Venture Port will take over Ozone, the decentralized insurance agreement on the Terra network

Based on Ethereum (Ethereum) Decentralized finance or DeFi risk management market risk port will soon take over Terra’s ozone agreement, according to Press release issued on Thursday.

Ozone is a decentralized insurance mechanism that provides insurance in the event of a technical failure in the Terra DeFi ecosystem. The latter is a dual-token platform, and its governance token LUNA and stable currency Terra USD (UST) have a 1:1 exchange rate with the U.S. dollar. UST has no potential dollar reserves to support it. Instead, it is mortgaged through LUNA’s algorithm, and users can get rewards by using LUNA to fix the exchange rate of UST.The internet Achieved significant momentum In terms of the total value locked.

Using ozone, the insurance company that deposits UST can receive When the smart contract cannot be executed correctly on the Terra network, such as when the user cannot withdraw funds from the UST savings account in the Terra Anchor agreement. Similarly, Risk Harbor operates an Ethereum DeFi center that enables token holders to cover their DeFi assets with prepaid fees. At the same time, other users act as underwriters, depositing their risk capital into various insurance collateral pools to obtain rewards.

Do Kwon, co-founder and CEO of Terraform Labs, has the following views on development:

“Risk Harbor’s talented and ambitious team has extensive experience using DeFi protocols in the booming field of risk management, and has created one of the leading license-free coverage markets on Ethereum. We are very pleased that the Terra community has let Risk Harbor take over Ozone and Create a capital-efficient and decentralized risk management market for the entire Terra ecosystem.”

Ozone is currently being audited by blockchain security companies such as Oak Security and Certik. Before the result of the Terra community governance vote, Ozone will be handed over to Risk Harbor developers for maintenance and management.