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Firelight reaches 25M XRP deposit cap within hours of launch; ushers in a new era for decentralized XRP staking.
A new XRP staking platform, Firelight, has officially launched on the Flare blockchain, marking the first decentralized staking solution for XRP holders. Within hours of its debut, Firelight reached its initial deposit cap of 25 million XRP, equivalent to approximately $54 million.
On December 3 (local time), Firelight announced via its official blog that users can stake their XRP by converting it into FXRP and receive stXRP, a liquid staking token, in return. The stXRP token can be utilized across the Flare ecosystem for trading, collateral in lending, structured financial products, and more.
Firelight's service is being rolled out in two key phases:
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Phase 1 introduces liquid staking, allowing users to deposit XRP, mint FXRP, and earn stXRP. Early adopters are also rewarded with Firelight Points, part of the platform’s incentive program.
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Phase 2 will introduce a DeFi cover mechanism, designed to protect protocols from risks such as smart contract exploits, oracle failures, and bridge vulnerabilities. This feature aims to address billions of dollars in annual losses from DeFi hacks while providing tangible rewards to stakers.
Built on Flare's XRPFi infrastructure, Firelight leverages FXRP as the staking asset, enabling immediate utility for stXRP in markets including trading, lending, and liquidity provision. This is expected to significantly boost FXRP's productivity and usage.
On the security front, Firelight has undergone audits by OpenZeppelin and Coinspect, and is currently running a bug bounty program. Its underlying FXRP issuance system, FAssets, is fully collateralized and decentralized, offering real-time transparency and collateral monitoring.
The Flare Foundation commented, “The launch of Firelight represents a major step forward in expanding the XRP-based DeFi ecosystem (XRPFi), introducing new liquidity and robust risk management tools. We expect stXRP to become a core asset in the future of DeFi.”
