在DeFi生态系统中，保险仍然是利基市场。但是，随着保险领域的成熟以及机构参与者的加入，保险可能会成为DeFi的最大支柱之一。
In the DeFi ecosystem, insurance continues to be a niche market. But, with maturity in the insurance sector and the participation of institutional participants, insurance may be one of the biggest pillars of DeFi.
近期，CoinGecko分析师Lucius Fang撰文谈及DeFi保险市场，详细介绍了该市场的主要玩家及其运作机制、未来市场前景，链捕手对原文进行了翻译并作出不影响愿意的调整。
Recently, the CoinGecko analyst, Lucius Fang, wrote about the DeFi insurance market, detailing the main players in the market and their operating mechanisms, future market prospects, and the chain catchers translated the original text and made any adjustments that they might wish to make.
作者 | Lucius Fang
Author: Lucius Fang
编译 | Alyson
Compiled & nbsp; nbsp; Alyson
随着DeFi项目的不断创新，我们看到越来越多的黑客事件发生，损失也越来越大。自2019年下半年以来，共有21起公开报道的DeFi安全事件，造成了超过1.65亿美元的损失。
As the DeFi project continues to innovate, we see an increasing number of hackers and losses. Since the second half of 2019, there have been 21 publicly reported DeFi security incidents, resulting in losses of over $165 million.
如果这个领域只欢迎能承受高风险的人，DeFi发展进程就会停滞不前，拥有保险是吸引更多用户进入的关键。
If only those at high risk were to be welcome in this area, the DeFi development process would be stalled and the availability of insurance would be the key to attracting more users.
01
保险的意义与机制
保险业是一个巨大市场，2019年全球承保保费总额达6.3万亿美元。世界是复杂的，我们总是有发生某种事故的风险。以下是一个简单的风险管理框架，说明我们应对不同类型风险应采取的措施。
The insurance industry is a huge market with global insurance coverage of totals $6.3 trillion in 2019. The world is complex, and we always have the risk of some kind of accident. The following is a simple risk management framework that illustrates the measures that we should take to deal with different types of risk.
个人应转移出影响大但频率低的风险（例如自然灾害和癌症），通过保险来处理这种类型的风险。
Individuals should transfer high-impact but low-frequency risks (e.g., natural disasters and ) to address this type of risk through insurance.
保险的运作基于两个主要假设：
The operation of insurance is based on two main assumptions:
一是大数定律。保险涵盖的损失事件必须是小频率的，如果事件发生频率足够高，结果将趋于预期值。
The first is the law of large numbers. The loss events covered by the insurance must be of a small frequency and, if the frequency of the events is high enough, the results tend to be expected.
二是风险分摊机制。损失事件具有发生频率低、冲击大的特点，因此一大批人支付的保险费补贴了少数大额理赔的损失。
The second is a risk-sharing mechanism. Loss events are characterized by low frequency and high impact, so a large number of people pay premiums to subsidize a small number of losses .
从本质上讲，保险是一种汇集资本和使巨额损失社会化的工具，使参与者不会在一次灾难性事件中破产。
In essence, insurance is a tool for pooling capital and socializing huge losses so that participants are not bankrupt in a catastrophic event.
保险将经历灾难性事件的代价社会化，从而使个人能够承担风险。它是一种鼓励更多用户参与的风险管理工具，并且对于DeFi行业而言，超越现有的细分受众群至关重要。DeFi行业需要保险产品来说服拥有大量资本的机构参与者加入。
Insurance socializes the costs of experiencing catastrophic events so that individuals can take risks. It is a risk management tool that encourages greater user participation, and it is essential for the DeFi industry to go beyond the existing segmented audience. The DeFi industry needs to convince institutional participants with substantial capital to join.
02
三大保险项目的详细分析
目前两大保险项目主导着 DeFi 保险市场—— Nexus Mutual 和 Cover 协议。我们将在下面详细研究他们是如何运作的。我们还将深入研究 Armor 协议，因为它在 Nexus Mutual 的发展中扮演着关键角色。
Two major insurance projects currently dominate the DeFi insurance market - the Nexus Mutual and the Cover. We will study how they work in detail below. We will also study the Armor agreement in depth, as it plays a key role in the development of the Nexus Mutual.
一、Nexus Mutual
I, Nexus Mutual
Nexus Mutual是加密市场上最大的保险项目。它的总锁仓价值（TVL）为2.88亿美元，由英国慕尼黑再保险公司前首席财务官休 · 卡普（Hugh Karp）创立。
Nexus Mutual is the largest insurance project in the encryption market. Its total lockup value (TVL) is $288 million, created by the former Chief Financial Officer of the Munich Reinsurance Corporation of England, Hugh Karp.
Nexus Mutual在英国注册为互助公司。与股东制的公司不同，互助公司是由其成员管理的，只有成员才允许与该公司进行交易。Nexus Mutual类似于一家由会员经营、为会员服务的公司。
Nexas Mutual is registered as a mutual corporation in the United Kingdom. Unlike shareholder-based companies, a mutual corporation is managed by its members, and only members are allowed to deal with it.
目前Nexus Mutual提供两种类型的保险：
一是智能合约保险，主要面向托管用户资金的DeFi协议，因为这些协议可能会由于智能合约的错误而遭受黑客攻击。保险涵盖了主要的DeFi协议，例如Uniswap、MakerDAO、Aave、Synthetix和YearnFinance。
One is the Smart Contract Insurance DeFi, which is primarily for hosting user funds, because these agreements may be hacked because of an error in the Smart Contract. Insurance covers major DeFi agreements, such as Uniswap, MakerDAO, Aave, Synthetix, and Yearnfinance.
二是托管资金保险，主要针对资金被黑客盗取或提款暂停风险。Nexus Mutual提供涵盖中心化交易所（例如Binance，Coinbase，Kraken，Gemini）以及借贷公司（例如BlockFi，Nexo和Celcius）的服务。
Second is hosting fund insurance, which focuses on the risk of money being stolen or withdrawn by hackers.
