Why does on-chain insurance go insolvent exactly when the claims come in?
机会
Total on-chain insurance coverage sits at roughly $500 million against billions of dollars in protocol TVL. In Q1 2026, a single exploit generated more claims liability than the entire on-chain insurance industry could pay without going insolvent. Parametric models automate payouts for observable triggers like stablecoin depeg, but cannot cover sophisticated vectors like governance manipulation or multisig social engineering. Indemnity models require subjective claims assessment, which reintroduces a trusted intermediary at the exact point DeFi was built to remove one.
为什么重要
Institutional capital cannot scale on-chain until there is a coverage layer that remains solvent through the specific events it was designed to insure against.
我如何评估机会
机会评分是我的个人判断，而非量化指标：痛苦程度、发生频率，以及当前解决方案的匮乏程度。分数越高，意味着我认为越值得去构建。
出现时造成的痛苦程度。
人们实际遇到它的频率。
当前针对它的优质工具有多匮乏。