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PercoSecdevnet

Roadmap

Development phases and milestones

A six-phase development trajectory from foundational infrastructure through full decentralization and capital market composability.

Timelines are estimates and subject to change. Protocol development depends on audit completion, smart contract testing, and community feedback at each phase. Phases may run concurrently where technically feasible.

Roadmap phases overview
PhaseTitleTimelineStatus
Phase 1Market-Specific PoolsQ1–Q2 2026In Development
Phase 2Cross-Market Pooled InsuranceQ3–Q4 2026Planned
Phase 3Reinsurance LayerQ1–Q2 2027Planned
Phase 4Risk Tranching - Senior / JuniorQ3–Q4 2027Research
Phase 5DAO GovernanceH1 2028Research
Phase 6Tokenized Insurance SharesH2 2028Research
Phase 1·Q1–Q2 2026

Market-Specific Pools

In Development

Foundation infrastructure. Each perpetual market has a dedicated, isolated insurance pool. Capital cannot flow between markets. Risk scoring runs per-market.

Technical Upgrades

  • Deploy Insurance Pool Program with market-specific PDA architecture
  • Implement Risk Engine Program with four-factor scoring model
  • Build Premium Manager with epoch-based fee routing
  • Deploy Insolvency Handler with deterministic payout logic
  • Integrate Pyth oracle feeds for risk score inputs
  • Deploy permissionless keeper infrastructure (Rust-based)
  • Internal testnet deployment and end-to-end testing

Smart Contract Upgrades

  • InsurancePoolProgram v1.0 - market-specific custody
  • RiskEngineProgram v1.0 - four-factor composite score
  • PremiumManagerProgram v1.0 - static epoch rates
  • InsolvencyHandlerProgram v1.0 - single-market waterfall

Capital Model Upgrades

  • Market-specific pool isolation - no cross-contamination
  • Epoch lock period: 7–30 days (market configurable)
  • Reserve ratio: static per market grade
  • Maximum pool utilization cap: 85%
Phase 2·Q3–Q4 2026

Cross-Market Pooled Insurance

Planned

Introduce an optional shared liquidity layer that aggregates capital across multiple correlated markets. Reduces capital fragmentation while maintaining market-specific isolation for claims.

Technical Upgrades

  • Cross-market pool aggregator program
  • Correlation scoring module in Risk Engine
  • Dynamic capital allocation algorithm between isolated and shared pools
  • Enhanced indexer with cross-market exposure reporting
  • Pool-to-pool rebalancing mechanism with epoch settlement
  • Keeper upgrade for multi-market liquidation batching

Smart Contract Upgrades

  • CrossMarketPoolProgram v1.0 - shared liquidity layer
  • RiskEngineProgram v1.1 - correlation-aware scoring
  • PremiumManagerProgram v1.1 - cross-pool rate arbitrage

Capital Model Upgrades

  • Tiered capital structure: isolated (primary) + shared (secondary)
  • Shared pool draws only after isolated pool exhausted
  • Shared pool utilization cap: 60% (more conservative)
  • Capital providers choose allocation split at deposit
Phase 3·Q1–Q2 2027

Reinsurance Layer

Planned

A third capital tier allowing external reinsurers to provide backstop capital against tail-risk scenarios that exceed primary and secondary pool capacity. Enables larger market open interest limits.

Technical Upgrades

  • Reinsurance pool program with separate authority structure
  • Tail-risk threshold oracle integration
  • Cross-program invocation between primary pools and reinsurance layer
  • Reinsurer white-listing mechanism (institutional KYC off-chain)
  • Catastrophic event flag system with on-chain escalation
  • Enhanced stress testing framework with Monte Carlo simulation

Smart Contract Upgrades

  • ReinsurancePoolProgram v1.0 - third-tier capital
  • InsolvencyHandlerProgram v2.0 - three-tier waterfall
  • RiskEngineProgram v1.2 - tail-risk probability modeling

Capital Model Upgrades

  • Three-tier waterfall: Isolated → Shared → Reinsurance
  • Reinsurance layer covers only systemic events (>0.75 risk score threshold)
  • Reinsurer capital has longer lock periods (90–180 days)
  • Higher yield premium for reinsurance tier participants
Phase 4·Q3–Q4 2027

Risk Tranching - Senior / Junior

Research

Introduce structured capital tranches within pools. Senior tranches absorb losses last but receive lower yield; junior tranches absorb losses first and receive higher yield. Matches capital to risk appetite.

Technical Upgrades

  • Tranche accounting model within Insurance Pool Program
  • Tranche-specific share tokens (non-transferable initially)
  • Loss absorption sequencing logic in Insolvency Handler
  • Tranche yield distribution algorithm
  • Risk score gating per tranche (minimum score required for junior access)
  • Tranche utilization monitoring with separate caps per tier

Smart Contract Upgrades

  • InsurancePoolProgram v2.0 - tranche-aware accounting
  • InsolvencyHandlerProgram v2.1 - tranche-sequenced waterfall
  • TrancheManager v1.0 - yield distribution and share accounting

Capital Model Upgrades

  • Senior tranche: last to absorb losses, lower yield (base rate)
  • Junior tranche: first to absorb losses, higher yield (+50–200% above senior)
  • Minimum junior tranche ratio: 20% of pool TVL
  • Junior tranche lock period: 2x senior lock period
Phase 5·H1 2028

DAO Governance

Research

Progressive decentralization of protocol parameter control through an on-chain governance system. The multisig transitions to a delegate model. Protocol upgrades require governance approval.

Technical Upgrades

  • On-chain governance program (proposal / vote / execute lifecycle)
  • Delegate system with stake-weighted voting
  • Proposal queue with mandatory timelock execution
  • Emergency cancel mechanism with high-threshold override
  • Governance dashboard integration in frontend
  • Subdomain governance for market-specific parameters

Smart Contract Upgrades

  • GovernanceProgram v1.0 - proposal lifecycle management
  • VotingEscrow v1.0 - stake-weighted governance power
  • TimelockExecutor v1.0 - enforced execution delay

Capital Model Upgrades

  • Governance controls: fee rates, reserve ratios, epoch durations
  • Emergency multisig retained for security-critical pauses
  • Treasury governed by DAO proposal with 7-day timelock
  • Market onboarding requires governance approval above TVL threshold
Phase 6·H2 2028

Tokenized Insurance Shares

Research

Pool shares become transferable SPL tokens, enabling secondary market liquidity for capital provider positions. Enables institutional portfolio management and DeFi composability.

Technical Upgrades

  • SPL token mint integration with Insurance Pool Program
  • Share token pricing oracle (NAV-based)
  • Secondary market AMM integration research
  • Transfer restrictions framework (epoch lock enforcement on transfers)
  • Share token burn mechanics on redemption
  • Cross-protocol composability layer (use shares as collateral)

Smart Contract Upgrades

  • InsurancePoolProgram v3.0 - SPL share token integration
  • SharePricingOracle v1.0 - on-chain NAV calculation
  • TransferRestrictionProgram v1.0 - epoch lock enforcement

Capital Model Upgrades

  • Share tokens represent pro-rata pool ownership
  • Transfer does not bypass lock period - transferee inherits remaining lock
  • Share price tracks NAV: (pool assets - pending claims) / total shares
  • Enables institutional secondary market for insurance liquidity