用户可以购买总共72种不同保险，覆盖智能合约协议、中心化交易所、借贷服务和托管服务。
Users can purchase a total of 72 different types of insurance covering smart contract agreements, centralized exchanges, lending services and hosting services.
保险购买方式：
insurance purchases:
要从Nexus购买保险，用户必须通过KYC流程注册为成员，并支付0.002 ETH的一次性费用，然后可以使用ETH或DAI购买保险。
In order to obtain insurance from Nexus, the user must register as a member through the KYC process and pay a one-time fee of 0.002 ETH, which can then be purchased using either ETH or DAI.
Nexus Mutual会将付款转换为NXM代币，代表互助资本的权利。90％的NXM作为覆盖成本被销毁。10％的NXM将保留在用户的钱包中。提交索赔时，它将用作押金，如果没有索赔，则将退还该款项。
Nexus Mutual converts payments into NXM tokens, representing the right to mutual capital. 90% of NXM is destroyed as cover cost. 10% of NXM will remain in the user’s wallet. At the time the claim is submitted, it will be used as a deposit or, if there is no claim, will be returned.
索赔评估机制：
用户可以在担保期内或担保期结束后最多35天内的任何时间提出索赔。用户提交索赔时，必须锁定5％的保费。每份保单最多允许用户提交两次索赔。
The user may file a claim at any time during the guarantee period or up to 35 days after the end of the guarantee period. When the user submits the claim, it must lock in a premium of 5%. Each policy allows the user to file a maximum of two claims.
与传统保险公司不同，索赔结果是通过成员投票决定的。成员投票对索赔是否有效拥有完全的自由酌处权。成员可以使用NXM作为索赔评估员参与其中，但要遵守7天的锁定期。
Unlike traditional insurance companies, the result of the claim is determined by a vote of members. Members have full discretion to vote on the validity of the claim.
当成员投票与整体投票结果一致时，保费的20％将与这些成员按比例分享。但是，如果投票与结果不符，成员将不会获得任何奖励，锁定期将再延长7天。
When the votes of the members coincide with the results of the overall vote, 20% of the premium will be shared proportionately with the members. However, if the vote does not match the results, the members will receive no incentive and the lock will be extended for a further seven days on a regular basis.
为了获得索赔资格，用户必须证明自己已经损失了资金，其中智能合约保险需要损失至少20%的资金、托管保险需要损失至少10%的资金。
In order to qualify for compensation, users must prove that they have lost money, of which smart contract insurance requires a loss of at least 20 per cent and hosting insurance requires a loss of at least 10 per cent.
风险评估机制：
Risk Assessment Mechanism:
保险的定价取决于在特定协议上质押的资金额。用户可以在这些协议上质押NXM成为风险评估员。定价公式如下：
The price of the insurance depends on the amount of money pledged on the particular agreement. The user can pledge NXM on these agreements to become a risk assessor.
风险成本=1-（质押NXM数量/ 低风险成本限额）^（1/7）
Risk cost = 1-(number of pledged NXM/ low risk cost limit) (1/7)
承保价格=风险成本 x (1 + 盈余利润率) x 承保期/365.25 x 承保金额
Underwriting = risk cost x (1 + surplus profit margin) x underwriting period/365.25 x insured amount
低风险成本限额是达到最低定价2％所需的最低质押标准，限额设置为50000个NXM。盈余利润用于支付成本并为共同基金创造盈余，盈余利润率设定为30% 。因此，最低的保险成本是2.6% 。
The low-risk cost limit is the minimum pledge rate of 2% of the minimum price, set at 50,000 NXM. Surplus profits are used to cover costs and generate a surplus of 30% of the common fund. Thus, the minimum insurance cost is 2.6%.
当发生索赔时，风险评估人承担损失。为了承担这种风险，50% 的保险费由风险评估人员分担。
When a claim arises, the risk assessor bears the loss. To cover this risk, 50 per cent of the premium is shared by the risk assessment staff.
以下饼状图显示了保费流向何处：
The following pie charts show where the premium flows to:
CS：用户支付的提交申赔的费用
CS: Costs incurred by users in submitting claims
CA：如果有索赔提交，评估员获得的费用
CA: Costs to assessors, if any, of claims submitted
如果在保险单到期时用户没有提出索赔，保险费的10% 将退还给投保买方，而保险费的40%将进入资金池。
If no claim is filed by the user at the time the policy expires, 10 per cent of the premium will be returned to the buyer 风险评估人可以投入10倍的资本，以最大限度地提高资本效率。例如，如果一个风险评估人有100个NXM，他可以在多个协议中质押1000个NXM，其中任何一个协议的最大质押上限为100个NXM。
For example, if a risk assessor has 100 NXMs, he can pledge 1,000 NXMs in multiple agreements, one of which has a maximum pledge of 100 NXMs. 这里的假设是，多个协议同时被攻击情况是罕见的，这种做法与保险业在大数定律和风险共担的基础上的运作方式是一致的。
The assumption here is that multiple agreements are rarely attacked at the same time, which is consistent with the way the insurance industry operates on the basis of a large number of laws and risk sharing. 如果索赔金额大于风险评估者所拥有的资金，共同基金的资本池将支付剩余金额。
If the amount claimed is greater than the amount of funds held by the risk assessor, the equity pool of the Common Fund will pay the remaining amount. 为了确保始终有足够的资本来支付索赔，双方的共同需求必须使资本金高于最低资本要求（MCR）。通常，MCR是根据所售保险的风险来计算的。但由于缺乏索赔数据，双方都遵循团队决定的人工参数。
In order to ensure that there is always sufficient capital to pay for the claim, the common requirements of must be higher than the minimum capital requirement (MCR). 代币经济学：
Monetic Economics: NXM代币经济学是吸引和留住资本的重要因素。它使用联合曲线模型来确定NXM的价格。计算公式如下：
NXM monetic economics is an important factor in attracting and retaining capital. It uses a combined curve model to determine the price of NXM. The formula is as follows: A=0.01028
