CSP DAO Project Review: DEGIS

Published in

Investments & Partnerships

3 min readJan 10, 2022

Degis is a decentralized insurance protocol covering common risks for real-world events and on-chain assets.

Unlike other on-chain insurance platforms, Degis offers an off-chain pricing model to provide reasonable insurance prices, and all policy claims will get reliable results from decentralized oracles. On Degis, insurance buyers can get instant payment when the policy is claimed, and the conditions are met. This process is automated, transparent, and unbiased via Chainlink oracles.

PROTECTION PRODUCTS

Off-Chain Risk Protection

Flight Delay Insurance & Weather Protection: Degis introduces the oracle and smart contract technology into traditional insurance. The first revolutionary product is flight delay insurance. Degis feeds the data in Chainlink to the oracle and uses the smart contract to determine and implement the payout. All the provided liquidity and unpaid insurance income will be put into the insurance pool to guarantee the payment.

On-Chain Risk Protection

Token Price Insurance: The crypto market has a significant variation, and investors may suffer a considerable loss within a short period. To help investors hedge the extra risk, DEGIS issues a new kind of insurances upon token price fluctuation. There are two kinds of token price insurance: cover price decreasing, cover price increasing.

PROTOCOL DESIGN

Insurance Pool: It is the entity that undertakes all the potential risks on Degis and also gets most of the premium income. It is made up of many liquidity providers’ assets.

Policy Flow: The workflow/lifecycle of a policy on Degis is as below

Claims and Payout: The claiming process is fully automated by oracles. There will be a robot watching the policies, and when it reaches the claiming time point, it will submit the claim request. The smart contracts will receive the request, get the final result from oracle and finally give the payoff to users.

Degis Lucky Box: Playing the Degis Lucky Box gives is a chance for Degis token holders to win extra prizes. The premium income of insurance products will partially go into the lucky box prize pool. Every week there will be a lottery draw, and the award will depend on how many numbers the user gets correct.

COMPETITOR COMPARISON

DEGIS is a winner compared to other DeFi protocols

TOKEN UTILITY

Degis Token (DEG) is an ERC-20 token issued on Avalanche. The total supply of DEG is 100 million. DEG is a utility token specially designed for the Degis Ecosystem.