Risk & capital formation in the age of agentic finance

The missing layer of the agent stack: where agents underwrite, price, and transfer risk.

Three agentic layers on one primitive

Agents are already the user

250K
Daily active onchain agents
+400% YoY
96:1
Non-human to human identities in finserv
 
165M
x402 machine-to-machine transactions
 

The agent infra stack is missing one layer

IdentityERC-8004✓ Live
WalletsCoinbase Agentic · Turnkey✓ Live
Paymentsx402✓ Live
ExecutionDEXs · vaults · lending✓ Live
RiskUnderwrite · price · transfer✕ Missing

Agents can create and amplify risk. They cannot manage or transfer risk.

Risk customization, not risk mitigation

Same vault token. Three different risk shapes.

Shape A

Protect against a >3% NAV drop

Swap vault token for stablecoin at $0.97/$ — i.e. downside protection below a 3% loss

$$$
Shape B

On-demand exit liquidity

Swap vault token for stablecoins at NAV, anytime

$$
Shape C

Range-bound coverage on the first 10% of loss

Costs up to $0.10/$

$

Why this is structurally agent-shaped work

Dimension
Human / Algorithmic
Agentic
Speed
Weeks to clear a bespoke trade
Milliseconds · agents negotiate continuously
Granularity
Fixed menu of standard products
N pools per asset · tuned to each buyer
Cost to create a new market
Fixed overhead per market · scarce
Marginal cost ≈ 0 · scales with software

N pools per asset. Not one. That's the structural shift.

Cork — the rails for risk in an agentic world

One primitive. Two tokens. N configs.

Collaterale.g. sUSDS
Cork Poolepoch · oracle · atomic
cPTunderwriting position · LP holds · earns yield
cSTpolicy · buyer holds · exercise on trigger

Live on Ethereum mainnet · Audits: Certora + ChainSecurity · Monitoring: Hypernative

Three agentic layers on top of one primitive

L3
Agentic trading & underwriting between vaults
Tranched cPT portfolios · structured products · reinsurance-style secondary risk transfer
L2
Agentic primary underwriting
Capital priced into freshly-created markets · agents post limit orders · no human in the loop
L1
Agentic market creation
N pools per asset · marginal cost ≈ 0 · cold-start solved
Cork primitivecST / cPT

Cork is agent-native by design

Not retrofitted for agents. Designed for them.

Singleton CorkPoolManagerone known address
Deterministic pool addressesagents compute without RPC
ERC-7683 rollover intentsconverging with AgentKit, x402
Off-chain quote · on-chain settleread state, simulate, mint
agent.cork
// read live pool state
agent.read(poolState)
// price the position off-chain
agent.simulate(notional, premium)
// mint the policy — atomic on-chain settle
agent.call(mintCST, poolId, notional)

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