Amulet Protocol
Project Description.
The Amulet Protocol (hereafter Amulet) is a decentralized insurance protocol developed for the Rust-based ecosystem, starting with the Solana blockchain. Amulet has developed an innovative and open insurance model that not only effectively addresses common problems of existing decentralized insurance protocols, but also creates a new paradigm shift for the entire insurance industry. Risk and underwriting are the backbone of any insurance company. However, all existing decentralized financial insurance (DeFi) protocols face the critical problem of risk underwriting and claims sustainability. Amulet is developing the industry’s first Protocol-Controlled Underwriting (PCU) approach, where Amulet creates its own underwriting capabilities and introduces a claims structure that incorporates the unique Yield-Backed Claim (YBC) methodology. This is a significant departure from existing insurance models, where insurance capacity is leased from capital providers, to a more sustainable underwriting and claims structure that is controlled by protocol. Amulet’s vision is to provide simple and reliable insurance to all Web3 users. With the addition of Amulet, users of the Rust-based ecosystem will have access to a new way to hedge various risks through insurance products.