Auction House

Let the market decide how to price your premium. Ideal for custom risks where no pre-existing offer exists.

What is the Auction House?

The Auction House is a new way to get custom insurance when there's no ready-made offer available. Instead of guessing the right premium, you open your request to the market and let underwriters bid on how much they'd charge to cover your risk.

How does it work?

You fill in the usual insurance details - like how much coverage you need, for how long, on which chain, and what protocol it’s for. Then, instead of setting a premium, you let the system open an auction for 3-7 days. During that time, underwriters place bids offering how much they're willing to cover and what premium they'd want for it.

What’s different from Demands?

In Demands, you have to set the premium yourself. Here, you don’t; underwriters compete and decide what the coverage is worth. That often means better pricing and more flexibility for you.

Do I have to accept the outcome of the auction?

Not at all. Once the bidding ends, you’ll see all the offers and can decide which ones to accept, scale to your target, or ignore completely.

🌀 Auction House – Phases Overview

1. Creation Set the insurance parameters, choose “Let the market decide,” and define how long the auction will run (3–7 days).

2. Bidding Underwriters place offers with their underwriting amount and requested premium. Each one includes a locked bidding fee to prove commitment.

3. Review When the auction ends, you review the bids, pick the ones you want (or use DEIN’s suggested selection), and pay the premium.

4. Deposit The underwriters you selected now need to deposit the funds they committed to. If they don’t, they lose their bidding fee.

5. Top-Up If some bids go unfunded, the missing amount reopens on the market at the same premium rate. Anyone can fill the gap.

6. Final Review Only happens if the gap hasn't been filled. You make a final call: if you are satisfied with what you've gathered, your policy goes live. If not, you can cancel. Your premium gets refunded either way (partially or in full).

How do I know bidders will follow through?

To place a bid, underwriters must include a 1% bidding fee (minimum $100). If they back out after being chosen, they lose it - which helps ensure you’re not left hanging. That fee gets redistributed to you or the other participants.

Failed deposits open up extra opportunities - they won't last long!

If someone doesn’t fund their offer, your auction enters the Top-Up phase, where the missing amount gets filled by others on the open market - at the same premium. Anyone who helps top up not only earns that premium but also shares the deposit penalties from those who didn’t follow through. It’s a fast-moving opportunity, and top-up slots don’t stay open for long. Your auction is very unlikely to hit a wall here!

How do I pay, and how much?

You only pay after reviewing and selecting the bids you want to proceed with. The total premium is calculated based on those chosen offers, and you’re never locked in until then.

Not sure which bids to pick?

No worries - we’ve built the DEIN Recommendation System. It automatically picks bids to get you the best possible price while still reaching your full policy size. You’re free to adjust or override the selection as you see fit, though do keep in mind that any changes you make are no longer a DEIN recommendation.

What if no bids add up to my exact policy size I want?

Use the Recalculate feature - it will proportionally scale all the bids you’ve picked to perfectly match your coverage target.

When does my policy become active?

As soon as the full coverage is deposited, either during the Deposit phase or Top-Up, your policy is created, and you gain the right to file claims.

Can I cancel?

Yes - if you’re not happy with the bids or the top-up doesn’t meet your target, you can cancel before finalizing the policy and get your full premium back.