Market scan of DeFi Risk Coverage platforms

Ecosystem overview July 8, 2021

Bright Union
2 min readJul 9, 2021


The market for risk covers is moving rapidly

Decentralized finance (DeFi) has emerged as one of the most popular use cases in the crypto ecosystem over the past few years. In brief, DeFi can be described as financial software built with blockchain technology, and it has the potential to make financial applications more open and accessible. At Bright Union, we’re seeing an increasing number of DeFi teams building solutions in the DeFi coverage space, and this article aims to introduce the overview landscape and share knowledge collected around several of the most major protocols.


  • First-to-market Nexus Mutual is dominating the market with $514M worth of covered assets which resulted in+$15M of fees paid.
  • Their partner ArmorFi is second best in terms of sales, reselling products which are covered by Nexus Mutual.
  • Challengers InsurAce and Unslashed have growing liquidity (already worth over $80M) in their risk pools) and seem ready to grow their market share of sold covers in the coming weeks.
  • Promising candidates with a large community are also ready to enter the market in the coming weeks: Watch out for Bridge Mutual, Tidal and Cover Protocol as they have learned from Nexus and are hitting the market with strong innovative products.

Top protocols covered

Nexus Mutual Top 3 protocols covered:

  1. Curve
  2. Yearn
  3. Aave

Armor Fi Top 3 protocols covered:

  1. Compound
  2. Uniproject
  3. Uniswap

Unslashed Top 3 protocols covered:

  1. Compound
  2. Uniproject
  3. Uniswap

Insurace Top 3 protocols covered:

  1. Ledger Wallet
  2. Coinbase
  3. Binance

This is the first piece of our monthly Ecosystem update in Defi risk markets. Soon we will start comparing products from the different platforms. Keep an eye out for our monthly overviews as we will keep you updated about the latest developments in the market.

About Bright Union

Bright Union is launching the world’s leading aggregator and accelerator for the crypto risk markets. Our mission is to make the crypto risk markets work. On our decentralized crypto coverage platform, crypto users can cover their assets, stake and cover the community, and earn guaranteed yield through Bright Staking with embedded coverage.

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Bright Union

DeFi Insurance marketplace that allows DeFi users to to buy and provide coverage against hacks and protocol failures.