How It Works
Steady State's insurance solutions are summarized as:
  • Coverage pools: DeFi protocols can crowdfund their own customized insurance policies. The coverage pools lock coverage provides funds for a specified amount of time, acting as collateral in the event of a loss. In exchange, the coverage provider receives pool tokens with yields on the premium as an incentive for staking their capital.
  • Index pools: Index pools optimize coverage pools' safety and efficiency through contracts segmented by their respective protocols and pooling the funds together to create shared policies. The coverage pools are indexed in larger pools consisting of multiple protocols selected by users.
  • RAD: Steady State will be the first to introduce off-chain data analysis and objective risk scoring to create optimal insurance policies. The Risk Analysis Database (RAD) will have an open-source database, effectively tracking all forms of exploits in the DeFi ecosystem.
  • Automated claims: Unbiased, automated claims built on smart contracts to ensure quick and objective claim settlement. Minimal human intervention improves transparency and eliminates manipulation hence addressing the lack of faith that many people have in traditional insurance. The automated claims system is integrated with the RAD models to assist in identifying claims events.
  • RISQ token: RISQ is the governance token of Steady State's platform and DAO, ensuring our system is free from any central authority. Steady State is fully committed to complete transparency, with a strong commitment to the long-term growth and sustainability of the DeFi community. Through its own DAO model, Steady State guarantees a stable governance and voting system on all community proposals and strategic decisions.
These elements work together to deliver a comprehensive insurance package.
Last modified 2mo ago
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