InsurAce.io partners with SpiritSwap to protect users on Fantom Network.

As part of InsurAce.io’s dedication to expanding insurance services across multiple blockchain ecosystems, we are pleased to announce a partnership with SpiritSwap, a DEX built on the Fantom Network.

The SpiritSwap protocol adds incentives for Fantom network participants by introducing revenue sharing through the classic AMM model. They provide a platform for trading, staking, and farming.

InsurAce.io will be providing insurance protection to SpiritSwap users who have assets staked in SpiritSwap pools. This insurance protection comes at a premium of 2.4% for a 30 day period. Users of SpiritSwap farms can earn up to 24% over the same period, which means they can achieve a protected return of 21.6% in just 30 days. That scarily good.

SpiritSwap users wishing to protect their assets can easily go to app.insurace.io, find the SpiritSwap tab and select the total value they would like to insure and for what amount of time. These assets are then protected against smart contract hacks and bugs for the duration of this coverage.

SpiritSwap is committed to user security and will be making this process even simpler by working with InsurAce.io to offer a pop-up link to the InsurAce.io app for users to follow at the time of staking.

Both teams are glad to extend this security offering to SpiritSwap users and the wider Fantom Network community.

About SpiritSwap

SpiritSwap is a decentralized exchange (DEX) on the Fantom Opera Chain. SpiritSwap’s design is based on the Uniswap constant-product automated market maker (AMM). In an AMM, liquidity providers simply deposit a pair of tokens and an algorithm automatically makes markets for the token pair. Traders can easily swap between tokens in the AMM and get guaranteed rates for the swaps. Each swap on SpiritSwap incurs a fee, which gets distributed to liquidity providers.

SpiritSwap Tokenomics

$SPIRIT

Protocol token
Earned by farmers
Can be locked to obtain inSPIRIT

$inSPIRIT

Governance token
Non-transferable
Receive a multiplier on farms
Receive swap fees

$SPIRIT-LP

Represents proportion of given Liquidity Pool
$SPIRIT-LP tokens are named by their underlying assets (eg. LP of FTM-SPIRIT = FTM/SPIRIT LP)
$SPIRIT-LP tokens can be used to farm $SPIRIT

About InsurAce.io

InsurAce.io Protocol is a DeFi Insurance protocol that has quickly become the second-largest protocol in DeFi insurance. The INSUR token was released in February 2021 and has a circulating supply of 11 million INSUR tokens. There is a maximum release of 100 million INSUR Tokens which can be mined through staking on the protocol.

InsurAce.io is a decentralized insurance protocol, to empower the risk protection infrastructure for the DeFi community. InsurAce.io offers portfolio-based insurance products with optimized pricing models to substantially lower the cost; launches insurance investment functions with SCR mining programs to create sustainable returns for the participants, and provide coverage for cross-chain DeFi projects to benefit the whole ecosystem.

InsurAce.io is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey group, Huobi DeFiLabs, Hashed, IOSG, Signum Capital and a dozen of other top funds.

The project lead for InsurAce is Oliver Xie. Oliver started to work on InsurAce project since September 2020, and prior to that he entered the crypto space back in 2017 where he led a team to research crypto derivatives and blockchain technology and has gravitated towards blockchain-based Open Finance for the past few years.

For press enquiries and assets please contact: dan@insurace.io