XAO DAO co-founder Santiago Velez announced that proposal 66 had passed, authorizing the deployment of 80% of the organization’s XRP treasury into Firelight, a DeFi protocol focused on decentralized insurance and yield. The aim is to generate returns for members while providing capital to decentralized finance protection services. According to Velez, it would be the first multichain strategy combining decentralized insurance with yield generation to be deployed using a DAO’s treasury funds. XRP was trading at $1.34 at the time of writing, down nearly 4% over seven days and more than 11% over one month.
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