurance offering could increase XRP's utility, adoption, and long-term market prospects.

Sources · 3 sources

  1. CB

    Crypto BriefingArticle ·

    Firelight launches DeFi insurance with $115M staked XRP on Flare network The launch of DeFi insurance with staked XRP could enhance XRP's utility and adoption, potentially influencing its long-term market prospects. The post Firelight launches DeFi insurance with $115M staked XRP on Flare network appeared first on Crypto Briefing .

    Open source
  2. CN

    crypto.news@cryptodotnewsPost on X ·

    JUST IN: Firelight launches XRP-backed DeFi insurance on Flare The coverage is backed by 50.2M staked $XRP with a $115M cap, protecting DeFi vaults against risks including smart contract exploits and oracle failures. https://t.co/BhhjkkM5vl

    Open source
  3. BS

    BSCN@BSCNewsPost on X ·

    XRP Gets a New DeFi Insurance Use Case Firelight (@Firelightfi) has launched DeFi insurance coverage backed by 50.2 million staked ripple:native on Flare (@FlareNetworks). The coverage targets risks including smart contract exploits and oracle failures. Firelight uses XRP bridged as FXRP to support an onchain protection market. The aggregate cap for staked XRP positions is set at $115 million. Coverage is available for vaults including Sentora’s USD Protected Vault.

    Open source