Sherlock
Other · Underwriting
NetworkOtherUnderwritingAudit-Coverage0 coinsAudited
Sherlock provides smart-contract audit coverage for DeFi protocols. Security researchers and stakers back a first-loss capital pool that pays out when covered protocols suffer exploits matching policy terms.
Audit-backed protocol coverage with a first-loss capital pool.
Protocol TVL
—
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Sherlock and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Nexus Mutual | Largest crypto-native cover protocol; discretionary mutual where members stake NXM to underwrite risk. | Both provide on-chain smart-contract exploit cover backed by a single underwriting capital pool and both use a claims-assessment process before paying out. | Nexus is a member-owned mutual with a live NXM token and community-vote claims; Sherlock tied cover pricing to audit quality scores, used a USDC first-loss staking pool, and settled disputed claims via UMA arbitration rather than member voting. Sherlock has since de-emphasized cover in favor of audits. |
| 2 | InsurAce | Multi-chain DeFi cover marketplace offering portfolio-style protection. | Both underwrite smart-contract failure risk with a capital pool funding claims and both charge protocols/users premiums for defined cover. | InsurAce is a broad cover marketplace across many protocols and chains; Sherlock uniquely bundled cover with its own audits and priced it off audit outcomes, and its capital came from first-loss USDC stakers. |
| 3 | Nexus Mutual / Neptune Mutual | Parametric cover marketplace with dedicated cover pools and a marketplace model. | Both offer smart-contract-focused cover backed by staked/pooled capital that pays valid claims. | Neptune uses a parametric/marketplace incident model with community reporting; Sherlock's cover was directly linked to its own audit engagements and adjudicated by its claims committee plus UMA. |
| 4 | Ease (formerly Armor/Nexus Yields) | Uninsurance / coverage-as-a-service protocol using a shared uninsurance pool. | Both provide DeFi exploit protection and rely on a shared capital pool rather than per-user premiums in the traditional sense. | Ease uses a no-premium 'uninsurance' vault model where losses are socialized; Sherlock charged explicit premiums, tied cover to audits, and paid stakers yield for first-loss risk. |
| 5 | Cozy Finance | Parametric protection markets for DeFi protocols. | Both in Other (Underwriting). | Composable parametric protection markets with automatic settlement — coverage is expressed as tradable positions rather than mutual membership. |