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AMULET, a new DeFi (decentralized finance) insurance Protocol for rust-based ecosystems, has successfully raised $6m in its first funding round. The seed round is led by gumi Cryptos Capital, joined by Republic Capital, Solana Ventures, DeFiance Capital, Animoca Brands, UOB and Signum Ventures, Mirana Ventures, NGC, Longhash, Signum, SevenX Ventures Digital Strategies, CMT Digital, Matrixport Ventures, a41 Ventures, Solar Ecofund, Daedalus Angels, Cobo Wallet, Re7 Capital, and a few ecosystem partners such as Serum and Acala Network.
Amulet is being built with a vision of simple, reliable insurance for everyone in Web3. The solution will be the first built on the Solana network and has been supported by Solana Ventures, who are also investors in the project.
In the past year, Solana TVL (Total Value Locked) has been growing faster than Ethereum (ETH) but there is currently no native insurance protocol. Amulet is the first. Amulet utilises Solana’s PoS network to provide stable returns and provide insurance services with their unique Protocol Controlled Underwriting and Future Yield Backed.
Claim mechanism, which minimizes the risk for the underwriting capital providers. In 2021, there was over $10bn lost due to various hacks and frauds in the crypto space, including $2.6bn in exploits on DeFi protocols (according to this Immunefi report). A lack of sustainable design and coverage gaps has led to insurance being persistently undervalued in the DeFi space and as a result, very little of that “lost money” has been recovered. This is a concern in the wider world too, for Metaverse, GameFi and the broader WEB3 space.
The market needs better insurance solutions and until the launch of Amulet, there has yet to be an offering available to DeFi investors. Amulet will be the first Rust-based DeFi insurance protocol, initially deployed on Solana, and has been built to address the high market demand. Amulet will adopt a multi-chain strategy and deploy to other non-EVM-based ecosystems along the road.
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