#IIP-4: A proposal to improve our payout rule

Our payout rule is a series of rules defining coverage definition and coverage amount that may get triggered by potential bugs and hacks. As the market evolves and more and more sophisticated bugs or hackings occurred, the initial version of the rule became insufficient. I propose this IIP along with our multichain expansion to make decisions easier on a potential incident.

As part of the improvements, we are adding clauses that are missing from the current rules, and making each case clearer to understand which case may be covered.

• Clarified the Coverage clause
• Clarified the Cover Amount clause
• Delete and add some exclusions

You can see the current and proposal comparison. https://docs.google.com/spreadsheets/d/1D226UkYOZaijAToHYPVrW1yg-iuMRwp5TZFJZAMO1BY/edit?usp=sharing

Here is the current payout rule https://insuredao.gitbook.io/insuredao/reportingdao/payout-guidelines-for-smart-contract

Here is the full text of the proposal https://docs.google.com/document/d/1E010dk9YvIvxRe2icG-Zv1zZGGHxXjxop5d7mbt642I/edit?usp=sharing

Voting power

• 1vlINSURE -> 1 veINSURE
• 1veINSURE -> 1 veINSURE

A quorum of at least 35k veINSURE is required for snapshot voting.