C=5,800,000
MCR（ETH）=所需最低资本
MMR(ETH) = minimum capital required MCR％=可用资本/ MCR（ETH）
MCR% = capital available/ MCR(ETH) MCR％是确定NXM价格的关键因素，因为它在价格公式中有四次幂。当人们基于联合曲线模型购买NXM时，可用资本金将增加，导致MCR％增长，从而导致NXM价格成指数增长。
MCR% is a key factor in determining NXM prices because it has four bumps in the price formula. When people buy NXM based on a combined curve model, the available capital will increase, leading to an increase in MCR%, leading to an exponential increase in NXM prices. 这里要注意的是，当MCR％低于100％时，联合曲线模型的退出将被停止，以确保有足够的资金来支付索赔。
It should be noted here that when MCR per cent is below 100 per cent, the withdrawal of the combined curve model will be stopped to ensure that sufficient funds are available to pay the claim. wNXM：
Nexus Mutual发布了包装型NXM（wNXM），使投资者无需进行KYC就可以接触NXM。用户可以将NXM包装到wNXM中，然后通过Uniswap和Binance等二级市场出售。
The user can package NXM in wNXM and then sell it through secondary markets such as Uniswap and Binance. wNXM有很多缺点，它不能用于风险评估、索赔评估和治理投票。Armor协议的启动通过将wNXM转换为arNXM来帮助解决问题。
WNXM has many shortcomings that cannot be used for risk assessment, claims assessment, and governance voting. The Armor agreement was activated to help solve the problem by converting wNXM to anrNXM. Shield Mining（耕作农业）：
为了鼓励更多的风险评估员对其NXM进行质押，Nexus Mutual发布了Shield Mining计划，计划使用原生代币奖励质押用户。Shield Mining帮助增加了抵押的NXM数量，并增加了可用的保险。
In order to encourage more risk assessors to pledge their NXM, Nexus Mutual has launched the Shield Mining program, which plans to reward the pledge users with original money. Shield Mining has helped to increase the number of NXM collaterals and to increase available insurance. 协议收入：
protocol income: NXM代币与其他治理代币不同，其代币价格由公式控制。因此，互助互利会有助于增加可用资本并提高NXM的价格。利润来源有两个：
NXM tokens, unlike other governing tokens, are controlled by formulas. Therefore, mutual benefit can help to increase available capital and increase the price of NXM. There are two sources of profit: 1）收取的保费-已付索偿-支出。
1) premium charged - paid claim - expense. 2）用户从绑定曲线出售NXM时的价差为2.5％
2) 2.5% price difference for users selling NXM from bound curves 二、Armor协议
为了克服KYC的局限性，Yearn Finance创建了yInsure，用户可以不用KYC就可以购买Nexus Mutual的保险。yInsure本由Safe Protocol进行管理，但由于创始人Alan与社区知名成员Azeem之间的一些内讧，该项目被取消了。Alan继续发布了Cover协议，而Azeem接管了yInsure产品并发布了Armor协议。
To overcome KYC’s limitations, Yearn Finance created yInsure, which allows users to buy Necus Mutual’s insurance without KYC. yInsure was run by Safe Protocol, but the project was cancelled because of some insecurities between the founder, Alan, and a prominent member of the community, Azeem. Alan continued to issue the Cover, while Azeem took over the yInsure product and issued the Armor agreement. Armor协议有四个主要产品：arNXM、arNFT、arCORE和arSHIELD。
The Armor Agreement has four main products: arNXM, anrNFT, anrCORE and anarSHIELD. arNXM：
Nexus Mutual创建了WrappedNXM（wNXM），允许投资者在不进行 KYC 的情况下投资 NXM。然而，随着更多的 wNXM 被创建，NXM 可用于内部交互功能(如质押、索赔评估和治理投票)的数量减少了。
Nexus Mutual created WrappedNXM (wNXM) to allow investors to invest in NXM without conducting KYC. However, as more wNXM is created, the number of NXMs that can be used for internal interactive functions (e.g. pledge, claims assessment and governance voting) has decreased. Armor创建arNXM就是为了解决这个问题，它允许投资者无需进行KYC即可参与Nexus Mutual的运营。
Armor created anarNXM to address this problem, which allows investors to participate in the operation of Nexus Mutual without having to perform KYC. 要获得arNXM，用户可以在Armor中质押wNXM。Armor打开wNXM，然后将NXM代币质押到Nexus Mutual上。通过在Nexus Mutual上质押，质押者发出了智能合约是安全的信号，打开了更多的保险销售渠道。
To obtain anarNXM, the user can pledge wNXM in Armor. Armor opens wNXM and then pledges NXM tokens to Nexus Mutual. By pledging on Nexus Mutual, the pledgeer sends a signal that the smart contract is safe, opening up more insurance outlets. Armor将保留10000个wNXM的储备，以确保arNXM 和wNXM之间有足够的流动性进行交易。Armor每十天补充一次储备。
Armor will retain 10,000 wNXM reserves to ensure that there is sufficient liquidity between arNXM and awNXM for trading. arNXM可以称为wNXM资金池，用户可以将wNXM存入资金池，预计未来将获得更多的wNXM。
AnnXM can be called the wNXM pool, where users can deposit wNXM, and it is expected that more wNXM will be available in the future. arNFT：
arNFT是在Nexus Mutual上购买的代币化形式的保险。arNFT允许用户无需进行KYC即可购买保险。由于这些保险标的是代币化的，用户现在可以将它们转移给其他用户或在二级市场上出售。这些代币化的保险还将进一步探索DeFi 可组合性。
ArNFT is an insurance in the form of monetization that is purchased on the Nexus Mutual. ArNFT allows users to purchase insurance without having to perform KYC. Since these are monetized, users can now transfer them to other users or sell them on the secondary market. 所有Nexus Mutual保险都可以使用arNFT。
All Nexus Mutual insurances have access to anarNFT. arCORE：
arCORE 是一种即付即用的保险产品。Armor 通过一个流动支付系统跟踪用户资金的确切数量，因为它们可以动态地跨越不同的协议。arCORE 的技术底层集成了arnft，它们在被分解后溢价出售。arCORE允许更多的创新产品设计，并展示了 DeFi 生态系统的可组合性。
