Firelight is an on-chain cover and staking protocol designed to protect DeFi assets from major technical and economic risk. Incubated by Sentora and built on Flare Network, Firelight enables digital asset holders to stake their assets and earn rewards while providing protocols across any chain with scalable, data-driven protection. 

With the full-scale protocol live, capital supporting the Protocol’s portfolio of elected programmatic coverage is provided by participants staking capital to the Protocol. Firelight registers the parameters, scope and capacity onchain. Eligible economic and technical events are predetermined; namely, smart-contract exploits, oracle failures, governance exploits, bad debt from mechanism failures, depegs from mechanism failures, and redemption failures. As emissions accrue and cover is enabled, the unstaking window increases to match the 30-day coverage periods. 

For stakers, depositing FXRP into the Firelight Vault backs the entire collective portfolio, and in turn, stakers back the full portfolio of elected coverage. When a validated claim exhausts the First-Loss Buffer, stake is subject to pro-rata staking. For more details on the technical intricacies and architecture of the protocol, head to our official documentation.  

This guide will give you a simplistic rundown of the steps to stake on Firelight for new depositors. Please note that all capital deployed in the Protocol in the first stage of launch automatically converts to a staked position. 

Dive in.

What Tokens Would You Need in Your Wallet?

Deposits are made in FXRP into the launch vault.

Obtaining FXRP

If you’re deploying XRP into Firelight via Flare Smart Accounts, you only need XRP. Connect your supported XRPL wallet and mint FXRP (Flare-wrapped FXRP), and choose to mint and deposit into the Firelight vault. In this onboarding flow, you do not need FLR but will be charged fees in FXRP. Here is a step-by-step video guide to help you get started.

Another way to deploy your FXRP to Firelight is through FAssets. Acquire XRP directly from the XRP Ledger. Lock XRP on the XRPL, and mint FXRP on Flare via the FAssets system. This would require you to have FLR for gas fees. Follow this video guide for a simplistic guide to getting started.

Obtaining FLR (for gas fees if using FAssets)

FLR is the native token of the Flare Network and is required for gas fees when minting FXRP through the FAssets system. FLR can be acquired on exchanges that list it and transferred to a Flare-compatible wallet. Here is a list of CEXs that offer FLR. 

Alternatively, swap existing tokens for FLR using a service such as gas.zip. Select the network, amount per chain, and address that will receive the FLR to proceed. Confirm the transaction in your wallet to proceed. Please note that there are alternative ways to swap your tokens for FLR. 

Making a Deposit and Staking

1. Navigate to the top-right corner of the page, click “Connect Wallet” and select your preferred wallet.

2. Your chosen wallet will prompt you with a connection request. Approve the connection request to proceed. This initial request will request permission to view your wallet’s address and does not grant the wallet permission to access funds.

3. Firelight Protocol will issue a second request to your wallet, requiring a signature. This is a standard security measure to verify that you are the true owner of the wallet. Approving this action allows the protocol to interact with your funds for subsequent actions you authorize, such as deposits and withdrawals.

4. Head to the ‘Vault’ tab for a more detailed breakdown of the Firelight Vault. Please note that deploying on Firelight exposes you to a spectrum of elected coverage. Stakers deploy into a singular Firelight Vault.

5. Manually input the amount that you wish to deposit or click on the MAX option to deposit your entire available FXRP balance. Review your input to ensure that it is accurate.

6. Once you’re ready, click Deposit and Stake.

7. A ‘Stake Deployment in Progress’ pop-up will appear. The first action will require you to approve the Firelight smart contract permission to access the FXRP in your wallet for the stake.

8. Once you’ve approved, a transaction prompt will appear in your wallet. Confirm the transaction to grant spending permission. A popup will appear on your wallet for you to confirm.

9. Click ‘Finish Staking.’ This will initiate the final transaction, which moves your approved FXRP into the vault and mints your stXRP.

10. Confirm this in your wallet to complete the process. A second popup will appear on your wallet for you to approve and complete the process. 

11. You’ve successfully staked your FXRP on Firelight!

12. The Analytics section has real-time protocol data across 2 views. Vault share price (the FXRP/stXRP exchange rate), total inflows and outflows, and active and new addresses over time. Meanwhile, cover markets show status, capacity, utilized amount, and price for each protected vault are also available, along with market allocation charts with total available coverage and utilization. Head to this section for detailed insights into the health of the protocol, your position's performance, and vault-level risk.

This guide provides a foundational understanding of how to get started with staking on Firelight. We will also be sharing a step-by-step guide on how to withdraw and unstake. 

Should you have any questions, feel free to reach out to us on Discord and as always, stay tuned to our official channels for all announcements.