Firelight, a DeFi insurance protocol, has started underwriting, with claim payouts backed by 50.02 million XRP staked on the Flare network, according to ChainCatcher. The protocol’s first insured positions have been allocated to two Sentora vaults. Under the current arrangement, claims will be decided by a five-member institutional consortium through a three-fifths majority vote. Firelight’s underwriting contract audit report is still marked as coming soon. The update outlines the protocol’s initial coverage structure, the assets supporting payouts, and the mechanism that will be used to rule on claims as the product goes live.
Firelight, a DeFi insurance protocol, has begun underwriting, with insurance payouts backed by 50.02 million XRP staked on the Flare network, according to ChainCatcher.
The protocol’s first insured positions have been deployed to two Sentora vaults. Under the arrangement, claims will be determined by a consortium of five institutions through a three-fifths majority vote. The audit report for the underwriting contract is currently marked as coming soon.
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