For more details on the listing tiers, please refer to Listings Review Criteria Section B - (3)
What is Soteria
Soteria is a blockchain based mutual to share the risks of DeFi.
Smart Contract increased risk in the DeFi world needs a decentralized solution. Soteria is designed as a decentralized mutual. All members share the contract risk and returns for cover and capital growth.
Project developers and smart contract auditor will conduct decentralised risk assessment and fund the initial stake pool in Soteria.
The Native Soteria token represents membership. Tokens are used to purchase smart contract cover, claims assessment, underwriting and governance. All capital funds belong to Soteria members.
Run by members. Claims are decided by members not an insurance company. The economic model driven by tokens will ensure claims are handled for mutual long-term growth.
Soteria Mutual launched with an initial 10,000,000 SOTE tokens. The below graph shows the SOTE token distribution. The SOTE token is bonded tightly with the internal economics of Soteria. On one hand, the price of SOTE reacts to the prevailing conditions and capitalisation levels; On the other hand, SOTE is distributed to reward active members for participating in risk assessment, claim assessment, and governance.
Membership rights are represented by SOTE tokens. All funds raised from token purchases belong to the members. Soteria uses a Continuous Token Model, also referred to as a bonding curve, which means SOTE can be purchased and redeemed directly through the platform. WSOTE is a 1-to-1 backed token that can only be generated by wrapping genuine SOTE. SOTE can only be traded among members, WSOTE is fully tradeable but can't be used at all within the Soteria platform.