XRP Will Unlock Billions with Firelight For those who are unaware, Firelight is a brand-new protocol for liquid staking that is being introduced on Flare.
It allows users to create a new asset called stXRP in exchange for wrapping XRP into FXRP and depositing it into a safe vault. Flare's FAssets technology creates FXRP, the wrapped form of XRP used in Firelight.
Through this protocol, non-smart contract tokens such as DOGE, BTC, and XRP are added to the network for usage with smart contracts. Staked XRP is represented by the resulting stXRP token, which holders are free to exchange, lend, or use across DeFi protocols.
Through Flare's Secured Service Network, the underlying FXRP is still locked and actively earning incentives. Essentially, this approach lets holders of XRP to part in income generation without having to give up liquidity.
