Protocol Cover v1
Converted to a style which is easier for me to structure / edit although less readable to the end user, no substantive changes:
Suggested improvements in changed format, comments inline:
- [ ] create a global definition of a loss event and refer to this consistently
- [ ] replace “will not pay” with “should not pay” to avoid the impression that the discretion of the Membership is fettered by the Cover Wording
- [ ] improve definition of Designated Protocol - calling it “open source” might be problematic in the case of e.g. Uniswap V3 which would not normally be considered an open licence
- [ ] specify what happens when a Member ceases to be a Member during the Cover Period
- [ ] improve exclusions of non-protocol related loss events (e.g. phishing), “any activity where the …protocol continues to act as intended” could be too broad - an AMM continues to act as intended after being drained in an oracle manipulation attack
I understand that frequent changes to the cover wording should be avoided, and also there may be a considerable review process involving senior members of the team, so guidance appreciated on whether I should continue along this line. This is a prelude to work with @BraveNewDefi on modifying cover wording to prevent double recovery of losses by members see Work with covered protocols to enforce the principle of indemnity - #2 by Hugh
