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#73: Jeremiah Smith from OpenCover on DeFi Insurance
Manage episode 441163061 series 3394208
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Since 2017, over $8billion has been lost on-chain due to smart contract hacks, infrastructure issues and rugpulls.
The figure becomes even larger when you count phishing attacks and scam coins.
Yet today the vast majority of on-chain transactions and protocol positions aren’t protected… for example if you look at DeFi current TVL which is around $80billion, there is only about $100m which is covered or insured against protocol risk.
One company that is on a mission to make DeFi safe and accessible is OpenCover.
Since 2022, OpenCover has protected thousands of businesses and individuals against on-chain transaction and protocol risks.
On Episode 73, I spoke with its Co-Founder & CEO, Jeremiah Smith, who provided us a short masterclass into DeFi cover and Insurance, and how finance & accounting professionals at web3 startups & DAOs can mitigate their on-chain risks.
Download the State of DeFi Insurance Report
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Topics Covered:
(0:00) TAQ Intro
(1:08) Episode Intro
(3:05) Jeremiah’s background
(5:00) 3 main onchain risks
(8:15) Financial impact of onchain risks
(10:03) Best practices for keys management
(11:30) Protecting against transaction & post-transaction risk
(14:08) How to mitigate protocol risk
(16:45) Thanks to our sponsor Harris & Trotter
(18:49) Insurance for tokenized T-Bills
(20:52) How to choose DeFi Cover
(26:10) When should CFOs consider DeFi insurance
(28:35) Overview of OpenCover
(32:56) Thanks to our sponsor Web3 Finance Club
(34:38) Is OpenCover an underwriter
(37:42) Pricing
(38:54) The future of AI & DeFi Insurance
(41:45) OpenCover partnership
(44:28) Challenges for adoption
(46:11) Closing Thoughts
(47:14) Jeremiah's Pablo Picasso Maxim
(48:44) Reach out to Jeremiah
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