firelight

The DeFi insurance protocol Firelight has begun underwriting, with its insurance payouts backed by 50.02 million XRP staked on the Flare network. The first batch of underwritten positions is directed towards two Sentora vaults.According to the arrangement, relevant claims will be adjudicated by a coalition of five institutions with a three-fifths majority vote, and the audit report for the underwriting contracts is currently marked as forthcoming.

According to CoinDesk, the DeFi protection protocol Firelight Protocol announced the completion of $8 million in financing, led by Gumi Cryptos Capital, with participation from Maven 11, Metalayer, Joint Effects, and Tribe Capital.Firelight is incubated by the DeFi infrastructure provider Sentora (managing assets totaling $2.4 billion) and plans to officially launch in September this year.