I haven't seen a TradFi innovation in crypto like @Corkprotocol since Pendle launched

Pendle: Token --> Principal Token + Yield Token

Cork: Pegged Asset --> Token + Depeg Risk Token

Cork has built out the technology to trade depeg risk, a massive milestone for whales and institutional players

Let's walk through an example:

1. Mark uses 1 ETH to mint a position in the stETH market

2. Mark receives a Cover Token (i.e. principal token) + a Depeg Swap (i.e. depeg odds)

• Cover Token + Depeg Swap = Redemption Asset

3. Let's say he receives 0.95 ETH of the Cover Token and 0.05 ETH of the Depeg Swap

4. If Mark believes that stETH won't depeg he can sell his Depeg Swap to realise a risk premium (i.e. earn yield)

5. Alternatively, if Mark holds his Depeg Swap and stETH depegs, he will be protected

It genuinely makes me smile when I see useful products being built