Insurance, Claims and Governance Mining

How to Buy Cover

If you happen to be a user of one of Meta Defender's whitelisted projects and host a large number of assets which are of great value to you(possibly tokens, stored content, or even privacy), buying insurance for them can prevent unknown pitfalls.

For ease of billing, Meta Defender uses stablecoins to insure, underwrite and pay out for claims. Each Meta Defender policy is currently valid for one year.

You do not need to submit any additional information to insure. However, please make sure that you are actually a user or a holder of the insured item and that you will be required to provide evidence of damage during the claims process (although we don't want the risk to occur).

About premiums: Meta Defender has a unique premium calculation system, which we will describe in more detail in a later section. As a user, you only need to enter how much you wish to cover and the protocol will automatically calculate the current premium.

A small insurance deposit is also required, which will be much smaller than the premium itself and will have no visible impact on your financial situation, which is related to the third part of this section on Governance Mining.

More details regarding premium pricing:

pageCalculation of Premium Rates

How to Make a Claim

When you experience a loss of on-chain assets during the policy term, you can file a claim with the Meta Defender protocol.

Meta Defender has an auditing team of experienced technical people from the top blockchain security field. When filing a claim, you should provide as many specific details as possible about the occurrence of the loss to help us process your claim more quickly.

If the claim is approved, the payment will be sent to your address immediately; if it is denied, you may continue to submit your claim for the duration of the policy.

Please note that a policy can only pay once and if the claim is approved, it will not be able to initiate a second claim.

Policy Cancellation and Governance Mining

Every policy is theoretically possible to make a claim on until it expires. Therefore, for each policy generated by the protocol, the corresponding liquidity of the Capital Reserve will be frozen, depending on its coverage amount.

Therefore, this part of liquidity should be released when the policy expires and no claims have been made. However, blockchain smart contracts cannot be executed automatically at present, and Meta Defender introduces the concept of policy cancellation and Governance Mining.

All policies generated in Meta Defender are publicly visible to everyone. The protocol will publicly display expired policies on the front-end, and by manually cancelling them, the policyholder can get back the insurance deposit mentioned in the first part of this section.

Cancellation of the policy within 24 hours of policy expiry (estimated time) is restricted to the policyholder, and if the policyholder forgets, all participants will be able to cancel it after 24 hours and get back the corresponding deposit.