Firelight Surpasses 50 Million Staked XRP, Aims for On-Chain Protection

Firelight has reached a new milestone with over 50 million staked XRP on the Flare network. The protocol's vaults have been audited by OpenZeppelin and Coinspect, and the FAssets bridge has also undergone audits. Firelight is expanding its capacity for FXRP deposits, allowing users to mint and stake their XRP in return for stXRP.

The protocol plans to launch an on-chain protection layer in Q2, which will cover risks associated with smart contracts, bridges, oracles, and economic failures. The protection layer will be backed by staked XRP and will provide a safeguard against DeFi exploits. Firelight has linked the rollout of its protection layer to the recent surge in DeFi losses, which have exceeded $137 million in Q1.