Opium’s decentralized insurance protection contracts will work in response to UMA’s oracle solution that might maybe supply derivative financial products for hedging the dangers linked with SpaceX flights.
Opium, the crypto derivatives protocol, has joined arms with decentralized finance (DeFi) platform UMA to supply decentralized insurance protection products for SpaceX flights. Opium also made this legit announcement on Monday, Might 24.
The announcement notes that Opium’s decentralized insurance protection contracts will work in response to UMA’s oracle solution. Thus, the closing aim is to assert real-world situation files on the blockchain platform. Curiously, Opium referred to this decentralized insurance protection for SpaceX flights as a brand unique ‘cosmic’ product.
It be time to expose what we with @UMAprotocol are up to! 🎉
We might maybe maybe well joined our efforts to birth a brand unique ‘cosmic’ product – decentralized insurance protection on #SpaceX. Hope @elonmusk will take hang of it to the moon alongside with @dogecoin
Learn extra 👉 https://t.co/MoCmxeuMhU pic.twitter.com/uynxw52pOZ
— Opium (@Opium_Network) Might 24, 2021
With this partnership, Opium will leverage UMA’s Optimistic Oracle product to supply financial derivatives for hedging the dangers linked with SpaceX flights. These derivatives will work as binary contracts allowing customers to take hang of the insurance protection against failed SpaceX launches. Also, these derivatives exist on a decentralized financial infrastructure, Thus, they enable particular person participation from round the arena. Andrey Belyakov, founder of Opium Protocol wrote:
“Thanks to Optimistic Oracles’ solution, DeFi can seek for a ramification of files vary for the permissionless financial ecosystem. How cool is that this!? We imagine decentralized and centralized finance might maybe maybe composed converge towards one one more.”
Opium and UMA to Be obvious Financial Possibility Administration of SpaceX Flights
The SmallSat Rideshare flights from SpaceX enable quite a lot of payloads to half the launches into situation. Thus, the flight bookers can send smaller, lighter payloads. The first birth for this kind of tool took put earlier this yr in Jan 2021. Right here, a Falcon 9 rocket transported nearly 143 rockets in situation.
Now in case of a failed birth, the householders and stakeholders of this payload might maybe maybe need to hedge the threat. Moreover, some enthusiasts also might maybe maybe need to speculate on its success and thereby cash in on the discontinuance result. Hart Lambur, Co-founder UMA Protocol said:
“Opium is taking the Optimistic Oracle for its first flight, they assuredly are going straight into situation. We’re excited to be a section of this artful implementation and I command it highlights the versatility of both the Opium and UMA protocols.”
SpaceX is already offering insurance protection at round 5% of the price of the payload. Now, Opium and UMA are extra titillating to compete with this. Following this news, both the native tokens of Opium and UMA possess registered a sturdy rally. The Opium token has surged 24% whereas the UMA token has surged 13%.
Right here is a big content for SpaceX because it comes closer to the arena of blockchain and crypto. The Elon Musk company has launched accepting Dogecoin (DOGE) payments for its next flight in Q1 2022.
