80% of XAO DAO’s XRP Treasury Set for Firelight Deployment

XAO DAO says several proposals have passed in the last couple of weeks, and a community forum is now live, calling it a huge milestone. XAO DAO co-founder Santiago Velez announced that proposal 66 had passed, authorizing the decentralized autonomous organization to deploy 80% of its XRP treasury into Firelight, a DeFi protocol focused on decentralized insurance and yield. The decision would put a large share of the DAO’s XRP holdings to work in a strategy intended to generate returns for members while contributing capital to protection services for decentralized finance. XAO DAO Vote Approves XRP Deployment to Firelight In his announcement, Velez described the proposal as, to his knowledge, the first time a DAO had deployed treasury funds into a multichain DeFi strategy combining decentralized insurance with yield generation. He thanked co-manager Fabio Marzella, Flare Networks co-founder Hugo Philion, and the Flare team for developing the Flare Smart Accounts technology, as well as Firelight for the opportunity. The plan connects XRP with Firelight through Flare Smart Accounts, which provide a route for XRP holders to use DeFi applications. In an October 6 post, Flare described Fi...