Firelight, a cover protocol using staked XRP to protect DeFi vaults against exploits, has raised $8 million in a seed round led by Gumi Cryptos Capital, with participation from Maven 11, Metalayer, Joint Effects and Tribe Capital. The protocol, live on Flare since December, holds $76 million and is the largest protocol on that blockchain with $133 million in total value locked. Deposits are capped at 65 million FXRP and native cover for Sentora vaults will launch in September. Anthony DeMartino, former head of risk strategies at Coinbase, is the CEO of both Firelight and Sentora.
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