ArCORE is a ready-to-pay insurance product. Armor tracks the exact amount of user funds through a mobile payment system because they can dynamically cross different protocols. The technology base of the arcCORE is built into annft, and they are sold at a premium after decomposition. AarCORE allows for more innovative product design and demonstrates the collusiveness of the DeFi ecosystem. arCORE的产品收取较高的保险费，以补偿 arNFT 质押者承担的不能完全销售保险的风险。目前，arCORE的保费乘数是161.8% ，这意味着价格将比直接从 Nexus Mutual 购买的价格高出61.8%。
At present, the insurance multiplier for anarCORE is 161.8%, which means that the price will be 61.8% higher than the price purchased directly from Nexus Mutual. 对于额外的保险费，90%将返还给arNFT的支持者，10%由 Armor 作为管理费收取。以1.618倍的保费乘数和90% 的收入份额计算，利用率必须大于69% 才能使 arNFT 的投资者们获利。如果售出的保险数量少于池中质押数量的69％，那么这些质押者不得不自行承担保险费用。
For additional premiums, 90% will be returned to supporters of an NFT, and 10% will be charged by Armor as a management fee. By 1.6118 times the premium multiplier and 90% of the income share, the utilization factor must be greater than 69% in order to benefit investors in an NFT. arSHIELD：
arSHIELD是流动性做市商（LP）代币的保险存储库，其中保险费自动从所赚取的LP费用中扣除。arSHIELD本质上创建了具有保险的LP代币，用户无需支付预付款。
ArSHIELD is the insurance repository for liquid market agents (LPs), where insurance premiums are automatically deducted from the LP fees earned. arSHIELD仅涵盖流动资金池的协议风险。例如被保险的Uniswap Lp代币仅涵盖Uniswap的智能合约受到损害的风险，而不能涵盖基础资产的风险（例如基础资产协议被黑客入侵）。
ArSHIELD covers only the risk of a liquidity pool agreement. For example, the insured Uniswap Lp token covers only the risk of damage to Uniswap’s smart contract, but not the risk of underlying assets (e.g. the underlying asset agreement was hacked into). arSHIELD只是一个重新包装的arCore版本，有两个不同风险等级的版本。
ArSHIELD is only a repackaged version of an anCore version with two different levels of risk. Shield +保险库是最安全的版本，可以保证赔付。它是完全抵押的，但承保能力有限。它具有200％的高乘数，使其价格比Shield Vault高出两倍。
Shield + vault is the safest version to guarantee payment. It is fully mortgaged, but it has limited insurance capacity. It has a high multiplier of 200%, making it twice the price of Shield Vault. Shield Vault是风险较高的版本，索赔支出可能无法完全偿还，因为这取决于黑客入侵期间池中的可用资金。为了弥补额外的风险，它只有100％的溢价乘数，这意味着它的价格与直接从Nexus Mutual本身购买的价格相同。保险容量设计为无限制的，因此用户很难不对抵押率感到满意，因为它可能不完全抵押。
Shield Vault is a high-risk version, and the claimed expenditure may not be fully reimbursed, as it depends on the funds available in the hacker pool during the invasion. To cover the additional risks, it has only a 100% premium multiplier, which means that its price is the same as that purchased directly from Nexus Mutual itself. Insurance capacity is designed to be unlimited, so it is difficult for users to be satisfied with the mortgage rate, as it may not be fully encumbered. 索赔机制：
claims mechanism: 用户提出索赔后，将触发审核程序并提交给Nexus Mutual进行审议。Armor代币持有者还将参与Nexus Mutual的索赔审批和支付流程。如果确认付款，该金额将被发送到Armor的支付资金库，然后分配给受影响的用户。
If the payment is confirmed, the amount will be sent to Armor’s payment pool and then distributed to the affected users. 协议收入：
protocol income: 以下是该项目截至2021年2月更新的利润分成费用表。
The following is an updated schedule of profit-sharing costs for the project up to February 2021. 需要注意的事是，对于从Nexus Mutual购买的每份保险，该项目会将10％的保险费留作索赔之用，而索赔费用为保险费的5％。每个用户都可以由于相同的原因申请两次，如果保单期截至时没有提出索赔，则将退还10％的保费。这就是arNFT利润的来源。
It is important to note that for each insurance purchased from Nexus Mutual, the project retains 10 per cent of the premium as a claim against 5 per cent of the premium. Each user can apply twice for the same reason and refund 10 per cent of the premium if no claim has been filed at the end of the policy period. This is the source of the profits of the arNFT. 三、Cover协议
III, Cover Protocol 如前所述，Cover协议由Yearn Finance孵化，最初是提供yInsure的Safe protocol。2020年11月，Yearn Finance宣布与Cover协议合并，以为旗下yvaults投保，但Yearn Finance于2021年3月5日选择终止合作关系。
In November 2020, Yarn Finance announced its merger with the Cover in order to insure yvaults under the flag, but Yarn Finance opted to terminate the partnership on 5 March 2021. 覆盖类别：
covers categories: Cover协议仅提供智能合约保险。让我们来看一个保险如何被出售的例子:
The Cover agreement provides only smart contract insurance. 做市商可以存入1个DAI，他们将能够生成1个NOCLAIM代币和1个CLAIM代币。这两个代币仅代表单一协议的风险。代币仅在固定的时间范围（例如半年）内有效。半年后可能会出现两种情况：
A marketer can deposit a DAI that can generate a NOCLAIM token and a CLAIM token. These two tokens represent only the risk of a single agreement. They are valid only for a fixed period of time (e.g. six months). 如果没有发生有效索赔的事件，则NOCLAIM代币持有者可以索赔1个DAI，而CLAIM代币的价值为零。
In the absence of an event for which there is a valid claim, NOCLAIM is entitled to claim for one DAI, whereas the value of the CLAIM is zero. 如果发生有效的索赔事件，则CLAIM代币持有者可以索赔1个DAI，而NOCLAIM代币的价值为零。
