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About Firelight
Firelight is a decentralized staking and protection protocol built on Flare Network. Its core business allows users to stake XRP and other non-yield-bearing assets, receiving stXRP (a liquid, ERC-20 compatible receipt token) that can be freely used across DeFi for lending, liquidity provision, or collateralization. Simultaneously, the protocol operates an on-chain DeFi cover marketplace where staked assets back insurance pools that protect users against smart contract exploits, oracle failures, bridge hacks, and other technical or economic risks.
Its key competitive narrative is the combination of staking and protection: instead of assets sitting idle, they generate yield while also serving as capital backing for insurance coverage. Claims are validated by an independent Risk Consortium and paid out programmatically via smart contracts, aiming to settle eligible losses in under 10 days—far faster than traditional insurance. The protocol also plans to expand collateral beyond XRP to include Bitcoin and Stellar’s XLM, targeting assets that do not generate native yield.
The market pain point it addresses is the severe underinsurance in DeFi: billions have been lost to exploits, yet only a tiny fraction of total DeFi TVL has any on-chain protection. Firelight aims to close this gap by making coverage accessible, transparent, and automated.
Over the past six months (March to September 2026), Firelight launched its mainnet, activated Phase 1 staking with a deposit cap that was raised to 65 million FXRP due to strong demand, and introduced the first version of its cover marketplace. It also announced partnerships with security firms and began preparing for Phase 2, which will activate streamed emissions, slashing mechanisms, and extended unstaking periods. The protocol is scheduled to launch its first integrations in September 2026. No significant negative events were reported during this period.
Firelight is a decentralized staking and DeFi cover protocol built on Flare Network, using low-correlation assets such as XRP as capital base. Key milestones with long-term significance:
Completed an $8 million seed round led by Gumi Cryptos Capital to build DeFi cover infrastructure, addressing the critical barrier of credible capital protection for institutional DeFi adoption.
Staked XRP surpassed 50 million: Phase 1's initial 25 million FXRP cap sold out within 6 hours, with caps raised multiple times, demonstrating institutional demand and laying the foundation for the cover pool.
Established the Firelight Risk Consortium: independent security and risk firms including GFX Labs, Hypernative, Credora, Native, and Cyfrin assess claims via on-chain attestation, creating a credible cover event adjudication mechanism.
Phase 2 activated the cover engine: transitioning from liquidity bootstrapping to a live DeFi cover marketplace, with capital auto-migrating to non-custodial vaults underwriting smart contract, oracle manipulation, governance attack risks, and plans to expand collateral to BTC.
These milestones mark Firelight's evolution from a staking protocol to an institutional-grade DeFi protection layer.
Over the past six months, Firelight has advanced its protocol launch. In March 2026, it raised the deposit cap to 65 million FXRP and completed an $8 million seed round led by Gumi Cryptos Capital to expand risk protection services. In May, it announced a partnership with Lombard to introduce BTC as collateral. In June, it established a Risk Consortium comprising GFX Labs, Hypernative, Credora, Native, and Cyfrin to evaluate claims on-chain. The protocol has accumulated approximately $76 million in assets, becoming the largest on Flare. The team plans to launch the DeFi Cover product in September, introducing a programmatic cover engine and a Total Value Covered (TVC) metric. Future priorities include activating the coverage marketplace, supporting multiple collateral assets (BTC, XLM), implementing an on-chain payout waterfall, and protecting institutions against smart contract exploits, oracle manipulations, and other risks.
Anthony DeMartino - CEO & Co-Founder. Previously served as US CEO at BIT and Director/Head of DeFi & Derivatives Trading at Coinbase.
Connor Sullivan - Chief Strategy Officer. Previously held roles at Fireblocks including Senior Manager of Partnerships & Strategy, Corporate Strategy Manager, and Account Management.