Amulet Protocol (hereafter referred to as Amulet) is a decentralized insurance protocol built for the Rust-based ecosystem, starting with the Solana blockchain. Amulet has designed an innovative and open insurance model, which not only effectively addresses the common challenges of existing decentralized insurance protocols, but also creates a new paradigm shift for the whole insurance sector. Risk underwriting and insurance claim lies at the core of any insurance business; however, all existing decentralized finance (DeFi) insurance protocols have been facing a critical sustainability challenge for risk underwriting and claims. Amulet is creating the industry’s first Protocol-Controlled Underwriting (PCU) approach, in which Amulet will build up its own underwriting capabilities and introduce a claim structure involving a unique Yield Backed Claim (YBC) method. This is a significant deviation from the incumbent insurance models of renting underwriting capability from capital providers to a more sustainable underwriting and claim structure controlled by the protocol. The vision of Amulet is to offer simple, reliable insurance for everyone in Web3. With the addition of Amulet, users in the entire Rust-based ecosystem will gain access to a new way to hedge various risks with insurance product offerings.