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Firelight Secures $8 Million to Bolster DeFi Vault Protection with Staked XRP

Guavy AI Editorial Team
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Firelight has secured $8 million in funding to provide cover for decentralized finance (DeFi) vaults, leveraging staked XRP as a backing asset. The protocol's first integrations are set to go live this month.

The total value locked on Flare is at $133 million across 39 protocols, with Firelight holding the largest share at $76 million in staked XRP. This represents a 20% increase over the past 30 days.

Firelight's co-founder and CEO, Anthony DeMartino, notes that 'protocol cover and capital protection remain among the biggest blockers to institutional adoption of DeFi.' He emphasizes the need for credible protection against smart contract and economic risk.

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