Firelight launches DeFi insurance underwriting supported by staking XRP

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.