Unslashed provides insurance protection against Defi attacks, here’s how it works

Last week, the hacking of the $ 600 million Poly network became one of the largest raids in cryptorynk history. The good thing was that the hackers decided to give the money back to the network.

But it clearly shows what loopholes bad players can exploit in the rapidly evolving Defi Sunday. According to CipherTrace, about 75% of all crypto threats are concentrated in the direction of Defi.

Once a convenient Sunday opportunity is found here, decentralized insurance platform Unslashed aims to ensure crypto users are protected from such losses. The goal is to protect investors from losses by breaking smart contracts, currency cuts or any other means. Paris ‘ Marouan Haji, the mastermind behind unslashed, told Forbes:

“While[insurance] isn’t seen as super sexy, it’s actually the foundation on which everything is built. For banking, trade, international trade this is very important, in fact everything in finance depends on insurance.”

With $ 80 billion invested in Defi, the importance of insurance remains higher than ever. Unslashed had a special launch earlier this year, in February 2021. The policy has since been sold to several good players.

For example, for the protocol to end cryptography, Lido buys undivided insurance coverage to protect ether at a cost of $ 200 million. Some of the other Unslashed customers include the Kyber Network and the decentralized Paraswap share aggregator.

24 Creating Yield Capital Portfolios%
To fund this policy, Unslashed created “Baskets of capital” that were nothing more than a series of insurance policies “designed, reviewed, evaluated and grouped for investors.”

For now, the decentralized protocol offers 30 policies with 4,000 investors offering coverage of about 300,000 ETH, or ~ $ 800 million. The Unslashed team also developed their own risk models.

In October, the invincible team also developed a number of risk models. Current capital, see

Join the Discussion

  • BrokerEUR/USD
    FX Pro 0.91pips. (variable) margin: 3.33%
    IG 0.6pips (fixed) margin: 3.33%
  • Back to top