Solity Insurance

Inspiration

Current insurance protocols are not meeting the needs of current defi users as they do not have any unchain risk data to base their decisions. We wanted to build a decentralized insurance protocol by publishing onchain risk data through chainlink. The protocol is build on substrate to enable multichain possibilities.

What it does

It scrapes data around risks (smart contract risks, oracle, decentralization, project activity) on a daily base. The data is published on onchain by running a chainlink node. The data is then used in a smart contract to calculate the risk premium. The user can claim his insured funds and the community will decide through a vote if all requirements are met.

How we built it

We used AWS RDS and lambda functions to scrape the data. We run a chainlink node to publish the data onchain. The smart contracts were written In rust on substrate and the frontend was build in reactjs + polkadot.js

Challenges we ran into

hard transition from solidity to rust
building an robust insurance protocol is not easy
defining the weights for risk categories needs more analysis

Accomplishments that we're proud of

automating the data scraping by deploying AWS lambda functions with serverless framework
getting the data from various sources (Github, Discord, Protocols. ETHplorer etc.)
publishing the data onchain by running a chainlink node.

What we learned

we learned how to put centralized data onchain
we learned rust
we learned alot around the polkadot ecosystem

What's next for Solity Insurance

development of new risk metrics
increasing the number of protocols in our database
decentralize the database
improve the insurance protocol by using the generic insurance framework from Etherisc