Fearful of being slashed on Ethereum? Here’s a staking service with on-chain insurance. - Blockworks
Blockworks exclusive: Chorus One’s OPUS staking platform offers complimentary insurance coverage on Ethereum from Nexus Mutual until year-end...
- Chorus One, an institutional staking provider, has partnered with Nexus Mutual to offer insurance coverage for stakers on Ethereum.
- Chorus One will purchase on-chain staking coverage from Nexus Mutual to protect its users from slashing penalties.
- Slashing is a penalty for validators who engage in dishonest or inactive behavior, and it can result in the loss of stake or removal from the network.
- Nexus Mutual dedicates a portion of its capital pool to staking as a revenue generation method for the DAO.
- Chorus One will provide base coverage for all users who stake Ethereum through its OPUS platform until the end of the year.
- OPUS is a non-custodial API that allows institutions to offer staking to their customers.
- Customers also have the option to get insurance coverage on other networks outside of Ethereum.
The article highlights the importance of insurance coverage for stakers on Ethereum and how Chorus One is addressing this issue by partnering with Nexus Mutual. The sentiment is positive as it emphasizes the protection provided to users and the professionalism of operators in recognizing the need for such coverage.