cdx
Summary
CDx is a protocol for default credit swaps. Default credit swaps are a financial product used as a protection from the default of another party. The swap buyer makes a series of payments during the insurance period and in case of a default, the buyer receives compensation.
CDx implements swap creation via minting tokens unique to each type of the swap. Sellers specify the insurance amount and their premium. A buyer then discovers these offers and decides whether they want to purchase a swap. Offers are distributed via relayers with the on-chain settlement.
Swaps can be traded on the secondary market just like any other token. In the event of a default, a current owner of swap tokens can exchange them for compensation defined at swap creation.