PANews September 1 reports, citing CoinDesk, that DeFi risk protocol Firelight Protocol has completed an $8 million funding round. The lead investor is Gumi Cryptos Capital, with participation from Maven 11, Metalayer, Joint Effects, Tribe Capital, and others. The protocol is incubated by Sentora, a DeFi infrastructure provider. It plans to go live in September with the first batch of integrated protections, offering smart-contract attack coverage for fintech companies participating in on-chain yield. Firelight currently uses XRP as the coverage funds and plans to expand to other highly liquid, non-native yield assets such as bitcoin and Stellar’s XLM. Its claims process involves independent risk-control organizations including GFX Labs, Hypernative, Credora, Native, and Cyfrin for evaluation. The goal is to complete the review, settlement, and payout of eligible claims within about 10 days.