In the event of a valid claim event, the CLAIM currency holder may claim for one DAI, while the value of the NOCLAIM currency is zero. 这类似于预测市场，即用户押注该协议是否会在一个时间范围内被黑客入侵。
This is similar to the predicting market, where the user bets that the agreement would be hacked over a period of time. Cover协议引入了部分索赔机制，因此在发生有效索赔事件时，CLAIM代币持有者的支出将由索赔有效性委员会（CVC）决定。
The Cover agreement introduced a partial claim mechanism, so that in the event of a valid claim event, the costs incurred by the CLAIM currency holders would be determined by the Claims Effectiveness Commission (CVC). 保险购买方式：
insurance purchases: 一是Balancer Swap（旧），用户需要去Balancer中交易并从Balancer资金池购买CLAIM代币。
The first is Balancer Swap (old), where users need to trade in Balancer and buy CLAIM tokens from the Balancer pool. 二是Flash Swap（新），用户只需进行一次以太坊交易，即可从Cover 协议的网页中购买保险。
The second is Flash Swap (new), a user who can buy insurance from the Cover agreement's web page only if it is traded in an Etherm. 索赔评估机制：
一是常规索赔，其费用为10 DAI。COVER代币持有者将首先对索赔的有效性进行投票。然后它将移至索赔有效性委员会（CVC）做出最终决定。
The first is a regular claim at a cost of 10 DAI. The COVER money holder will first vote on the validity of the claim. It will then move to the Commission on the Validity of Claims (CVC) for a final decision. 二是强制索赔，其费用为500 DAI，并将其直接发送给CVC做出决定。
The second is a mandatory claim for 500 DAIs, which was sent directly to CVC for a decision. CVC由外部智能合约审核员组成。如果索赔被批准，Cover 协议将退还索赔申请费用。
The CVC consists of external intellectual contract reviewers. If the claim is approved, the Cover agreement refunds the claim claim costs. 风险评估机制：
Risk Assessment Mechanism: Balancer Swap（旧）：如上所述，Cover 协议非常依赖于做市商拓展覆盖度。在铸造了NOCLAIM和CLAIM代币之后，他们将不得不针对DAI在Balancer资金池中提供流动性。以下是详细说明：
Balancer Swap (old): As noted above, the Cover agreement relies heavily on market-based outreach. After creating NOCLAIM and CLAIM tokens, they will have to provide DAI with liquidity in the Balancer pool. NOCLAIM / DAI池比例为98％/ 2％，逾期费为3％
NOCLAIM / DAI 98 per cent / 2 per cent and overdue fees 3 per cent CLAIM / DAI池，比率为80％/ 20％，逾期费为5％
CLAIM/DAI pool, 80 per cent.20 per cent and overdue fees 5 per cent Flash Swap（新）：仅依赖一个资金池，而不需要两个不同的资金池来引导NOCLAIM和CLAIM代币。
Flash Swap (new): Reliance on only one pool, not two separate pools to guide NOCLAIM and CLAIM. NOCLAIM / DAI池比例为50％/ 50％，逾期费为0.2％
NOCLAIM/DAI pool ratio is 50 per cent/50 per cent and overdue fee is 0.2 per cent 做市商的收入主要来自Balancer资金池产生的逾期费。
The main source of revenue for marketers is the overdue fees generated by the Balancer pool. 新的Flash Swap系统具有一些优点：
The new Flash Swap system has a number of advantages: 第一，保险成本预计将减少，因为只有一个Balancer资金池进行耕作农业。在激励措施下，做市商将购买更多的 NOCLAIM 代币以换取耕作农业奖励或赚取交易费，从而推高 NOCLAIM 代币的价格。因此，CLAIM 令牌的价格将降低为 CLAIM=1-NOCLAIM。
First, the cost of insurance is expected to decrease, because there is only one Balancer pool for farming agriculture. Under incentives, marketers will purchase more NOCLAIM in exchange for farm incentives or transaction fees, thus pushing up the price of NOCLAIM. Thus, the price of the CLAIM medal will be reduced to CLAIM=1-NOCLAIM. 第二，做市商预计将赚取更多费用，因为每次购买保险都需要将NOCLAIM代币出售到Balancer资金池中。而且与旧体系不同，做市商只需要为一个资金池提供流动性。
Second, marketers are expected to earn more because each time they buy insurance, NOCLAIM is sold to the Balancer pool. And, unlike the old system, marketers simply need to provide liquidity for a pool. 由于每次购买都涉及CLAIM / NOCLAIM代币，在赎回过程中需支付0.1％的费用，因此 Cover 协议有望获得更高的平台收入。
Since each purchase involved CLAIM/NOCLAIM tokens, which required 0.1 per cent of the costs incurred during the redemption process, the Cover agreement was expected to generate higher platform revenue. 保险价格由Balancer资金池的供求关系决定。
The insurance price is determined by the supply and demand relationship of the Balancer pool. 耕作农业：
Farming: Cover协议在旧的BalancerSwap系统中同时为NOCLAIM / DAI池和CLAIM/ DAI池进行产量耕作。在新的Flash Swap系统中，仅NOCLAIM/ DAI池受到激励。
In the new Flash Swap system, only the NOCLAIM/DAI pool is encouraged. 协议收入：
protocol income: 兑换CLAIM和NOCLAIM代币将收取0.1％的费用。COVER代币持有者有权就如何使用金库进行投票。目前正在讨论用 COVER 代币来获取收益，但细节尚未最终确定。
The CLAIM and NOCLAIM tokens will be charged a fee of 0.1%. The COVER token holders have the right to vote on how to use the vault. 03
两大保险项目的比较
Comparison of two major insurance projects 一、投资效率
i. Investment efficiency Nexus Mutual允许资金提供者对其所拥有的资金施加10倍的杠杆，这为利益相关方带来了更高的保费收入。投资者确实必须承担更多的风险，但是这种方法与传统保险如何将风险分散到不同产品中的方式更加一致。
Nexas Mutual allows financial providers to leverage 10 times the funds they own, bringing higher premiums to stakeholders. Investors do have to take more risks, but this approach is more consistent with how traditional insurance spreads risks across products. 同时，由于每个资金池都是孤立的，Cover 协议的投资者无法利用其资本。虽然它有计划在V2版本将不同的风险捆绑在一起投保，但是目前透露的细节很少。
