Cryptocurrency News

Risk Harbor set to take over decentralized insurance protocol Ozone on Terra network



Ethereum-based (ETH) decentralized finance, or DeFi, risk management marketplace Risk Harbor will soon take over control of Terra‘s Ozone Protocol, according to a press release published on Thursday.

Ozone is a decentralized insurance mechanism that provides coverage in the event of technical failures on the Terra DeFi ecosystem. The latter is a dual-token platform that features its governance token LUNA and stablecoin Terra USD (UST), which has an exchange rate of 1:1 with the United States dollar. UST has no underlying USD reserves backing it. Instead, it’s collateralized via an algorithm by LUNA, and users can earn rewards by using LUNA to fix UST’s exchange rate. The network has gained significant momentum in terms of total value locked.

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