Decentralized insurance platforms help users to have safety net in DeFi ecosystem. There have been countless hacks and bugs around various different kinds of platforms. Getting insurance helps you protect your crypto assets in the case of a smart contract bug or hack.
Cover Protocol is a platform for peer to peer coverage with fungible tokens that is built on Ethereum. Cover Protocol allows DeFi users to be protected against smart contract risk.
Nexus Mutual is a protocol where you can buy and sell coverage against smart contract bugs. You can also vote on governance decisions, and participate in Risk and Claims Assessments.
Opium Protocol a decentralized system built on Ethereum, that can accommodate a wide range of use cases such as powering futures, advanced combined derivatives, swaps, and options.