Web3 Security

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

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

I’m referring to any type of onchain insurance, really, so I’m also referring to parametric insurance. I wasn’t aware parametric insurance existed in the Web3 space yet

Great question! Are you strictly referring to premiums and claims being paid on-chain or were you also referring to parametric insurance where the claims are paid out automatically based on an oracle?

skininthegame

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

oh shit i also just posted this in /skininthegame lol

Now to answer - I think it comes to oracles and arbitration. We spent too much time arguing about if "code is law" and now we aren't sure what to do.

degens do degen shit and no one wants to pay to protect when they're gonna yeet money thru unaudited contracts

That said, you get $2k insurance with pocket universe

degens do degen shit and no one wants to pay to protect when they're gonna yeet money thru unaudited contracts

That said, you get $2k insurance with pocket universe 
https://www.pocketuniverse.app/