Are You Covered? Insurance Platforms For Dex and Smart Contract

Are You Covered? Insurance Platforms For Dex and Smart Contract


Today we will see platforms (tokens) that perform an insurance function and therefore protect our crypto (and also smart contracts). In Centralized exchanges (Binance, Coinbase, Kraken, etc) if the tokens are lost ... the blame falls on the website managers. But what happens in DeFi if a Uniswap, Bancor, Curve, Balancer, Compound, etc smart contract is attacked? Obviously the consequences could be disastrous, for these reasons different insurance platforms are emerging that protect the smart contracts of the dex.

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CertiK is a platform where blockchain infrastructures and decentralized applications can be developed. Its ecosystem consists of the DeepSEA compiler, the CertiK virtual machine (CVM) and CertiKOS. Its native token, $ CTK, was launched on Binance's Launchpool on October 27, 2020.
The protocol uses the "Delegated Proof Of Stake", also called "Proof Of Authority" (similar to Tron, EOS, Tezos, Terra, Band Protocol).
The foundation focuses on security by providing some sort of insurance, plus the network also deals with token performance and economics.
The token (CertiK) guarantees a method of payment and settlement between the users of the platform. Being issued within a PoS-powered system, the token brings various benefits to incentivize holders to participate in staking and network protection.
CertiK is also used to pay transaction fees. Chain feeds the entire ecosystem and has cross-chain interoperability. The platform also incorporates a security oracle and a CertiKShield pool. The platform oracle compresses audit reports to make them available on-chain. Basically, audit reports contain information on the reliability of smart contracts but the reliability of these is not always guaranteed.
This prompts CertiK to take them on the chain through her safety oracle. As a result, the network can effectively verify the security of a smart contract (scores will be assigned according to the latest smart contract audit report). Scores provide an overview of the reliability of a contract code.

abf63f0512f69c84c064f5faa9b0b13c7eb1982a0e6df352bba7edb523db63e3.pngThis oracle can also track and report uncertified smart contracts. Using CertiK Oracle Combinator, the security team's results are aggregated into a single score that can be accessed online.
By incorporating the CertiK Security Oracle, the responsibility for an audit is transferred from the contract creator... to the contract users.

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The CertiKShield pool serves to minimize the risks arising from the private nature of cryptocurrencies. This can include losses from both avoidable and unavoidable circumstances.
The shield works by providing a flexible pool of CTK tokens so it can be used to compensate for losses resulting from inaccessibility and / or theft. Therefore it is a full-fledged insurance platform.
The CertiKShield Pool is comprised of collateral providers (collateral providers earn rewards for staking while shield buyers pay for the required protection). The network also includes a virtual machine (CVM) and the DeepSEA toolchain (certified compiler). CVM effectively eliminates errors that can be introduced when converting the smart contract code from human to machine language (this would be a security risk).
To find out more: CertiK Foundation (Shield)

 

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There are other similar platforms, for example Bridge Mutual also carries out insurance coverage in the stablecoin sector (in case of attacks or collapses of the sector) without neglecting exchanges and smart cotnract. Once the quote has been received, all that remains is to pay the coverage by connecting your Metamask (or others). Their token is BMI and it leverages the Polkadot blockchain. This is obviously a decentralized system and the funds are kept safe by smart contracts. Funds within the insurance pool are moved on-chain to platforms such as Aave and Compound allowing for the generation of returns for users. To find out more: Bridge Mutual

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Nexus Mutual offers insurance coverage on smart contracts (attacks and bugs). Only the members of the network can decide if the complaints are valid. All decisions made are recorded in smart contracts on the Ethereum blockchain (therefore they become immutable). The self-custodial exchange DeversiFi has taken out insurance coverage with this platform (1001 Ethereum). As we all know, the big problem with DeFi platforms are precisely any bugs in smart contracts.
To learn more: Nexus Mutual


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