Opyn is developing an insurance protocol for decentralized finance. The Opyn insurance platform uses the Convexity protocol, which is built on the Ethereum blockchain, and allows DeFi users to create put and call options. The Convexity protocol enables users to earn premiums on their collateral and lets options buyers protect themselves against the systemic risks involved in DeFi investments.

Nexus Mutual Insurance is an Ethereum-based insurance protocol. It is designed to allow users to create a shared risk pool instead of purchasing an insurance policy from a centralized provider. The platform is powered by the NXM token which provides tokenized membership rights in the risk pool. The NXM token model is intended to encourage user participation is assessing risk and processing claims. The company's first decentralized insurance product is called Smart Contract Cover and provides DeFi investors with insurance to protect against hacks.