Firelight, a DeFi cover protocol incubated by Sentora, has launched insurance coverage backed by 50.2 million XRP staked on the Flare network. This coverage protects against risks such as smart-contract exploits and oracle failures. The aggregate cap for staked XRP positions is set at $115 million. By leveraging XRP bridged as FXRP, Firelight adds an on-chain protection market to Flare, providing coverage for vaults like Sentora’s USD Protected Vault. This development suggests increased utility and adoption of XRP in the DeFi ecosystem.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
