Underwriters

Underwriter pool

BGAP staked as first loss behind agents' credit, paid with the underwriting fee.

Experimental Built and tested on a local chain. Not deployed, not audited. Treat as experimental.

How it works

Capacity: each staked BGAP supports a set amount of credit across all vaults (100 USDG by default, never above 1,000 in the contract). No BGAP price oracle is used.
Fees: every borrow pays an underwriting fee (0.5% by default, at most 3%), shared among stakers in USDG.
Cover: a vault that used credit and froze claims, once per freeze, loss × cover multiple of the stake, at most 20% by default and never above 50%.
Leaving: start leaving, wait 7 days, then unstake. Stakes waiting to leave still cover losses but earn no fees.