1. Importance of Onchain Insurance Awareness

Jeremiah highlighted that despite the widespread nature of offchain insurance, onchain insurance remains relatively unknown. He pointed out that only about 50,000 wallets have ever purchased onchain insurance, a stark contrast to the 300,000 USD holders affected by dpeg risks in the past. This reveals a significant knowledge gap that needs addressing if the industry hopes to protect more individuals against onchain risks.

2. Mutualizing Risk to Build Big Innovations

Jeremiah emphasized that zero risk does not exist, either offchain or onchain. He advocated for the mutualization of risk, stating that by sharing risk, individuals can undertake larger and more ambitious projects. This collective approach to risk management is essential for fostering innovation and adoption in the blockchain space, stressing the necessity of a safety net as a foundational layer for any meaningful onchain activity.

3. Categorization of Onchain Risks

According to Jeremiah, the primary onchain risks can be categorized into four areas: custody, transaction, protocol, and asset risk. Each category presents unique challenges, such as losing assets to compromised private keys or signing transactions without understanding them. By understanding these risks, individuals and organizations can better prepare themselves and seek appropriate onchain insurance solutions.

4. The Role of Transaction Insurance

Jeremiah noted that transaction insurance is still in its early stages and is crucial for individual users. He described tools like browser extensions, such as Pocket Universe, which can scan transactions and provide coverage up to $20,000 against malicious attempts. This proactive approach offers an added layer of security that allows users to engage in onchain protocols with greater confidence.

5. Protocol Insurance as a Mature Offering

Highlighting the maturity of protocol insurance, Jeremiah explained how it works. Users can purchase a policy for a specific protocol and claim benefits if that protocol encounters economic challenges or is hacked. He indicated that individuals and businesses can take proactive steps to secure their investments in protocols, reinforcing the necessity of having clear coverage boundaries due to the interconnected nature of decentralized finance.

6. The Importance of Depeg Cover

Jeremiah introduced depeg insurance, which protects users against the devaluation of wrapped assets and stable coins. By purchasing coverage that activates upon a certain percentage drop below the expected dollar peg, users can safeguard their investments effectively. This product functionality exemplifies the diverse offerings within the onchain insurance space, catering to various user needs.