At the same time, since each pool is isolated, Cover’s investors are unable to use their capital. Although it has plans to bind different risks together in V2, there are few details to be disclosed. 由于资本效率较低，Cover 保险比 Nexus 更加昂贵。例如在Cover协议中，为 OriginDollar 购买保险每年的成本为12.91%，而在Nexus Mutual 中仅为2.6% 。
Cover insurance is more expensive than Nexus because of low capital efficiency. In the Cover agreement, for example, the annual cost of insurance for OriginDollar is 12.91 per cent, compared to 2.6 per cent in Nexus Mutual. 我们可以通过划分资本池中有效保险数量来定量计算投资效率。Nexus Mutual 的资本效率比高达200% 。而对于 Cover 协议，从设计上来说，它始终小于100％。
We can quantify investment efficiency by delineating the number of valid insurances in the capital pool. The capital efficiency of the Rexus Mutual is up to 200%. For the Cover agreement, it is always designed to be less than 100%. 二、保险覆盖范围
II. Insurance coverage Cover 协议仅涵盖22种协议，而Nexus Mutual涵盖74个交易对。Nexus Mutual在保障条款上提供了更大的灵活性，用户可以决定在任何一天开始保障，并且保障期长达一年。
The Cover agreement covers only 22 agreements, while the Nexus Mutual covers 74 transactions. Nexus Mutual provides greater flexibility on the safeguards clause , allowing users to decide to start the safeguards at any given day and for a period of up to one year. Cover 协议仅提供预先决定的定期保险。例如，对于一个特定系列，保险期限有效期至5月底，无论用户何时购买保险，保险都将在5月结束。因此，随着时间的推移，CLAIM代币的价值将趋于0美元，而NOCLAIM代币的价值将趋于1美元。
The Cover agreement only provides pre-determined periodic insurance. For example, for a particular series, the insurance period lasts until the end of May, and the insurance will end in May whenever the user purchases the insurance. Thus, over time, the value of the CLAIM token will move to zero dollars, while the value of the NOCLAIM token will move to $1. Nexus Mutual涵盖了大多数主要的DeFi协议，用户可以找到更全面的服务。它提供了比Cover协议更广的覆盖范围，而Cover 协议受其总锁定价值（TVL）限制。即便如此，由于缺乏质押人，许多Cover也被抢购一空。Armor协议的发布确实通过将更多的wNXM吸引到arNXM中缓解了该问题，从而使NXM受到了威胁。
Nexus Mutual covers most of the major DeFi agreements, and users can find more comprehensive services. It provides a broader coverage than the Cover agreement, which is limited by its total lock-in value (TVL). Even so, many Covers are being bought out because of the lack of a pledge. Cover协议可以被看作是长尾保险的竞争对手，因为项目可以更快立项，不必通过繁琐的风险评估。这是因为每个风险都是孤立的，并包含在单个池中，不像在 NXM 中，来自任何单一协议的索赔都可能侵蚀资本池。
The Cover agreement can be seen as a competitor for long-tail insurance, because the project can be set up more quickly without the need for cumbersome risk assessments. This is because each risk is isolated and contained in a single pool, unlike in NXM, a claim from any single agreement could erode the capital pool. 然而，为不太知名的项目新开保险并不是一件容易的任务。除了受到有限容量的限制，保险费用往往过于昂贵。例如，一个新上市的项目Reflexer Finance ，它的支付成本为每年32.46% 。
However, new insurance for less well-known projects is not an easy task. In addition to being limited in capacity, insurance is often too expensive. For example, a new listed project, Reflexer Finance, pays 32.46 per cent annually. 三、索偿比例
Yearn Finance在2021年2月遭受了1100万美元的黑客攻击。尽管最终公司决定通过自己的基金来弥补损失，但保险现已还是决定支付赔偿金，以证明它们的产品确实按预期运行。
Yearn Finance was hit by a $11 million hacker attack in February 2021. Despite the company’s decision to make up for the damage through its own funds, the insurance has now decided to pay compensation to prove that their products actually operate as expected. Nexus Mutual 已经接受了14项索赔，索赔金额为2410499美元(1351 ETH + 129660 DAI)。这导致了向Yearn Finance质押NXM的用户损失9.57%。如果索赔人能够证明他们确实损失了至少20％的资金，则可以全额赔偿损失。
Nexus Mutual has accepted 14 claims in the amount of USD 2410499 (1351 ETH + 129660 DAI). This resulted in a loss of 9.57 per cent for the users who pledged NXM to Year Finance. Claimants can be compensated in full if they can prove that they actually lost at least 20 per cent of their funds. 与此同时，Cover协议决定只将支赔付比例设为36％，因为损失仅占受影响保管库的36％。如果用户持有1000个 CLAIM 代币，他们只能收到360美元。Yearn Finance拥有价值40.9万美元的CLAIM代币。实际上，做市商仅损失了14.7万美元。保险购买者应意识到，从Cover协议中购买保险并不能保证全额赔付，其决定索赔额的方式更类似于预测市场。
At the same time, the Cover agreement decided to set the rate of payment at only 36 per cent, as the losses represented only 36 per cent of the affected depository. If users held 1,000 CLAIM tokens, they would receive only $360. 四、概括
Nexus Mutual目前在保险市场上遥遥领先，似乎没有竞争对手。但是，它在DeFi中的渗透率非常低，仅占DeFi TVL总数的2％。
Nexas Mutual is now well ahead of the insurance market and appears to have no competitor. However, its penetration in DeFi is very low, accounting for only 2 per cent of the total number of DeFi TVLs. 竞争者有足够的空间来追赶。在每天都有创新涌现的领域，保险之王的宝座总是唾手可得。
There's plenty of room for competitors to catch up. In areas where there's innovation every day, the king of insurance's throne is always available. Cover 协议一直在迅速创新，即使在整个安全协议惨败期间也是如此。尽管该产品尚未获得广泛的关注，但0到1的创新从来都不是一件容易的事。我们必须记住，Cover 协议的发布时间不到一年。现在还为时过早，还不能确定孰优孰劣。
