Overview
- Users can deposit wrapped XRP (FXRP) on Flare to receive liquid stXRP that is tradable and usable across DeFi applications.
- Flare’s trust‑minimized FAssets system powers the bridge of XRP into FXRP, enabling staking without reliance on centralized bridges.
- Firelight’s design intends to use staked XRP to back protocol insurance against exploits and technical failures, with rewards tied to cover demand.
- Coverage functionality and insurance‑based rewards are planned for a subsequent phase, with reporting pointing to an early‑2026 target dependent on uptake.
- The project, developed by Sentora with support from Flare, reports early institutional interest and has completed audits by OpenZeppelin and Coinspect with a bug bounty via Immunefi.