Firelight has launched its DeFi insurance protocol on Flare Network, according to a Techub News report citing Crypto Briefing. The protocol has staked about $115 million worth of XRP as its initial capital, giving the new product a sizable starting reserve from day one. Firelight said the offering is designed to provide protection for DeFi users against risks tied to on-chain activity, including smart contract vulnerabilities. The report did not disclose additional details on policy structure, coverage terms, or how claims will be handled. The launch places Firelight in the DeFi risk-protection segment on Flare, with XRP serving as the protocol’s initial capital base.
Firelight has launched its DeFi insurance protocol on Flare Network and staked about $115 million worth of XRP as initial capital, according to Techub News, which cited Crypto Briefing.
The protocol is intended to provide protection for DeFi users against risks including smart contract vulnerabilities.
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