The Cover agreement has been rapidly innovating, even during the collapse of the entire security agreement. Although the product has not received much attention, innovation from 0 to 1 has never been easy. We must remember that the Cover agreement was issued less than a year ago. 04
其它即将发布的保险协议
Other forthcoming insurance agreements 一、Unslashed Finance
目前处于测试模式。Unslashed Finance为投资者提供了类似桶式的风险分担模式。第一款产品名为Spartan Bucket，涵盖了24种不同的风险，覆盖了交易对，例如托管方、钱包、交易所、智能合约和预言机。
Unslashed Finance provides investors with a similar barrel-type risk-sharing model. The first product, called Spartan Bucket, covers 24 different types of risk and covers transactional pairs, such as custodians, wallets, exchanges, smart contracts and forecastors. Lido Finance为其stETH（ETH 2.0赌注）从Unslashed Finance购买了价值2亿美元的保险，以减轻收到严厉处罚的风险。处罚是指当验证者无法持续维护网络时，对权益证明（PoS）网络的验证者施加的惩罚。
Lido Finance purchased $200 million worth of insurance from Unslashed Finance to mitigate the risk of receiving severe penalties. The penalty is the penalty imposed on the testator of the PoS network when the certifying officer is unable to maintain the network on an ongoing basis. 二、Nsure
Nsure早在2020年9月就完成了140万美元的种子轮融资，资金来自Mechanism Capital、Caballeros Capital、3Commas、AU21、SignalVentures和Genblock。目前，Nsure已部署在以太坊的Kovan测试网上。
As early as September 2020, Nsure completed $1.4 million in seed rotation financing from Mechanism Capital, Cabaleros Capital, 3Commas, AU21, SignalVentures, and Genblock. Nsure is currently deployed on the Kovan testing network in Ether. Nsure是一个风险交易市场。它依赖于NSURE代币的权益来表示协议的风险，并用它来定价。他们正在测试网中运行一个承销程序，以测试定价在主网中的运作方式，参与者将获得NSURE代币作为奖励。
Nsure is a risk trading market. It relies on the NOURE token interest to represent the risk of the agreement and to use it to price it. They are testing the network for an underwriting program to test the way prices operate in the main network, and participants will be rewarded with NURE. 他们还提出了一个风险等级量表，根据多个标准对每个项目进行评级，包括团队和历史、曝光度、代码质量、开发者社区等。除抵押部分外，风险等级将影响最终的保单价格。
They also propose a scale of risk levels that rate each project according to multiple criteria, including team and history, exposure, code quality, developer community, etc. In addition to collateral, the level of risk affects the final policy price. 三、InsurAce
InsurAce最近融资300万美元，参投方包括Alameda Research、DeFiance Capital、ParaFi Capital、Maple Leaf Capital等，但尚未宣布它的发布日期。
InsurAce recently financed $3 million, with participation from Alameda Research, DeFiance Capital, ParaFi Capital, Maple Leaf Capital, etc., but has not yet announced its release date. InsurAce旨在成为首个基于投资组合的保险协议，它提供投资和保险产品以提高资本效率。与当前的保险产品不同的是，如果用户在进行耕作农业时接触到不同的协议，他们就必须购买多个保险，而InsurAce提供了一个基于投资组合的保险，覆盖了上述投资策略所涉及的所有协议。
InsurAce aims to be the first portfolio-based insurance agreement to provide investment and insurance products to improve capital efficiency. Unlike current insurance products, if users come into contact with different agreements when farming, they have to buy multiple insurances, while InsurAce provides a portfolio-based insurance covering all the agreements involved in the above-mentioned investment strategy. 该项目声称采用基于精算的定价模型，而不是依靠抵押或市场来为保险定价。由于DeFi生态系统中缺乏索赔历史，因此他们能否提出可靠的模型值得怀疑。
The project claims to use actuarial pricing models rather than relying on mortgages or markets to price insurance. Their ability to present reliable models is questionable because of the lack of a history of claims in the DeFi ecosystem. 其他保险协议还有InsureDAO和Insured Finance。
Other insurance agreements include InsureDAO and Insured Finance. 一些衍生协议也提供了有趣的保险产品，例如：
Some derivative agreements also provide interesting insurance products, such as: Hakka Finance’s 3F Mutual —涵盖了DAI的固定汇率风险。
Hakka Finance's 3F Mutual - covers DAI's fixed exchange rate risk. Opium Finance -涵盖USDT的固定汇率风险。
Opium Finance - covers the fixed exchange rate risk of USDT. 迄今为止，衍生协议提供的这些保险产品的采用一直缺乏活力。
So far, the adoption of these insurance products provided by derivative agreements has been less dynamic. 不像DEX、借贷等其它类型的项目，保险项目受到的关注较少。除了是一个资本更加密集的业务外，购买保险的意识在加密领域还不那么普遍。随着更多的保险协议将在今年推出，我们可能会看到更多的用户使用保险。
Unlike other types of projects like DEX, borrowing, insurance projects receive less attention. In addition to being a more capital-intensive business, insurance awareness is less common in encryption. As more insurance agreements are launched this year, we may see more users using insurance. 05
结论
第一，保险仅覆盖DeFi总锁仓价值（TVL）的2％左右，还没有被广泛采用。
信用违约掉期（CDS）和期权等衍生产品可能会减少购买保险的需求。但是与保险的风险分担相比，这些产品的构建通常需要更多的资金，导致保险费更加昂贵。另外，衍生品理所当然地更昂贵，因为它们价格风险更大。
Derivatives, such as credit default swaps (CDS) and options, may reduce the need for insurance. But, compared to insurance risk sharing, the construction of these products usually requires more money, resulting in more expensive insurance premiums. 高风险用户和零售用户有可能在当前的DeFi市场中占据主导地位。他们可能不太重视风险管理，因此不考虑购买保险。当时机成熟时，保险市场将获得更大的驱动力，并与机构资本有更多的合作。
