Simple, Reliable Cover For Everyone in Web3
What is amulet?
Amulet is a DeFi cover protocol for the Rust-based ecosystem with initial deployment on Solana. They goal is to nurture a safer Web3 for everyone by providing enhanced digital asset protection that is industry-leading. DeFi — decentralized finance — is an emerging financial technology that has enjoyed incredible growth since 2020. As the market expands, the demand for risk management and digital asset protection cover increases. Therefore, They are building Amulet to meet the growing need for cover options on Solana and the Rust-based space more generally.
The Amulet Protocol addresses the market demand for a risk protection protocol native to Solana and the broader Rust ecosystem. Amulet will use its deep learnings from DeFi cover providers to offer the simplest solution possible.
At its core, Amulet has developed a solution to address the clash between underwriting capital stakers and cover buyers. The core design of Amulet is the Protocol Controlled Underwriting Value (PCUV), which is a paradigm shift for DeFi cover toward a scalable and sustainable future (more on this later).
Most importantly, Amulet allows users to help secure the blockchain through liquid staking and cover participation — in one protocol.
Amulet will be built with transparency and focused on the development of the project alongside the security community.
Why is DeFi Cover necessary?
DeFi cover provides a financial safety net for people who trade and manage Web3 financial products. In other words, DeFi cover is necessary for the same reason that Crypto protection and conventional cover are required — to protect your assets and investments. In 2021 alone, approximately $3 billion was lost due to smart contract exploits, which DeFi protection covers, alongside slashing, oracle failures, and economic exploits. Securing such risks is a crucial step towards fostering a safer Web3 for everyone, which is the overarching goal of Amulet.
What makes Amulet unique?
Claims and risk underwriting are fundamental to any business. Amulet has pioneered the first Protocol-Controlled Underwriting Value (PCUV) approach in the DeFi industry, which enables clients to cover DeFi and other financial products. They approach deviates from the typical risk protection models and is a much more sustainable method, ensuring they fully grasp the unique needs of the industry while offering exceptional protection to customers and businesses. They PCUV approach ensures our underwriting capabilities are controlled by the protocol, meaning it is more sustainable and scalable than traditional models.
What risks will Amulet cover?
They digital asset covering will be comprehensive, spanning from smart contract vulnerability to NFTs. They will protect clients from smart contract vulnerabilities, which is one of the biggest risks within the DeFi space. They will also offer Stablecoin De-Peg, which mitigates the risk of a stablecoin trading below its peg for a sustained period of time. Amulet will also provide protection against slashing, as well as risk management of NFTs, Metaverse, and wallet cover.
