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CDx is a protocol for default credit swaps. Default credit swaps are a financial product used as a protection from the default of another party. The swap buyer makes a series of payments during the insurance period and in case of a default, the buyer receives compensation.

CDx implements swap creation via minting tokens unique to each type of the swap. Sellers specify the insurance amount and their premium. A buyer then discovers these offers and decides whether they want to purchase a swap. Offers are distributed via relayers with the on-chain settlement.

Swaps can be traded on the secondary market just like any other token. In the event of a default, a current owner of swap tokens can exchange them for compensation defined at swap creation.