Firelight Deposit Cap has been raised to 65 million FXRP
We’ve increased the deposit cap on Firelight Protocol to 65 million FXRP, following significant demand from the community after our Phase 1 launch. This cap increase enables participants to deploy FXRP and stake on Firelight.
Firelight
Recap of Firelight Protocol
At its core, Firelight Protocol establishes a market for on-chain DeFi cover, where collateral (FXRP), contributed through Firelight, will provide protection for the broader DeFi ecosystem. XRP, the largest crypto asset by market capitalization without native on-chain reward mechanisms, sits at the heart of this, and Firelight is designed to unlock its vast untapped potential.
By deploying FXRP into the Firelight launch vault, participants receive stXRP, a liquid ERC-20 compliant token fully backed by and redeemable for the underlying FXRP. This transferable receipt token can be freely deployed across Flare Network’s DeFi ecosystem, swapped on decentralized exchanges, used as collateral in lending protocols to borrow other assets, or deployed into liquidity pools to earn incentives. Each of these pathways creates additional layers of compounding participation benefits on top of the base protocol allocation opportunities.
A Shift Toward Protected DeFi Capital
The current Firelight launch vault’s goal is to pool capital for Firelight’s DeFi Cover engine. The launch of DeFi Cover, planned for Q2, will introduce a new metric for DeFi: Total Value Covered (TVC). TVC measures the amount of value protected by programmatic cover against risks such as smart contract failures, oracle issues, bridge exploits, and other economic vulnerabilities. Its value is simple: TVL measures deposited capital, while TVC measures defended capital. That makes TVC a more meaningful signal for users, protocols, and institutions trying to evaluate which onchain systems are built to scale safely.
Security at the Core
Security is foundational to the protocol. Firelight has been audited by OpenZeppelin and Coinspect, along with completing a bug bounty program supported by Immunefi. The FAssets bridge, which securely creates FAssets such as FXRP that represent underlying assets from non-smart contract networks on the Flare Network, has also been comprehensively audited.
How to Get Started
Getting started on Firelight takes just a few steps.
Connect your wallet, approve the connection request, and sign the verification message.
Then select the Firelight vault, enter the amount of FXRP you’d like to deposit or use MAX, and click Deposit & Stake before approving the spending request.
Finally, confirm the transaction in your wallet to complete your deployment and receive stXRP.
Head to this article for a full step-by-step guide to staking on Firelight.
Firelight Points and What’s Ahead
Cap 2 participants are eligible for Firelight Points when deploying FXRP into the launch vault, with waitlist members continuing to benefit from their automatic 1.1x point boost. This phase continues to serve its core purpose, building liquidity ahead of Phase 2, where assets in Firelight will be used to support programmatic DeFi Cover for leading DeFi protocols, and support for multiple assets will be introduced.
Here’s a list of how Firelight Points can be accrued across the different protocols.
As we’re currently in the midst of the Firelight Boost Month, there is a temporary point multiplier for anyone participating in eligible protocols up until April 6 at 5PM CET. These are the current point multipliers:
If you have any questions or concerns about Firelight or Cap 2, please reach out to us on our official Discord, and we’ll be happy to help.
Happy staking!
