> ## Documentation Index
> Fetch the complete documentation index at: https://docs.lumina-org.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Shields

> The 6 V5.4 flash-crash shields. All share BaseFlashShield logic.

<Note>
  See [/concepts/lifecycle](/concepts/lifecycle) for the end-to-end flow (policy → trigger → bond → wait/sell decision).
</Note>

A **Shield** is one parametric product. In V5.4 Lumina ships **6 active
flash-crash shields** (3 BTC + 3 ETH), and every one of them runs the same
slim **`BaseFlashShield`** logic. The differences between products are
just parameters: covered asset, drop threshold, and time window.

## The 6 V5.4 products

| Product       | Trigger                                  | Window | Premium /\$1k cover |
| ------------- | ---------------------------------------- | ------ | ------------------- |
| Flash BTC 1h  | BTC drops ≥ **2.5%** from purchase price | 1 h    | **\$2.92**          |
| Flash BTC 24h | BTC drops ≥ **6%** from purchase price   | 24 h   | **\$52.60**         |
| Flash BTC 48h | BTC drops ≥ **10%** from purchase price  | 48 h   | **\$148.67**        |
| Flash ETH 1h  | ETH drops ≥ **4%** from purchase price   | 1 h    | **\$1.68**          |
| Flash ETH 24h | ETH drops ≥ **8.5%** from purchase price | 24 h   | **\$45.80**         |
| Flash ETH 48h | ETH drops ≥ **14%** from purchase price  | 48 h   | **\$123.01**        |

Shared parameters across all 6 products:

| Parameter         | Value                                                             |
| ----------------- | ----------------------------------------------------------------- |
| Deductible        | **20%**                                                           |
| Payout ratio      | **80%** (= $800 face per $1,000 cover)                            |
| Bond maturity     | **730 days**                                                      |
| Margin multiplier | **2.00x** (effective premium multiplier ≈ 1.60x after deductible) |
| Oracle            | Chainlink BTC/USD + ETH/USD on Base mainnet                       |
| Bond face         | \$1 per token                                                     |

Discover the live set with `GET /products` or `lumina.products.list()`.

## V5.4 addresses (Base mainnet)

Each product is reached via its **`FlashShieldAdapter`** (the address
`PolicyManagerV2.productShield(productId)` returns). The adapter delegates
to the underlying slim **`BaseFlashShield`**. See
[Adapters](/concepts/adapters) for why the two-layer pattern exists.

| Product       | Adapter (the one PM points to)               | BaseFlashShield                              |
| ------------- | -------------------------------------------- | -------------------------------------------- |
| Flash BTC 1h  | `0x5d50310B9166184e822cD5368F51C1409713054f` | `0x7d1615C90d01712a3b86Df26312aC6D8EFa0d0b3` |
| Flash BTC 24h | `0x475b3F712707F61824122a94fE78b106260F8882` | `0x18e2D3b8Ff4D194CDB9862f8e6239E5e1145961d` |
| Flash BTC 48h | `0xdc6387E86F7D852D1f99F4009cFd8AdC2d500298` | `0xe206dd8fb02b1C2A0507566c3d03a27554E8CBeB` |
| Flash ETH 1h  | `0x57869AD3E7C56B0c96F357179DD231b407C88338` | `0xfF1a1B20153019C22f97278204Ccfc1b1409a518` |
| Flash ETH 24h | `0x4fD09cF98F6814Cc8b33C2E491429f59d0bCf089` | `0x2832b5543f6F2a055312654739F0ae03F5b0b582` |
| Flash ETH 48h | `0x9696CFFD7dE8B1e16F83Dcc798c5CE69a61C884C` | `0x60dFC6610c64aC84e12afA943737Cf7733215B75` |

## Shape

| Field                 | Meaning                                                         |
| --------------------- | --------------------------------------------------------------- |
| `productId` (bytes32) | `keccak256(canonicalName)` — e.g. `keccak256("FLASHBTC1H-001")` |
| `payoutRatioBps`      | Cents-on-the-dollar paid out when triggered (8000 = 80%)        |
| `marginBps`           | Safety margin built into premium pricing                        |
| `durationSeconds`     | Coverage window length (1h / 24h / 48h)                         |
| `active`              | Whether new policies can be purchased                           |

## How `BaseFlashShield` gates a trigger

Every shield runs the same five checks in `submitTrigger(payload, signature)`:

1. **Oracle signature.** EIP-712 payload must be signed by
   `LuminaOracleV2.oracleKey()`.
2. **3 confirmations 60s apart.** The oracle internally reads the Chainlink
   feed 3 times, at least 60 seconds between reads, and aggregates. A
   single spike won't trigger; the move has to persist across the read
   window.
3. **L2 sequencer uptime.** Reads Base's Chainlink L2 sequencer uptime
   feed; if the sequencer is reported down or in grace period, triggers
   are rejected (no triggering during outages where users couldn't react).
4. **Strike snapshot at purchase.** Each policy stores the asset's price
   at purchase time as the **strike**. The drop is measured against the
   strike — never against an arbitrary trailing peak or future price.
5. **Drop and window.** Accept if
   `(strike - currentPrice) / strike ≥ TRIGGER_DROP_BPS` **and**
   `block.timestamp ≤ policy.startedAt + durationSeconds`.

On accept, the shield calls `BondVault.mint(buyer, faceValueUsd)` — the
buyer receives an ERC-1155 ClaimBond with **$800 face per $1,000 cover**,
**730-day maturity**. No "claim" step is required.

## The "drop from purchase price" mechanic

A common point of confusion: the drop is **always measured against the
strike snapshotted at purchase**, not against a daily open, a TWAP, or the
all-time high. Two consequences:

* Buying right before a recovery is worthless — if BTC drops 2.6% from
  your strike a minute after you buy, you trigger. If it drops 2.6% from
  someone else's strike but only 0.3% from yours, you don't.
* The strike persists for the full window. Multiple buyers of the same
  product at different times will have different strikes and may trigger
  on the same price move (or not), depending on each one's strike.

## Verifying a productId yourself

```ts theme={null}
import { keccak256, toUtf8Bytes } from 'ethers'
keccak256(toUtf8Bytes('FLASHBTC1H-001'))
```

The productId is a 32-byte hash, not an address.

## See also

* [Adapters](/concepts/adapters) — the `FlashShieldAdapter` bridge layer.
* [Triggers](/concepts/triggers) — full sequence including ShieldKeeper.
* [Covered vs payment vs payout asset](/concepts/assets) — what gets paid in what.