Firelight Reaches 50 Million Staked XRP, Sets Sights on DeFi Protection Layer

Firelight, a protocol operating on Flare's FAssets system, has surpassed 50 million staked XRP after large whale deposits and expanded capacity for FXRP vaults. The protocol plans to launch a protection layer in Q2, covering smart contracts, bridges, oracles, and economic failures, as exploit losses in Q1 reached $137 million. Firelight's staked XRP can move across the Flare ecosystem for other DeFi uses. The protection layer is meant to cover risks tied to smart contract failures, oracle issues, bridge exploits, and other economic vulnerabilities.