Overview

Protocol Participants

In Glass Finance, there are the following roles:

• The Insurer

• The Insuree

• Oracle Feeders

Insurers

The insurer provides levered coverage for vaults of their choosing. In return they receive the insurance premiums from the mAssets that the vault covers. The insurer's deposits are placed in Anchor Earn to maximize their yield. Depositors will receive a newly minted gUST, in exchange for their deposit. gUST tokens represent a depositor's share in the stablecoin pool and can be redeemed to claim the initial stablecoin deposit, along with accrued revenues from insurance premiums and depositor interest. To ensure the reliance of insurance payouts, insurers' deposits will take 3 weeks to unlock, similar to LUNA staking.

Insuree

The insuree purchases insurance from a coverage vault for a time period of either 3, 6 or 12 months. They pay an initial premium for coverage, which is a variable rate of insurance (covered in more depth in Levered Coverage) that can also be governed by $SHARD holders. When the Insuree's coverage period ends they have the option to either pay the premium again to renew their coverage.

Therefore, the Insuree's mAssets are not passively tied up in vaults for extended periods of time, and the Insuree has the option to use their mAssets actively (e.g. in LPs) while maintaining Insurance in the event of a depegging.

Oracle Feeders

In order to determine how much the mAsset has fallen relative to its real-world value, Glass Finance will utilize an Oracle Feeder. Due to the critical role that this plays in the protocol's functionality, the oracle feeder will be elected by governance.