Opyn launches insurance platform to protect DeFi users

Protect your DeFi Deposits

DeFi users are facing substantial risks and Opyn is here to provide protection. We’ve seen an incredible community grow around amazing DeFi platforms that form the basis of an emerging financial system. However, these platforms present many risks, both known and unknown to their users. It’s only a matter of time before another DAO hack or a 2007-like event occurs in DeFi, and most users are woefully underprepared.

Opyn solves this by being the first platform allowing Ethereum DeFi users to protect themselves against both technical and financial risks, starting with Compound deposit insurance.

Opyn: The Insurance Layer for Decentralized Finance

At opyn.co, you can easily insure your Compound Deposits. This frontend connects to the Convexity Protocol, a set of smart contracts we built on Ethereum (read more at convexity.opyn.co). Security is our highest priority and our team has created the protocol to be safe and dependable, and has been audited by OpenZeppelin. You can find the OpenZeppelin audit report here.

The platform is a two-sided marketplace designed using tokenized ERC20 put options, called oTokens. It will be the first platform that protects decentralized finance (DeFi) users against both technical and financial risks (like liquidity crises), while also being the first place where ETH holders to earn meaningful premiums on their ETH holdings by providing insurance.

By design, Opyn is completely noncustodial and trustless, requiring no reliance on claim assessors or risk assessors, due to its incentive-compatible design.

Protection, insurance, and hedging technology is a vital part of any financial system, and DeFi is no different. We’re excited to contribute to the continued growth and maturation of Decentralized Finance.

We’re so excited to introduce Opyn to the DeFi community, and we can’t wait for you to try it out! Check it out at opyn.co and we’d love any feedback — you can get intouch on our Discord or at hello@opyn.co.

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