Outcome markets as a cover venue: HIP-4 and its traditional comparables

Dean argues outcome markets like HIP-4 function as cover venues where traders can hedge against protocol risks. He cites the April 19 Kelp DAO exploit that drained $292M from the rsETH bridge—roughly a fifth of circulating supply—as the largest DeFi exploit of 2024, illustrating why such hedging mechanisms matter for risk management in bridged assets.