Phil Fogel

At Cork our mission is to accelerate the adoption of onchain credit. We believe the future of credit is onchain. Early variants of onchain credit, such as Liquid Staking Tokens, Restaking Tokens and stablecoins gaining formidable traction. This growth comes in the absence of appropriate risk management infrastructure. There are no way to hedge credit risks and we have seen large spikes of volatility and losses as a result. For this ecosystem to thrive, this layer has to built out, similar to how there is a credit default swap ecosystem for the offchain credit market. This is why we are building Depeg Swaps, a new primitive that enables you to hedge your pegged asset risk. It works by enabling you to swap a pegged asset 1:1 with a redemption asset (such as swapping steth → eth) through our peg stability module. Read our litepaper (https://www.notion.so/f21a57d5c19d48209dfa0f0c2ab776c4?pvs=21) for the full mechanism description. By joining our mission and helping grow this product, we can together help credit markets to become transparent, safe and accessible to all.