#73: Jeremiah Smith from OpenCover on DeFi Insurance

Sep 21, 2024

49:48

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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