ShapeShift Publishes Report On Emerging Field Of Decentralized Insurance
Analysis reviews innovative, decentralized applications that help offset the financial risk associated with decentralized finance
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ShapeShift, an international, non-custodial cryptocurrency leader, released a new report in their New Frontiers series called Spreading the Risk: Decentralized Insurance. Each month, more money is locked into decentralized finance (DeFi) vehicles; and while many of these vehicles provide returns that outpace traditional finance avenues, there is an undeniable level of risk inherent in these irreversible transactions and emerging projects. The report reviews two emerging decentralized applications (which are not affiliated with ShapeShift): Nexus Mutual and Cover Protocol, insurance vehicles created to help limit downside exposure to risk, as well as the potential downside of the insurance applications themselves. It also takes a forwar
ShapeShift Publishes Report On Emerging Field Of Decentralized Insurance
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March 6, 2021 @ 4:04 pm By Omar Faridi
With over $40 billion locked into decentralized finance (DeFi) platforms (at the time of writing), according to DeFi Pulse data, it’s now clear that the era of DeFi has arrived, crypto analysts have argued.
However, with many new exploits frequently taking place, there’s been significant growth in platforms that offer insurance for investors in order to mitigate or minimize the risk of loss of funds because of scams, unaudited smart contracts, digital asset exchange hacks and other cyberattacks.
With platforms such as Nexus Mutual, Cover Protocol and Opium Finance currently providing coverage, Bridge Mutual has also introduced its services and “quickly skyrocketed” to become a major DeFi insurance platform, according to an update shared with CI.
BTC cracks $30K, supply squeeze worsens, XRP implodes: Hodler’s Digest, Dec. 27–Jan. 2
The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more one week on Cointelegraph in one link!
$30,000 continually hitting new all-time highs in the process.
There was drama at the start of the week after BTC crashed by 6.5% in a matter of minutes, with a sell wall at
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Cover Protocol Announces Plans To Compensate Hack Victims
Last Updated: 01 January 2021
The cryptocurrency industry has been affected by a series of hacks this past year. In most of the attacks, the victimized company usually engages professional investigators to look into the situation and find a better way to compensate victims.
And it seems one of the unfortunate victims, Cover Protocol, has announced a compensation plan to settle users who were affected due to the hack.
According to the announcement, liquidity providers and token holders are also included in the compensation plan. When Cover Protocol was exploited by a white hat hacker, the hacker burnt some of the tokens and sold the remaining portion of the tokens for $3 million. The hacker also returned the generated funds from the sale to the deployer.
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