Jeremiah | OpenCover
@itsjeremiahs
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🛡️ BIG NEWS 🛡️
We’ve just launched depeg protection for:
• Stablecoins: USDe, USR, USDS, USDT0, LVLUSD
• Wrapped assets: WBTC, eBTC, OETH, tETH
Depeg cover/insurance effectively vanished after the Terra/UST collapse so it's a big deal!
*How it works*
~$3-10m of initial capacity for each asset, underwritten by Nexus Mutual (over $5 billion in onchain risk covered since 2019).
Claim trigger: if the covered asset goes under its reference value by x% for y consecutive days, you can claim z% of its reference value — coverage extends to select derivative tokens as well (e.g. staked version of the covered asset).
*Example*
USDS cover → if USDS goes below $0.90 for 7 consecutive days, you can swap your depegged USDS — or sUSDS — for 97.5% of their reference value (i.e. 2.5% deductible).
sUSDS is currently yielding 8.75% APY and cover is around 0.6% annual equivalent so you can get ~8% stable yield virtually risk-free on @base. 0 reply
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