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Firelight Protocol raises $8 million for DeFi onchain protection layer

The protocol plans to settle eligible smart-contract exploit claims in about 10 days via independent risk firms, with first cover integrations targeted for September.

Reported · Written up by our desk · DeFi

CoinDesk reports Firelight Protocol raised $8 million in a funding round led by Gumi Cryptos Capital to build an onchain protection layer for decentralized finance.

The project is expected to launch with its first cover integrations in September, using independent risk firms to settle eligible smart contract exploit claims in about 10 days.

Firelight said it plans to expand the collateral backing its cover system beyond XRP to include liquid, non-yielding assets such as bitcoin and Stellar’s XLM as it targets fintechs offering onchain yield products.

The effort comes as DeFi exploits have caused significant losses, with DeFiLlama data cited by CoinDesk showing over $9 billion in assets stolen in DeFi protocol exploits over the years.

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