High-risk and retail users are likely to dominate the current DeFi market. They may not attach much importance to risk management, and therefore do not consider insurance. 第二，尽管业务增长迅猛，但NXM价格却停滞不前。Nexus Mutual的基础业务运转良好，有效保单金额从年初的6800万美元增长至2月的7.3亿美元，呈稳健增长。这个10倍增长令人印象深刻，但是NXM的价格却一直停滞不前。
Second, NXM prices have stagnated despite rapid business growth. The base of Nexus Mutual operates well, with effective insurance policies growing steadily from $68 million at the beginning of the year to $730 million in February. 随着投资者从Nexus Mutual撤资，MCR％已达到100％的下限。投资者在合成以太坊堆栈方面拥有了更多选择。现在 NXM 正在与 ETH 2.0质押服务商(Lido的 stETH、Ankr 的 AETH) 、Alpha Homora 的 ibETH 和 Curve 的 ETH池竞争。
As investors withdraw their funds from Nexus Mutual, MCR % has reached the 100% threshold. Investors have more options for synthesizing the Ether bank. NXM is now competing with ETH 2.0 pledge service providers (StethH of Lido, AETH of Ankr), ibETH of Alpha Homera and ETH of Curve. 去年，黑客从Nexus Mutual创始人Hugh Karp处盗走了价值800万美元的NXM 代币，并通过wNXM市场抛售NXM，使wNXM的价格大跌。由于 MCR% 已经达到了100% 的下限，NXM 持有者不能通过联合曲线模型销售 NXM。持有者退出仓位的唯一方法是通过 wNXM 出售，在 wNXM 和 NXM 之间造成价格差距。
Last year, hackers stole $8 million worth of NXM tokens from Hugh Karp, the founder of Nexus Mutual, and sold NXM through the wNXM market, causing a sharp fall in the price of wNXM. Since MCR per cent has reached the 100% threshold, NXM holders cannot sell NXM through a combined curve model. The only way for the holder to exit the warehouse is by selling it through wNXM, creating a price gap between wNXM and NXM. 只要价格差距存在，获取NXM的最佳方法就是购买便宜的wNXM。因此，只有在价格差距缩小之前，资本才会流入互助市场。根据公式，NXM的价格将一直受到压制，直到有新资金流入为止。
As long as there is a price gap, the best way to get NXM is to buy cheap wNXM. So capital flows to mutual markets only when the price gap narrows. Nexus Mutual提出了解决该问题的多项计划：创建社区基金，用于激励社区成员更多的参与；探索投资闲置资金池的方法，例如ETH 2.0抵押；通过引入堆栈式风险保险、稳定币去挂钩保险和预言机保险来扩展产品范围。
Nexus Mutual presented a number of plans to address the problem: create community funds to stimulate greater participation by community members; explore ways to invest in idle pools, such as ETH 2.0 mortgages; and expand product coverage through the introduction of stacked risk insurance, currency-stabilization linkage insurance and prognosis insurance. 第三，Armor协议的推出为NexusMutual带来了巨大的优势，巩固了其在DeFi保险市场的领先地位。作为wNXM资金池，arNXM打算替代wNXM。它吸引了太多的wNXM，以至于arNXM现在贡献了NXM总数的47％，这有助于更多的保险进行购买。
Third, the launch of the Armor Accord has brought a huge advantage to Nexis Mutual, consolidating his leading position in the DeFi insurance market. As a wNXM pool, arNXM is intended to replace wNXM. It attracts too much wNXM, so that arNXM now contributes 47 per cent of the total NXM, which helps more insurance purchases. 当前的arNFT的有效担保总额约为4.91亿美元，而Nexus Mutual的有效担保总额为7亿美元。arNFTs贡献了约70％的有效覆盖率。
The current total amount of effective guarantees for aarNFT is approximately $491 million, while the total amount of effective guarantees for axus Mutual is $700 million. ArNFTs contribute about 70 per cent of the effective coverage. Armor协议仅在两个月前发布，已经为Nexus Mutual的发展做出了重要贡献。
The Armor Agreement was issued only two months ago and has made an important contribution to the development of Nexus Mutual. 第四，Cover协议创新速度很快，但是业务增长并不尽如人意。Cover 协议提供的产品种类较少，并且在保险条款方面灵活性比较局限。但是，它可以使项目更快地上市，并且可以用相对较少的资金购买。因此，一些项目只能在 Cover Protocol 上使用，而在 Nexus Mutual 上则不行。
Fourth, the Cover agreement is fast-paced in innovation, but business growth is less than desirable. The Cover agreement offers fewer types of products and has more limited flexibility in terms of insurance terms . However, it allows projects to be marketed faster and can be purchased with relatively small amounts of money. Some projects can therefore only be used on the Cover Protocol, but not on the Nexas Mutual. Cover协议的保费成本要昂贵得多，但由于高额的耕作回报，仍然值得购买。人们还可以像预测市场一样押注哪种协议可能会被黑客入侵。这对于Nexus Mutual无效，因为它们需要损失证明。
Cover’s premium costs are much more expensive, but it is still worth buying because of the high farm returns. One can bet, as the market predicts, on which agreements could be hacked. Cover 协议近期与 Ruler 协议一起发布了信用违约掉期（CDS）产品。这里需要注意的是 Ruler 协议的团队与 Cover 协议的团队相同，使用相同的开发人员发布另一种代币可能不是一个好迹象。Yearn Finance已决定终止与Cover 协议的合作伙伴关系。没有yVault的内在需求，Cover协议可能很难超越Nexus Mutual。
The Cover agreement recently released a credit default swap (CDS) product with the Ruler agreement. Here it is important to note that the Rüler agreement has the same team as the Cover agreement, and it may not be a good sign to publish another currency using the same developers. 注：本文内容不构成任何投资建议。
Note: The contents of this paper do not constitute any investment proposal. 本文首发于微信公众号：链捕手。文章内容属作者个人观点，不代表和讯网立场。投资者据此操作，风险请自担。
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