Covantic

About Covantic

Covantic is a programmable, parametric insurance protocol developed on the Solana blockchain, specifically designed to provide coverage for autonomous AI agents operating on-chain. The company addresses a critical gap in the crypto insurance market, which has traditionally focused on securing smart contracts rather than the agents that interact with them.The protocol offers a safety net for capital managed by AI agents against a range of on-chain risks, including exploits, oracle failures, MEV (Maximal Extractable Value) attacks, prompt injections, and silent halts. Covantic's core technology is a risk engine that automatically scores any agent based on 15 on-chain factors without requiring manual underwriting. These factors are grouped into five categories: wallet history, execution quality, portfolio health, protocol exposure, and behavioral patterns. Premiums are then priced deterministically from this risk analysis, and quotes are delivered to eligible agents within the same transaction.A key feature of Covantic's product is its fully parametric nature. Payouts are executed instantly and automatically within the same block when a predefined trigger condition is met on-chain. This eliminates the need for a traditional claims process, paperwork, or discretionary approvals. Trigger conditions include events such as a portfolio drawdown breaching a covered threshold, a flagged protocol exploit, a significant oracle deviation, or a liveness failure. The insurance pools that fund these payouts are capitalized by stakers who deposit USDC, and in return, they earn the premium flow while absorbing the risk of trigger payouts. The entire system operates with on-chain transparency, allowing for full visibility and verification of pool health and exposure.