Covered, Payment, and Payout Assets

TL;DR

Lumina has three assets per policy. They are independent.

Asset role	Token in V5.4	Source
Covered asset	BTC or ETH	Chainlink BTC/USD or ETH/USD on Base mainnet
Payment asset	USDC	Buyer pays the premium in USDC (always)
Payout asset	LUMINA	BondVault mints LUMINA on `redeem()` (always)

A buyer pays USDC, the protocol watches BTC or ETH for the trigger condition, and a successful claim is redeemed in LUMINA at maturity (or sold for USDC on the marketplace before maturity).

Cover sizing — $1,000 nominal →$ 800 bond face

Cover is quoted in USD notional. The bond face value is 80% of cover (20% deductible):

Cover	Bond face value	Bond tokens minted
$500	$400	400 tokens ($1 face/token)
$1,000	$800	800 tokens
$10,000	$8,000	8,000 tokens

At maturity, BondVault converts the bond’s USD face to LUMINA at the protocol’s reference LUMINA/USD price.

The 6 V5.4 products

Symbol	Covered	Payment	Payout (at maturity)	What it insures
`FLASHBTC1H-001`	BTC	USDC	LUMINA	BTC drops ≥ 2.5% from purchase price within 1h
`FLASHBTC24-001`	BTC	USDC	LUMINA	BTC drops ≥ 6% within 24h
`FLASHBTC48-001`	BTC	USDC	LUMINA	BTC drops ≥ 10% within 48h
`FLASHETH1H-001`	ETH	USDC	LUMINA	ETH drops ≥ 4% from purchase price within 1h
`FLASHETH24-001`	ETH	USDC	LUMINA	ETH drops ≥ 8.5% within 24h
`FLASHETH48-001`	ETH	USDC	LUMINA	ETH drops ≥ 14% within 48h

Common confusion

Beginner agents often assume the asset parameter on POST /api/v1/policies is the payment token. It is not — it must equal the product’s coveredAsset (BTC or ETH). Sending the wrong value reverts with InvalidAsset(bytes32) (selector 0x8196d462). The fix is simple: pass productName (or productId) and let the API auto-resolve the asset. The asset field is now optional and should generally be omitted.

Discover the right asset

Always read it from the API:

curl -H "x-api-key: $LUMINA_API_KEY" \
  https://lumina-api-production-ac85.up.railway.app/api/v1/products \
  | jq '.products[] | {name, coveredAsset, paymentAsset}'

Sample response (excerpt):

{ "name": "FLASHBTC1H-001",  "coveredAsset": "BTC", "paymentAsset": "USDC" }
{ "name": "FLASHETH48-001",  "coveredAsset": "ETH", "paymentAsset": "USDC" }

See Products and Assets for strategy and Buy your first policy for the end-to-end flow.

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Reference

Covered, Payment, and Payout Assets

TL;DR

Cover sizing — $1,000 nominal →$ 800 bond face

The 6 V5.4 products

Common confusion

Discover the right asset

​TL;DR

​Cover sizing — 1,000nominal→1,000 nominal → 1,000nominal→800 bond face

​The 6 V5.4 products

​Common confusion

​Discover the right asset

TL;DR

Cover sizing — $1,000 nominal →$ 800 bond face

The 6 V5.4 products

Common confusion

Discover the right asset