Scope: New Cover Policy Activation
Authors: Adam Czopp,
Summary:
Web: DeltaPrime
Twitter: DeltaPrime (@DeltaPrimeDefi) / X
Uno Re in partnership with Nexus Mutual have been chosen to provide smart contract coverage for Delta Prime’s capital pool contracts held across four different protocols. DP native contracts have gone through six extensive audits by external companies, however, are not in the scope of the below coverage.
Overview:
Start Date: 1st of July 2024
End Date: 30th June 2025
Period: 1 year with monthly updates.
Type of Coverage: Smart Contract Vulnerability
Total Coverage Capacity provided by UNO: $870,000 (=Nexus deductible)
UNO’s Deductible: $500,000 (total annual, rather than per claim)
| Pool | Total in the pool | Uno Covered | Nexus Sublimit |
|---|---|---|---|
| Trader Joe v2/v2.1 | $70,000 | $21,077 | $48,923 |
| GMX v1 | $830,000 | $249,014 | $580,986 |
| GMX v2 | $1,800,000 | $539,979 | $1,260,021 |
| Balancer | $200,000 | $59,930 | $140,070 |
| Totals | $2,900,000 | $870,000 | $2,030,000 |
(the remaining cover is provided by 3rd parties)
TVL Coverage Premium: 3.5%
Chain(s): Arbitrum and Avalanche Claims: USDC, USDT, ETH Assets Covered:
Arbitrum: ETH, USDC, ARB, BTC, USDT, DAI, FRAX, LINK, USDC.e, UNI, GMX, GLP, wstETH
Avalanche: AVAX, USDC, BTC, ETH, USDT, GLP, sAVAX, GMX, JOE, QI, PNG, PTP Cover
Proof of Funds: Uno Re’s SSIP-USDT LP, SSIP-UNO LP, SSIP-ETH LP, SSIP-USDC LP, SSRP LP
Audits: deltaprime-primeloans/audits at dev/main · DeltaPrimeLabs/deltaprime-primeloans · GitHub
Github Repo: GitHub - DeltaPrimeLabs/deltaprime-primeloans
Most recent audit’s commit hash: df733db
Contracts Covered (if applicable): All deployed Prime Accounts:
• Arbitrum: SmartLoansFactory getAllLoans() output
• Avalanche: SmartLoansFactory getAllLoans() output
T&Cs apply: SCV
Additional disclosure: Since the agreement and premium are priced annually while premiums are paid monthly, in the event of a claim, the claim amount will be diminished by the remaining unpaid portion of the annual premium. This diminished amount will be proportional to the pool size for which the claim is made, not the total premium value. For example, if a claim is made for Trader Joe’s pool after 3 months, the claim amount will equal the stated claim amount minus 9 months of Trader Joe’s monthly premiums.
Summary
It’s the first major B2B coverage since the relaunching of the protocol and since the exposure is bigger than usual we would like to seek the community’s approval to take on the risk.
The voting announcement will soon be shared on Uno’s social channels.