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CoverFi’s smart contracts provide the on-chain rules for protection positions, reserve accounting, oracle checks, usernames, executed payment receipts, access, anchors, disputes, payment locks, floor shields, and proof-status records. The canonical source in this workspace is coverfi-contracts.

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Money and state flow

For a user protecting 1000 units with a 1% fee and a 10% max payout cap:
  1. The user creates a protection position.
  2. Principal (1000 units) moves into the protected_balance_vault.
  3. Premium (10 units) moves directly into the reserve_vault.
  4. The reserve_vault locks the max payout capacity (100 units).
  5. The position is stored as active in the engine.
If the oracle price falls below the entry price before expiry, the payout is calculated based on the price loss and is capped by the configured maximum payout basis points. The registry contracts support usernames, payment receipts, receipt access, receipt anchoring, and disputes. The receipt functions live in one receipt_registry contract so the MVP has fewer deployments and simpler reviewer verification.

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Current workspace contracts

See Architecture Diagrams for visual flows.