A new Decentralized finance (DeFi) product, Opyn is looking to help DeFi users prevent both technical and financial risks, via its newly<a href="https://medium.com/opyn/opyn-launches-insurance-platform-to-protect-defi-users-fdcabaca7d97"> launched</a> security solution.

The Decentralized finance space has increasingly been in growth over the last several months, which probably could be related to the fact that platforms and products issuing DeFi services have been increasing.

For instance, Ethereum blockchain, which leads the path to Decentralized applications (Dapps), noted about a 529 percent increase in the number of DeFi users on its network, as of December as DappReview reported last year.

However, in the midst of this<a href="https://www.cryptoknowmics.com/crypto/?p=157507"> continuous growth in DeFi</a>, there are several substantial challenges, both known and unknown, that have been hitting users in the industry, one of which has to do with the financial aspect of DeFi.

A typical example is the case of DAO, one of the exciting projects from Ethereum, which later ended in ruins due to a hack. However, a new solution has been provided by Opyn to help DeFi users curb risks and to prevent the recurrence of such events as well as the loss of funds.
<h2>Opyn To Help DeFi Users Prevent Liquidity Crises</h2>
Opyn, a decentralized margin trading platform which is developed on several decentralized finances (DeFi), has launched an options-based insurance market for DeFi investors to help avert risks. 

By providing insurance for a Compound deposit, the DeFi platform allows DeFi users, especially on Ethereum, to prevent both technical and financial risks. To many people, development is a milestone for the industry.

The platform comes as a two-sided marketplace developed with tokenized ERC20 put options, known as oTokens. The protocol has been audited by OpenZeppelin and is believed to be secure and dependable.

Interestingly, this platform will empower DeFi users against various risks such as liquidity crises, and for ETH holders, it is the first place where they can earn meaningful premiums on their holdings via insurance.

Opyn Launches Security Solution For DeFi Users

By providing insurance for a Compound deposit, the DeFi platform allows DeFi users, especially on Ethereum, to prevent both technical and financial risks.

Ibiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.

Opyn Launches Security Solution For DeFi Users

Top Picks