Firelight’s XRP-backed cover now protects $38M across three vaults
@Firelightfi covers @krakenfx’s Protected Strategies USDC vault plus @SentoraHQ’s USDC Protected and RWA Protected vaults. The cover is backed by staked FXRP, the version of $XRP that @FlareNetworks brings onchain, and pays out in USDC for set failures such as smart contract exploits or oracle breakdowns.
Cover runs in 30-day periods. Stakers who leave early have their stXRP burned and stop earning rewards, and their remaining FXRP unlocks at the end of the next period.
Flare's FXRP launched 13 months ago with a 5 million mint cap that filled in ~4 hours.
Today 143.93M FXRP exist, more than 28 times that cap, and Flare's latest count had nearly 90% of it working in DeFi.
@FlareNetworks
Kraken's Protected Strategies USDC vault now carries onchain cover from Firelight, backed by XRP staked on Flare.
Kraken vaults have drawn more than $800 million in deposits since launching in January.
@FlareNetworks
WAIT… LOOK WHAT I JUST FOUND ON UPHOLD! 🤯
I was checking out @UpholdInc's new @SentoraHQ vault, where you can lock up $RLUSD and potentially earn a whopping 12.63% APY. 💰
That alone caught my attention, but something else made me look twice. 🫢
$XRP — COMING SOON! 🤑
Now that is 🔥
THIS is what @XRP holders should be paying attention to! Imagine finally earning yield on the $XRP you've held for years instead of just watching it sit in your wallet. 🚀
We still don't know the APY or launch date for XRP, but if Uphold delivers, this could be a game changer for long-term holders. 💎
The opportunity to put your XRP to work- we all have been waiting for it! ⚡️
#XRP #Uphold #RLUSD #Crypto
At @RippleSwell, @HugoPhilion sat down with @CoinDesk live.
We explored XRP's next chapter in credit, from Flare Smart Accounts to Flare enabling XRP-backed borrowing and cover through @Morpho and @Firelightfi.
Watch the full segment https://t.co/5etFEbQLOh
Great hearing @HugoPhilion from @FlareNetworks and Nicholas from @soil_farm at Swell on advancing DeFi for $XRP.
Real effort going into making XRP yield simpler, smarter and more seamless.
Both available via @XamanWallet.
The Flare xApp is true innovation built together.
Flare's FAssets bridge now holds 142.17M XRP on the XRP Ledger, more than the XRPL wallets of KuCoin (124.19M XRP) or Bitget (115.61M XRP).
That XRP backs FXRP, Flare's wrapped XRP, which holders put to work in lending, vaults and DeFi cover.
@FlareNetworks
Kraken's DeFi Earn USDC vault is one of three strategies covered by Firelight, the DeFi cover protocol built on Flare.
Firelight now has $55.86M in coverage capacity and $38M in active cover, backed by staked FXRP, Flare's wrapped XRP.
@FlareNetworks
Flare now holds $49.53M in stablecoins, led by USDT at $25.20M and Hex Trust's USDX at $20.79M. USDT supply on the chain rose 18.38% in the past 30 days.
@FlareNetworks
Flare's wrapped XRP token FXRP has 144,173,815 tokens outstanding across 14,085 holders, a year after launch. Each FXRP is minted only after Flare verifies the matching XRP payment on the XRP Ledger.
@FlareNetworks
Mint on Flare. Use it here, or take it further across EVMs.
That’s Flare working with the XRPL so issued capital can reach across ecosystems.
Listen to CPO @j00sko’s full talk at @token2049 → 📷https://t.co/y9nURecJJg