Tokenized Risk
Cork is the protocol for tokenizing the risk of depeg events for stablecoins and liquid (re)staking tokens.
Hedge, trade, and earn with Cork’s depeg swaps.

Trusted by
How to Use Cork
Hedge
Protect your portfolio against depeg risks.
Trade
Go long or short on potential depeg risks.
Earn
Earn yield by providing liquidity.
Live Markets
Backed by
Crypto Needs Tokenized Risk
One of the areas lacking an effective risk management framework is the pegged asset space - such as stablecoins and liquid (re)staking tokens that collectively represent hundreds of billions of dollars at stake. Before Cork, there was no way to price or hedge against these risks.
Core to the Cork protocol is the depeg swap, a novel asset that prices the risk of a depeg event, empowering crypto traders and funds to manage pegged-asset risk.
Fully Collateralized
Trustless & Permissionless
Secure & Audited
Audited by




How It works
Each Cork market is structured as a token pair consisting of a redemption asset and a pegged asset. For example, in the ETH:stETH market, the redemption asset is ETH and the pegged asset is stETH. Each market has a set time to expiry and a liquidity vault that manages the minting of Depeg Swaps and Cover Tokens, and also runs an Automated Market Maker that determines its price. Traders can either buy a Depeg Swap to hedge against a depeg or buy a Cover Token to earn a fixed yield as long as no depeg occurs.
Behind the scenes, depositors provide a redemption asset, such as ETH, to the Peg Stability Module. The Peg Stability Module then creates Depeg Swaps and Cover Tokens for a specific pegged asset, such as stETH. At any time, the Depeg Swap and pegged-asset holdings can be exchanged for the underlying redemption asset. When the Peg Stability Module contract expires, Cover Token holders receive any remaining assets in the module. Depeg Swaps and Cover Tokens can be traded freely in an Automated Market Maker, allowing the market to determine their value and helping to reinforce stability in pegged markets.

Partner With Us
Open A Market
Asset issuers like Lido, Etherfi, Ethena and Sky have partnered with Cork to grow their ecosystem. By enabling their users to price and trade potential depeg events, Cork partners have created new financial instruments and greater stability for their assets.
Provide Liquidity
Provide liquidity to Cork's Liquidity Vaults to earn yield from risk premiums, protocol fees and trading fees. Our vaults are designed to give you a simple exposure to sustainable yields by acting as a key enabler of liquidity for the protocol.
Integrate With Us
Enable new capabilities by integrating Cork into the DeFi protocols that you already use. From lending protocols such as Morpho to margin trading on leverage, liquidate and unwind positions with peace of mind.