Decentralized Finance (DeFi), also known as 'open finance', is an ecosystem of financial applications developed on top of blockchain and distributed ledger systems. It is also known as 'the Lego of Finance' where different smart contracts work together to create financial products, giving users faster and better access to financial services such as payments, lending, borrowing, funding, and investing. DeFi, along with TVL, has grown exponentially and is now home to billions in capital and savings in general. However, the development of key protocols for securing and stabilizing this burgeoning DeFi ecosystem has not caught up with the pace of progress in the space. For instance, at peak DeFi TVL of around $185.88B on 2nd December 2021 based on DefiLlama's data, Nexus Mutual being one of the largest players out of only 20 cover providers actively covered just 0.39% of total market-wide TVL.