Risk markets for onchain assets
Hedge what you hold. Earn on what you underwrite. Give your asset a guaranteed exit.
Almost no onchain capital is protected.
Roughly $120–160B sits in onchain finance and 95–98% of it is uninsured. Cork creates markets, from depegs and redemption liquidity to NAV drawdowns and slashing, where you can:
Every market is fully collateralized and settles instantly. You exit against collateral that's already there, at a set price or at NAV. You know how and when you can exit before you buy.
An issuer or curator defines the asset, the strike, and the term.
Liquidity providers deposit collateral and underwrite the market, earning premium via cPT on top of their collateral yield.
Holders buy protection and receive cST, a transferable claim on the pre-funded collateral.
If the price feed shows the peg breaking below the strike, holders redeem instantly against collateral that is already there. No queue, no auction, no discretion.
The issuer sizes a liquidity market against the vault or fund.
Liquidity providers pre-fund the collateral that will stand behind every exit.
Holders carry an exit right alongside the underlying position.
On exercise, the holder receives NAV in liquid collateral immediately and the provider receives the vault position, taking on the duration.
A provider deposits yield-bearing collateral, which keeps earning its base yield.
That collateral underwrites one or more risk markets of the provider's choosing.
Premium accrues on top of base yield for as long as the market runs.
The resulting cPT is a transferable ERC-20 that can be sold, used as collateral elsewhere, or composed into a vault.
The strategy deposits collateral and borrows against it as normal.
Protection is embedded in the loop at a defined strike, pre-funded by underwriters.
If the collateral degrades toward the strike, the embedded exit settles against that collateral before a liquidation cascade can begin.
The position unwinds at a price known in advance, with no dependence on external liquidators showing up.
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