Firelight unveils XRP staking on Flare for DeFi insurance

Firelight has launched an XRP staking protocol on the Flare Network, enabling users to deposit wrapped XRP (FXRP) into vaults via Flare’s trust-minimized bridging system. In return, users receive stXRP, which are liquid staking tokens that can be traded or used in various DeFi applications while retaining exposure to potential staking rewards. The core utility of this staked XRP is to underwrite insurance coverage for DeFi protocols, specifically protecting against risks like smart contract failures. Insurance-based rewards are anticipated in a future phase, contingent upon protocol adoption. This launch integrates XRP into Flare's DeFi ecosystem, offering yield generation and comprehensive risk coverage that has drawn institutional interest.

(Source：Crypto Briefing)