DeFi Risk Platform Update

Bright Union
2 min readJun 24, 2022
*Active cover still contains cover for Anchor protocol

For this month’s update, every data point has decreased in value. This is to be expected given the current crypto market. In the short-term this is not a great outlook; low cover liquidity will in turn keep sales to a minimum.

To pull out a positive from this market hiccup, the UST de-peg has proven a successful case-study for insurance pay-out. InsurAce has paid out over 95% of claims (totalling around $14m). Sceptics now see that these platforms do perform in these situations.

However, it has proven challenging to manage those users, who staked capital to provide coverage. As per the terms of staking, all funds would be locked as soon as the news of a potential claimable event breaks. After staking was unlocked, there was a small period of unstaking, probably due to the public reminder of the risks of providing capital to underwrite insurance risks.

Also affecting this graph is the generally low token prices, affecting market cap of all risk platforms and also the amount of cover liquidity affected by the price of ETH, BNB, MATIC and AVAX.

Long-term, Bright Union is very optimistic. This market hiccup has proven to many the benefits that insurance can bring to investors. In the future, Insurance will be a cornerstone in DeFi.

Most popular covers

Nexus Mutual Top 3 protocols covered:

  1. Enzyme v3
  2. Convex
  3. Curve

Bridge Mutual Top 3 protocols covered:

  1. Curve DAO
  2. Popsicle
  3. Sushi

InsurAce Top 3 protocols covered:

  1. Mirror Finance
  2. MStable
  3. GMX

About Bright Union

Bright Union is the world-leading multi-chain decentralized finance cover marketplace. A platform to aggregate and match supply and demand, it also accelerates the industry by providing strongly needed insurance liquidity.

By aggregating & accelerating the entire web3.0 insurance landscape, Bright Union is uniquely placed to offer easy integration to any dApp, wallet, exchange or metaverse and provide their investors an extra layer of trust by offering the best insurance policies on point of need

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Bright Union

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