The XRP staking platform Firelight has announced that it is 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 access to data from other chains and the internet.
According to a press release sent to CryptoPotato, the launch of Firelight’s mainnet on Flare will expand decentralized finance (DeFi) access for XRP holders, connecting them to more opportunities.
Firelight to Launch Mainnet this Month
Firelight did not confirm the exact date of the launch; however, it is scheduled to occur before the end of the month. The network allows XRP holders to maintain custody of their assets while utilizing them across the DeFi ecosystem. With its staking mechanism, users can convert their XRP to the liquid staking token (LST), stXRP, which is used to access opportunities in the Flare DeFi space.
“Having Firelight on Flare — one that can insure protocols across the space and emit a tokenized representation of that coverage — is a massive benefit to the Flare ecosystem itself,” Flare’s CEO and co-founder, Hugo Philion, said.
Following the launch, Firelight will allocate capital deployed on its platform to building an institutional-grade cover solution for on-chain risk. This initiative will be backed by XRP staking. The move will help position the platform at the core of a growing effort to connect XRP liquidity, DeFi infrastructure, and institutional readiness within the Flare ecosystem.
Flare Records Significant Growth
Besides the upcoming Firelight mainnet launch, Flare revealed that users will soon be able to initiate transactions in its network directly from the XRP Ledger (XRPL). This will be made possible through the Smart Accounts created by Xaman Wallet, and scheduled for launch by December.
The Smart Accounts feature will enable XRPL addresses to execute transactions on Flare through encoded memo instructions. The goal is to strengthen the liquidity bridge between the Flare and XRPL ecosystems, allowing users to access DeFi protocols and manage their assets without exiting the XRPL network.
Meanwhile, the Flare network is witnessing accelerated growth. The chain’s total value locked has been on an uptrend this quarter, currently hovering around an all-time high of $180 million. The protocol also boasts of bridging more than 50 million XRP from the XRPL.
Additionally, institutional participation on Flare is on the rise. Asset management firm Teucrium applied for a Flare (FLR) exchange-traded fund last month. The filing is still under review with the U.S. Securities and Exchange Commission.
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