Opium will sell Owners of these payloads, and their stakeholders may want to take precautions to avoid a launch failure. Furthermore, the media coverage that a SpaceX flight generates could cause some fans to speculate on the flight’s success or failure and benefit from the result.
SpaceX now has insurance at a rate of around 5% of the payload’s weight. Opium and Uma are also trying to contend. Defi derivatives contract that will enable users to protect themselves against the possibility of a SpaceX launch failure.
Exchange in cryptocurrency derivatives Opium has teamed up with Uma, a decentralized financial (Defi) contract network, to provide insurance for SpaceX flights.
Opium will integrate with Uma’s Optimistic Oracle DeFi product to include financial derivatives for hedging risks associated with SpaceX flights as part of the collaboration.
The derivatives are binary options contracts that allow customers to buy protection against a missed SpaceX launch. Elon Musk created SpaceX, which provides space transportation services.
SmallSat Rideshare flights from SpaceX allow several payloads to fly into space simultaneously, allowing bookers to submit smaller, lighter loads.
On Jan. 24, a Falcon 9 rocket launched 143 satellites into orbit, making it the first mission of its kind.
“If the market price is less than 5%, we can show how strong Defi is in making insurance cheaper. If the market sets the price at more than 5%, we can invite Elon to stake money and earn free interest.”an Opium spokesperson told.
When approached for comment, SpaceX did not respond.