Parametrix

Parametrix is a trustless parametric insurance protocol that automates the entire insurance lifecycle — from policy purchase to weather verification to instant payout — without intermediaries. It solves a real problem: when Hurricane Melissa hit Jamaica in October 2025, the government received a $70.8M parametric payout within three days through CCRIF, but individual farmers waited months for traditional claims to process. Parametrix brings that instant, automated payout directly to individuals by replacing human adjusters and paperwork with decentralized oracle verification.

A farmer selects a location on an interactive map, chooses a peril type (drought, flood, frost, or hurricane), sets a coverage amount and trigger threshold, and purchases a policy. When they submit a claim, the ClaimSubmitted event on-chain automatically triggers a Chainlink CRE workflow. The workflow reads the policy's trigger parameters directly from the smart contract — no hardcoded values — then each node in the Chainlink DON independently fetches weather data from two separate sources (Open-Meteo Archive and Forecast APIs), reaches Byzantine Fault Tolerant consensus via median aggregation, and delivers a cryptographically signed report on-chain. If the trigger condition is met, the smart contract instantly pays the policyholder from a shared ERC4626 underwriting vault, with the payout proportional to severity (0-100), not a binary all-or-nothing.

On the capital side, liquidity providers deposit USDC into the vault and earn yield from policy premiums. The vault enforces capital reservation so there are always sufficient funds to cover active policies, and LPs can withdraw any unreserved capital at any time. Every state transition — policy purchase, claim submission, verification, payout — is recorded on-chain with full event logs, making the entire system transparent and auditable.

The project is a pnpm monorepo with three packages. The smart contracts are written in Solidity 0.8.24 using Foundry, built on OpenZeppelin's ERC4626, ERC20, and ReentrancyGuard. The architecture separates concerns into four contracts: ParametrixCore (policy lifecycle orchestrator), SimpleVault (ERC4626 underwriting pool), WeatherModule (pluggable risk module for four peril types), and CREConsumer (receives DON-signed reports via KeystoneForwarder). All contracts are deployed and verified on a Tenderly Virtual TestNet forked from Sepolia, with 36 unit tests and end-to-end integration tests covering the full lifecycle. The CRE workflow is written in TypeScript using the Chainlink CRE SDK v1.0.9, implementing a dual-trigger architecture: an EVM log trigger that fires on ClaimSubmitted events and reads policy parameters dynamically from the contract, and a cron trigger for scheduled verification and demos.

The frontend is built with Next.js 14 (App Router), React 18, wagmi v2, and RainbowKit for wallet connection, with Tailwind CSS for styling, Leaflet for the interactive location picker, and Recharts for vault utilization charts. It connects directly to the Tenderly Virtual TestNet through a custom wagmi chain definition and reads live contract state for all protocol metrics. Tenderly was used throughout development for contract verification, transaction debugging with decoded call traces, state diff inspection, and unlimited faucet access via tenderly_setBalance.