Decentralized Finance (DeFi) aims to offer financial services by leveraging decentralized technologies, mainly public blockchain networks, openly and transparently with universal accessibility. It has been at the forefront since 2019 and exploded in 2020. With the advent of DeFi, cyber security issues pose a significant threat to DeFi ecosystem. The more demand for DeFi Insurance has led to the development of insurance protocols in the market.
About DeFi Insurance
DeFi insurance is the protection of funds locked in DeFi protocols against hacks and bugs in smart contracts. In the future, this will extend to wallet insurance, market volatility, rug pulls, NFT insurance, cross-chain bridge insurance, and other products.
InsurAce.io is a leading decentralized insurance protocol, providing reliable, robust, and secure DeFi insurance services. InsurAce.io offers portfolio-based insurance products with optimized pricing models to substantially lower the cost of insurance. It also contains investment functions with underwriting mining programs to create sustainable returns for the participants and provide coverage for cross-chain DeFi projects to benefit the whole DeFi ecosystem.
InsurAce.io plans to expand the product accessibility to a wider audience by removing the “Know your client” process as seen in the centralized space making it easier for all participants.
The participants can earn InsurAce Token (INSUR) by staking in the liquidity pool using ETH, DAI, USDT, and/or other eligible tokens. This leads to a drastic increase in the capital pool, cover capacity, investable capital, and further reduces the insurance premium. This capital pool is managed with rigorous risk control models to dynamically adjust the Solvency Capital Requirement (SCR) and use the secured free capital for investment in yield farming on audited protocols, staking with lending platforms, staking in DEX such as Uniswap.
Backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey group, Huobi DeFiLabs, Hashed, IOSG, Signum Capital and a dozen of other top funds it provides coverage to 60+ DeFi protocols across 8 chains, safeguarding over $50M assets as of 30th August 2021.
With launches planned on Solana, HECO, Fantom, Avalanche, Elrond, and more ecosystems, InsurAce.io plans to provide insurance services across multiple chains. It has already partnered with Alpha Finance Lab, mStable, Autofarm, Bella, Dora Factory, 88mph, dHEDGE, Huobi Global, and many more.
InsurAce.io token INSUR is a standard ERC20 token, which incentivizes the participants retroactively. It is available on Ethereum, BSC and MATIC blockchains and is listed on exchanges such as Huobi Global, DeBank, DeFi Lama, Messari Bitcoin.com, Uniswap, Etherscan, Sushiswap and Pancake Swap. More details on the token can be found on https://www.insurace.io/market
Why do we believe INSUR to be undervalued right now? InsurAce.io is an active project with regular updates and developments leading to project improvement. Overall the DeFi insurance space is largely undervalued, with less than 2% of the $90bn Total Value Locked (TVL) of DeFi projects covered as of now, and the only way to mitigate risk and vulnerabilities of smart contracts are DeFi insurance projects.
The Team behind InsurAce.io
The InsurAce.io team is a high-profile, professional team with a strong experience and network throughout the crypto and DeFi space. Mostly based out of Singapore, with other key team members present in the Americas, Russia, and Asia.
InsurAce.io is lead by Oliver Xie. With years of experience in research crypto derivatives and blockchain technology, Oliver has moved towards the open finance space in September 2020 leading InsurAce.io.
Sum Wei, CTO, has 10+ years of experience with IBM and Microsoft as a security expert and blockchain technology research lead.
Dan Thomson, with experience launching and growing international businesses for over 15 years, leads the Marketing and Business Development division.
Discussing the Insurace.io Project, CEO Platinum Crypto Academy Mr. Karnav Shah noted: “ It’s exciting to come across a project that explores wider utilities of the blockchain technology by advocating the practice of freeing up the limitations and bringing about better capital utilization. We are eager to share the Insurace.io project and explain its fundamentals to our readers. InsurAce.io is a leading decentralized multi-chain insurance protocol, providing reliable, robust and secure insurance services to DeFi users, allowing them to secure their investment funds against various risks. We are certain that we will have more about this promising venture in our subsequent publications.”
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