Pegged by Yearn offers binary options to insure that stablecoins keep their peg.
You mint 1 collateral for 1 KEEPPEG and 1 LOSEPEG token.
If the oracle price of the chainlink oracle at _oracle drops below the designated _unpeggedPrice before the _expiry then the the market can be settled as UNPEGGED and the LOSEPEG token can be redeemed for 1 collateral.
If _expiry is reached before the the market is settled, then it can be settled as PEGGED and 1 KEEPPEG token can be redeemed for 1 collateral.
It is intended that the KEEPPEG and LOSEPEG tokens are traded on AMMs to create a market for the insurance product.