Firelight launches XRP staking protocol on Flare

DeFi protocol Firelight has launched an XRP staking protocol on Flare (FLR), an XRP-based DeFi ecosystem, The Block reported. The launch includes the introduction of a new liquidity token, stXRP, which aims to provide rewards based on a DeFi insurance model. Users can bridge their XRP to the Flare-based wrapped token FXRP and deposit it on Firelight to receive stXRP on a one-to-one basis. While stXRP can be transferred freely within the Flare ecosystem, its staking reward function has not yet been activated.