Ensuro

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Ensuro eTokens fund solvency capital for insurance portfolios on Ethereum and Polygon. LPs earn a cost-of-capital charge from premiums and absorb unexpected claims after the relevant premium and junior layers. This is insurance underwriting rather than lending, AMM liquidity or the existing off-chain-credit dossier. With no more fundamental standing class, capacity decides: the 2026-08-15 survey showed approximately $1.99M, far below the version-1 below-materiality threshold.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism applicability

An Ensuro LP deposits stablecoins into an eToken pool linked to named insurance risks. Active policies lock a fraction of pool capital as solvency capital, and their premiums pay a continuous cost-of-capital return. If claims exceed expected pure premiums, Premiums Accounts borrow from junior and then senior eTokens, reducing LP token supply and return. This is explicit insurance-loss capacity, not a passive stablecoin account.

Current observation and perimeter

The DefiLlama protocol API read on 2026-08-15 classified Ensuro as Insurance and reported approximately $1.99M, about $1.94M on Ethereum and $0.05M on Polygon. Current documentation, updated in 2026, describes live eToken pools, risk partners, junior and senior tranches and Bermuda segregated capital pools. The chain perimeter is unchanged, while current TVL is above the stale $1.3M observation but still far below the threshold.

Control, loss and exit applicability

Risk Modules operated for insurance partners inject, price and resolve policies using trusted parties, calculations or oracles; Ensuro’s quantitative team sets collateralization and monitors pricing. Claim losses exhaust won and active premiums before junior and senior eToken capital. A holder may redeem one-for-one only while remaining capital exceeds locked solvency requirements; high utilization or claim periods can restrict withdrawal, and legal recourse is limited to the associated segregated pool.

Why the class rule decides

The existing off-chain-credit dossier does not accurately describe an insurance-solvency claim, and the corpus has no insurance-underwriting class. At roughly $1.99M, however, a $1M to $8M advised allocation would dominate the entire system before portfolio loss data, partner resolution, tranche attachment, legal rights or stressed redemption is tested. The shared v1 below-materiality dossier therefore decides; sustained TVL above $100M reopens a full individual insurance review.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Ensuro — protocol, eToken and Risk Module overview · primary · accessed 2026-08-15
  Supports: insurance risks, solvency capital, eTokens, risk modules, withdrawal utilization
• Ensuro — liquidity-pool return, loss and exit accounting · primary · accessed 2026-08-15
  Supports: cost of capital, SCR, utilization, internal loan, negative return, withdrawal
• Ensuro — premium and tranche loss waterfall · primary · accessed 2026-08-15
  Supports: won premiums, active premiums, junior eToken, senior eToken, claim waterfall
• Ensuro — pool risk management · primary · accessed 2026-08-15
  Supports: quantitative team, model onboarding, real-time monitoring, loss waterfall, LP solvency capital
• Ensuro — legal pool and redemption terms · primary · accessed 2026-08-15
  Supports: Bermuda entity, segregated pool, limited recourse, redemption conditions, partial or total loss
• DefiLlama — Ensuro survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Ethereum, Polygon, Insurance category, survey observation

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.