Risk Harbor announced last Thursday, September 30, through its Twitter account, that it is now compatible with the USDC vault at Element Finance.
“We are pleased to announce that Risk Harbor is now compliant with the USDC vault at Element Finance. With the Element integration, users can now purchase protection for the USDC vault at Element Finance”, he said through an article posted on the Medium platform.
The company explained that Element is a fixed income protocol that wraps the performance of other protocols in fixed income versions. This group offers protection to holders of Element yvUSDC-29OCT21 which is granted on October 29, 2021. After that date, holders of protection can submit claims that pay if their yvUSDC-29OCT21 is redeemed for less than 0.9 tokens LP USDC.
In addition, he highlighted the importance of keeping in mind that the claims process used is completely automated, impartial and objective and is not subjective to any third party bias.
According to the company, underwriters will bear the losses from any hacks, attacks, or any other loss event that causes the USDC LP tokens redeemed to fall below 90% of the target amount. This includes the risk of smart contracts, hacks, carpet pulls, poorly specified contracts, flash loan attacks, and other loss events.
Risks of the insured
If a hack occurs, the company indicated that the insured would receive payment in USDC, so unless the USDC loses its link, the insured will be protected.
When does this protection group expire?
This group expires approximately November 1, 2021.
Who can subscribe?
Currently, all users can subscribe to protection.
Who can buy protection?
Currently, all users can purchase protection.
About Risk Harbor
It is a risk management marketplace for decentralized finance (DeFi) that uses a fully automated, transparent, and impartial claims process to protect liquidity providers and stakeholders against risks from smart contracts, hacking, and attacks.
About Element Finance
It is a protocol that allows users to seek fixed high performance revenue in the DeFi market. Users can access, through the ecosystem and existing AMMs at a discount without being subject to a time limit, allowing the exchange of the discounted asset and the base asset at any time. Fixed rate income can be secured with the exchange of any major core asset. The Element protocol does not require reliable intermediaries and enables fast and efficient trading of fixed and variable returns.