Web3 Security

I’ve got a Web3 security related question: Why isn’t onchain insurance more popular in Web3?

skininthegame

• Web3 Researcher • @ uni for econ & crypto • Boys Club & SheFi member • FID 2768 • bonfire.xyz/NancyARubel

oh shit i also just posted this in /skininthegame lol

you probably don’t think about liquidity enough // it is what it is  // build value, not valuation

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Yoo great minds think alike! Why were you wondering about onchain insurance? 

I wonder about it bc there’s an extraordinarily large amount of money being stolen through scams, hacks, etc. every year, but seemingly no way to mitigate it all

On this specific application - I think auditors & deployers need more skin in the game. Auditors simply have social clout on the line atm - they need actual $ on the line (kinda like Sherlock).

I don't have a good design for this idea though.

Hey, I would like add my 2 cents to this conversation. Sherlock doesn't use their own funds for insurance, they use funds from Nexus Mutual, which is nor really insurance, because it's unregulated. AFAIK the only auditing company using their own funds to provide regulated insurance is Quantstamp.