Athena is a decentralized protocol that empowers Defi users to purchase covers to secure their digital assets, shielding from losses due to incidents such as hacking, smart contract vulnerabilities, stablecoin de-pegging, DeFi strategies, or any other form of risks associated with digital assets.
Coverages are issued by the Athena protocol's smart contracts rather than a centralized entity. Guarantee funds come from liquidity providers, and the entire process of purchasing coverage and submitting claims is executed in a decentralized on-chain manner.
Each liquidity provider has the flexibility to determine how to invest their capital, whether they want to share risks among coverage pools, and in what manner. It is crucial to note that Athenains.io does not fall under the categories of insurance or mutual.
The administration and claims evaluation process are aslo decentralized, regulated by the decentralized Kleros court through community votes and expert investigations. This approach enhances transparency, trust, and autonomy within the Athena Ins ecosystem.
The Athena protocol provides a response to a growing demand in the DeFi coverage market, aiming to address an existing gap. The four distinctive propositions of the Athena Ins protocol are as follows: competitive rate coverages, customizable investment, supply of guarantee with leverage, and sustainable returns. This approach aims to provide a comprehensive solution meeting the diverse needs of DeFi users while establishing the protocol as a versatile option in the coverage market.