Amulet Protocol (hereinafter Amulet) is a decentralized insurance protocol created for the Rust-based ecosystem, starting with the Solana blockchain.
Amulet has developed an innovative and open insurance model that not only effectively solves the common problems of existing decentralized insurance protocols, but also creates a new paradigm shift for the entire insurance sector.
Risk underwriting and insurance claims are at the heart of any insurance business; however, all existing decentralized insurance protocols face the critical problem of resiliency in risk underwriting and insurance claims. Amulet is creating the industry's first Protocol-Controlled Underwriting (PCU) approach, in which Amulet will build its own underwriting capabilities and implement a claims structure that incorporates the unique Yield Backed Claim (YBC) method. This is a significant departure from current insurance models in which underwriting capabilities are leased from capital providers, in favor of a more sustainable protocol-controlled underwriting and claims structure. Amulet's vision is to is to offer simple, reliable insurance for all in Web3. With the addition of Amulet users throughout the Rust-based ecosystem will have access to a new way to hedge various risks through insurance product offerings.
Unlike some existing insurance protocols that use a combination of general underwriting pools and individual pools for insurance products, Amulet will use an individual pool for each product, and users can choose one or more pools for underwriting by investing their $aUWT in specific product pools.
A leverage ratio will be applied to limit underwriting opportunities for each $aUWT, which is initially set at 1.5 and will subject to management decisions.
By providing underwriting capital, users will have the right to distribute premiums from the pools they choose to underwrite, and $AMT tokens as additional rewards. For specific product pools, $aUWT holders may receive additional rewards with tokens from partner projects participating in the Coverage Acceleration Program.
In order to increase the underwriting potential of certain products and provide higher higher returns for underwriting users, our CAP interacts with teams of projects with coverage to accelerate the implementation of coverage. This mainly applies to coverage of Smart contracts for DeFi protocols when initiating Amulet.
The Amulet team developed the token holder reward system based on the experience of other successful DeFi protocols, as well as the capital needs of insurance operations for patients.
In addition to acting as our management token, the $AMT token has value accrual mechanics built into it, especially for those who hold and bet for over a long period of time.
Website: https: //amulet.org/
Blog: https: //amulet.org/blog/
Twitter: https: //twitter.com/amuletprotocol
Telegram Announcement: https: //t.me/amulet_announcement
Discord: https: //discord.gg/wZm73Rpp
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