XRP Staking Arrives with the Launch of Firelight Protocol

The newly launched Firelight Protocol introduces staking rewards for XRP, utilizing the staked assets to provide on-chain cover for DeFi protocols against hacks and exploits. This addresses a critical protection gap in DeFi, which is a major bottleneck for institutional adoption, as over $1 billion is lost annually to exploits. Firelight, incubated by Sentora and backed by Flare, uses Flare's decentralized and audited FAssets to bring XRP into the protocol securely. The launch involves two phases: initially, users can deposit XRP to receive stXRP, a 1:1 backed, ERC-20 liquid vault token usable across the Flare DeFi ecosystem. In Phase 2, staking will exclusively back DeFi cover, creating a high-demand use case to generate rewards for stakers. The protocol is supported by Sentora and Flare Network, both sharing a mission with Ripple to expand XRP's role in DeFi.

(Source：BeInCrypto)