Opyn solves many problems by being the first platform to enable Ethereum DeFi users to protect themselves from both technical and financial risks, starting with comprehensive deposit insurance.
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Description of the Opyn project
The two-way marketplace platform is designed, using an ERC20 token, called oTokens. It will be the first platform to protect Decentralized Finance (DeFi) users from both technical and financial risks (such as liquidity crises).
At opyn.co, you can easily insure your compound deposits. This interface connects to the Convexity protocol, a suite of smart contracts that were built on Ethereum. Security is top priority and the team has created the protocol to be secure and reliable and passed the OpenZeppelin audit.
Key features:
| 1 | Insurance companies lock ETH collateral in vault with a collateral ratio of at least 140% and oTokens mint.. |
| 2 | Note that your collateral ratio is your total collateral, divided by the amount of protection you are offering. |
| 3 | The insurance companies have two options to make money with their ETH. They can either sell tokens to insurance buyers on Uniswap and receive premiums, or add tokens to the Uniswap pool and receive transaction fees from other users' trading activities. |
You can close your position at any time by redeeming the Otokens you sold on Uniswap and returning them to your vault, allowing you to redeem your ETH collateral. One caveat is that the price of otokens may have increased or decreased in the time since their first purchase.
Additional information
The site has a WhitePaper document, where you can study information about the project. Also, the developers provide a section with answers to questions.
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