Insurance

Each Circle includes insurance pools to protect participants.

CAIP (Circle Admin Insurance Pool). First-line coverage funded by a percentage of Circle volume plus slashed stakes.

CALR (Circle Admin Loss Reserve). A portion of admin earnings locked as a rolling buffer.

PIP (Pool Insurance Pool). Protocol-wide backstop for systemic failures or depleted lower-tier pools.

The pools and their on-chain funding are in place. When the claim workflow is live, claims draw first from the per-Circle CAIP, then from the responsible admin's CALR, with PIP as the protocol-wide backstop that refills depleted pools.

The full claim workflow, raise, approve, and settle, is being finalized and is not yet live.

---