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Firelight launches XRP staking mechanism to provide security protection and reward incentives for DeFi
Decentralized finance (DeFi) protocol Firelight has announced the launch of a new XRP staking feature, providing on-chain risk protection for DeFi protocols while offering additional returns for XRP holders. This mechanism is supported by Flare Network and developed by Sentora, aiming to enhance DeFi security and address the industry's longstanding challenges of hacks and vulnerability losses.
According to the introduction, XRP users can stake their tokens on Firelight and receive tradable ERC-20 tokens called stXRP. stXRP can be used within the Flare ecosystem and also represents the user’s participation in the Firelight insurance pool, serving as a source of risk protection for DeFi protocols. In recent years, hacks have resulted in billions of dollars in losses annually, and Firelight’s insurance pool mechanism provides protocols with a form of “on-chain insurance” protection.
XRP-2.15%
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