Firelight Staked XRPPrice

(STXRP)

To obtain stXRP, you first need to bridge your native XRP from the XRP Ledger to the Flare Network using the FAssets system. This process converts your XRP into FXRP. Once you hold FXRP on the Flare Network, you can then deposit it into the Firelight protocol. This deposit allows you to mint stXRP at a 1:1 ratio with your FXRP. This two-step process ensures interoperability and security for your staked assets within the Firelight ecosystem.

No, not in the current "Phase 1" of the Firelight protocol. During this initial phase, participants do not receive direct liquid yield. Instead, users earn Firelight Points as a measure of their early engagement and contribution to the protocol. The distribution of real, liquid yield, derived from the protocol's operations, is specifically scheduled to commence in "Phase 2," which is currently targeted for early 2026.

Unlike traditional Proof-of-Stake systems, Firelight's yield generation is based on a DeFi Insurance (Cover) model. DeFi protocols pay fees to Firelight to leverage the staked XRP (stXRP) as a critical "security layer." This security layer protects these external protocols against potential hacks, exploits, or other adverse events. The fees collected from these DeFi protocols for providing this insurance coverage are then distributed back to stXRP stakers as yield.

Firelight Points serve as a crucial metric for measuring early participation and engagement within the protocol. While the precise conversion mechanism is not always fully disclosed, it is widely anticipated by the community that these points will significantly influence future reward distributions. They are also expected to play a role in a potential airdrop or allocation of the protocol's native governance and reward token, XFI, to early adopters, incentivizing and recognizing their initial contributions.

stXRP is the liquid staking token you receive when you stake FXRP. It represents your underlying XRP and remains liquid and usable across various DeFi applications. XFI, on the other hand, is the protocol's native governance and reward token. In Phase 2, stakers are anticipated to receive a portion of their yield in XFI, alongside XRP, typically in a mix of approximately 70-80% XRP and 20-30% XFI.

The Firelight protocol is designed to be non-custodial, meaning you retain control of your assets through smart contracts, rather than transferring ownership. To ensure robust security, the protocol has undergone comprehensive audits by highly respected firms in the blockchain space, including OpenZeppelin and Coinspect. Furthermore, Firelight maintains an active bug bounty program on Immunifi, which incentivizes ethical hackers to identify and report vulnerabilities, continuously enhancing the protocol's resilience against potential threats.