Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from
Babbitt Information (ID: bitcoin8btc)
Babbitt Information (ID: bitcoin8btc)
, Author: Elizabeth Woyke, Compiler: Overnight Porridge, published with permission.
Written in the front: Do you still remember the Yam Finance project that created the food-based DeFi liquidity mining wave? Today, the project team announced a new insurance agreement project Umbrella Protocol. As of now, they are developing the Umbrella Protocol The alpha version code will continue to be tested internally in the Yam community, and this article will give a brief introduction to it.
The Umbrella protocol was designed with these factors in mind, featuring perpetual ERC20 streaming insurance, immutable insurance coverage pools, and permissionless factory pool creation (allowing for customization and iteration over time).
Functional Overview
The construction of the Umbrella protocol draws on the factory design pioneered by Uniswap and Balancer, the token function of Compound cToken, and the financing model of the encrypted perpetual futures market. This is a new experimental result.
secondary title
Functional Overview
The core component of the Umbrella protocol is the MetaPool, which is responsible for custody of funds deposited by policyholders and collects insurance fees from policyholders.
Each MetaPool is composed of multiple insurance coverage pools, each insurance pool covers a specific agreement or contract, and the policyholder can insure for a specific agreement or contract separately.
It is reported that these MetaPools are created through a Factory, and its fees to funding rates are highly configurable and immutable after creation. This open customizability is the key to iterating and creating new DeFi Lego, while immutability is essential for clear and unstoppable protection.
In the event of an attack on one of the protocols covered and protected by the MetaPool pool, the policyholder can submit a claim to MetaPool's arbitrator. The arbitrator is also set when the pool is created, and must actively determine the validity of claims based on the parameters created by the MetaPool. If the arbitrator determines that a claim is valid, the MetaPool pays an amount equal to the funds currently pledged in that insurance coverage pool plus any funds currently unused by other insurance pools in the MetaPool.
what's next
For example, in the case of a MetaPool where policyholders stake $1,000, they stake $100 in each of the 3 coverage pools. If one of the pools is hacked, the payout is 100 + (1000-300) = $800. In the event of an attack, the other two pools will ensure access to at least 100% of staked funds.
