Firelight Set to Launch Mainnet on Flare, Expanding DeFi Access for XRP Holders
The XRP staking platform Firelight has introduced that it’s set to launch its mainnet on Flare this month. Flare is an Ethereum Virtual Machine (EVM)-compatible layer-1 blockchain that fosters interoperability by giving protocols decentralized entry to knowledge from different chains and the web.
According to a press launch despatched to CryptoPotato, the launch of Firelight’s mainnet on Flare will develop decentralized finance (DeFi) entry for XRP holders, connecting them to extra alternatives.
Firelight to Launch Mainnet this Month
Firelight didn’t verify the precise date of the launch; nonetheless, it’s scheduled to happen earlier than the tip of the month. The community permits XRP holders to keep custody of their belongings whereas using them throughout the DeFi ecosystem. With its staking mechanism, customers can convert their XRP to the liquid staking token (LST), stXRP, which is used to entry alternatives within the Flare DeFi house.
“Having Firelight on Flare — one that may insure protocols throughout the house and emit a tokenized illustration of that protection — is a large profit to the Flare ecosystem itself,” Flare’s CEO and co-founder, Hugo Philion, mentioned.
Following the launch, Firelight will allocate capital deployed on its platform to constructing an institutional-grade cowl answer for on-chain threat. This initiative shall be backed by XRP staking. The transfer will assist place the platform on the core of a rising effort to join XRP liquidity, DeFi infrastructure, and institutional readiness throughout the Flare ecosystem.
Flare Records Significant Growth
Besides the upcoming Firelight mainnet launch, Flare revealed that customers will quickly have the opportunity to provoke transactions in its community immediately from the XRP Ledger (XRPL). This shall be made potential by the Smart Accounts created by Xaman Wallet, and scheduled for launch by December.
The Smart Accounts characteristic will allow XRPL addresses to execute transactions on Flare by encoded memo directions. The aim is to strengthen the liquidity bridge between the Flare and XRPL ecosystems, permitting customers to entry DeFi protocols and handle their belongings with out exiting the XRPL community.
Meanwhile, the Flare community is witnessing accelerated progress. The chain’s complete worth locked has been on an uptrend this quarter, presently hovering round an all-time high of $180 million. The protocol additionally boasts of bridging greater than 50 million XRP from the XRPL.
Additionally, institutional participation on Flare is on the rise. Asset administration agency Teucrium utilized for a Flare (FLR) exchange-traded fund final month. The submitting continues to be below assessment with the U.S. Securities and Exchange Commission.
The submit Firelight Set to Launch Mainnet on Flare, Expanding DeFi Access for XRP Holders appeared first on CryptoPotato.
