Firelight Introduces XRP Staking for DeFi Insurance Layer Against Exploits

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Source: CryptoNewsNet Original Title: Firelight Introduces XRP Staking for DeFi Insurance Layer Against Exploits Original Link: Firelight, a new decentralized finance (DeFi) protocol, is bringing staking to XRP users, while offering protocols a form of onchain protection against hacks.

Built by Sentora and backed by Flare Network, Firelight lets XRP holders stake their tokens to earn rewards tied to demand for DeFi “cover,” protection that can help protocols absorb losses from exploits.

The concept is similar to insurance in traditional finance, an area where the $160 billion DeFi sector still lags with billions of dollars lost in exploits and hacks hindering broader adoption.

“At this stage in DeFi’s maturity, it needs the same risk infrastructure that supports every other financial market,” Connor Sullivan, chief strategy officer at Firelight, said in a statement. “Firelight introduces a capital-efficient protection layer that can absorb shocks, reduce technical and economic risk and make the entire ecosystem more resilient.”

XRP-3.65%
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