Dear Investors, Partners, and Community Members,
You may have noticed some small changes to the InsurAce.io platform in the last week or so. If not, we’re very pleased to present them to you here!
Since the launch of our Ethereum main-net in April, we’ve been working hard to deliver the highest quality insurance services in DeFi. We have launched on both Ethereum Network and Binance Smart Chain, built our own bridge between the tokens, offered full-spectrum multi-chain insurance coverage, as well as Custodian Cover and IDO Event Cover.
We have been busy building partnerships, as well as growing and engaging our community. We now have over 55 protocols listed across 8 different blockchain ecosystems. We have more partnerships in the pipeline, as well as deployments to Polygon, Arbitrum and Solana coming soon.
Today, we are here to announce our latest series of updates to InsurAce.io as an information pack for your reference.
This includes our branding receiving a facelift, the launch of our Ambassador and Referral Programs, increased Staking capacities, reduced premiums for our customers, and our very exciting upcoming API allowing for integrations with partners and eventually “1-click” or even “0-click” insurance integration into DeFi.
Furthermore, we’ll be offering a very exciting 24-hour offer exclusively to our community.
Read on to find out more, and as always, thank you for your continued support of InsurAce.io
Let us know what you think of the facelift we have given our brand assets. We’ve taken our existing logo and given it a more modern twist, with softer colours, modern fonts and a clean stylish look & feel.
These logos, fonts, and colours are also available Here for download and public use.
You may have noticed on our app over the last week a small tab called “Referrals”, which allows our community to be rewarded for passing on the work we are doing here.
By using a referral link that you can create here at https://app.insurace.io/Referral you can offer your friends and colleagues a 5% of the premium as a reward, AND you can earn 5% on the premiums purchased.
For example, if your friends have $100,000 staked in a farm on Alpha Homora. They could insure that for $2,500 annually (Annual Cost: 2.5%). You and your friend would both receive a $125 reward in $INSUR tokens for using your referral link!
Furthermore, 3rd-party websites, applications, influencers can all build referral links and post on their channels to get these rewards.
We’re very excited to announce that our Insurance-as-a-Service API will be available for our partners in the coming days. This API will allow us to be easily integrated into any DeFi protocol that needs insurance as a service.
It is the first iteration of our API, ultimately working towards “1-click” insurance where users can opt-in to protect their investments just like adding insurance to the purchase of an airline ticket, and furthermore, towards “0-click” insurance where the insurance is already calculated within any APY offered to users of protocols and the insurance is provided automatically.
New Data Page
Another new addition to our app is our Data page. https://app.insurace.io/Data/Insurance
We’ve realized that it’s very hard to find data on the DeFi Insurance market, so we’re rectifying that by making our data as open and available to our users, investors and community.
Check out the number and volume of covers, premiums purchased, and on which protocols, total staking, and our staking distribution.
Updated Twitter Handle
We’ve made a slight change to our twitter handle from “insur_ace” to “InsurAce_io”, making it easier to find us on social media, and bringing it in line with our other handles.
You can now find us at www.twitter.com/InsurAce_io
Recently we’ve seen a huge increase in premium purchases, which on the one hand is great, but it has also lead to some concentration concerns and also reaching capacities for some protocols as demand has been outstripping our supply.
To compensate for this we have made some adjustments to our underwriting mining here: app.insurace.io/Staking/StakingPools to help encourage users to stake more funds with InsurAce.io
- We have shortened the lockup period from 30 to 15 days. Permitting users to withdraw their funds faster, all whilst still earning rewards on their locked funds until withdrawal.
- The staking cap per wallet has been removed. Allowing some of our more avid users to stake larger sums with us and earn those tasty rewards.
- The staking cap per pool has been raised tremendously to accomodate for this extra staking influx.
- We will be rebalancing the APY of our staking pools to be able to offer a minimum guaranteed staking return. Details on this will be released in the coming days.
Not only does our portfolio-based insurance offer our users the cheapest premiums on the market, but we have been able to work with our listed protocols to reduce their premiums individually also!
This means that we now have cheaper insurance on all of your favourite DeFi protocols.
Notable examples are listed below:
1Inch (BSC) : Was 19.38% Now 2.5% (Nexus Mutual 2.6%)
88mph (ETH): Was 10%, Now 5%
Aave V2 (Polygon): Was 2.97%, Now 2.5% (Nexus Mutual 2.6%)
Alpha Homora V2 (ETH): Was 6.25%, Now 2.5% (Nexus Mutual 2.6%)
Autofarm (BSC): Was 24.06%, Now 8%
Convex (ETH): Was 5.31%, Now 2.5%
Curve (Polygon): Was 2.97%, Now 2.5%
Pancake Swap: Was 33.44%, Now 9.8% (Nexus Mutual 24.75%)
QuickSwap: Was 19.38%, Now 5%
Uniswap V3: Was 5.31%, Now 2.5%
INSUR Racer and Ambassador Programs
We have been discussing the best way to give back to our community for some time now. We’ve been watching other community engagement methods and have realized that in the DeFi space there is not always a clear reward structure for community activity. We hope to change that with our new community rewards program will launch on the 1st September 2021. It is comprised of two parts.
INSUR Racer Program
The INSUR Racer program is a points-based competition for our community members to contribute content and engagement and be rewarded for their engagement.
A leaderboard will track progress, and a monthly prize of 5500 $INSUR tokens will be up for grabs!
- Sign up for your personal referral code here: https://app.insurace.io/Referral BSC Wallets Only
- Submit referral code with wallet address, email, twitter, and telegram handle on form here: https://forms.gle/fRY3kuDqQMiSajVZ6
- Start completing tasks on 1st September 2021
Full task list and points will be announced on 23rd August 2021.
The InsurAce.io Ambassador program brings together our elite team of DeFi experts who help to promote InsurAce.io to the wider crypto and DeFi ecosystem. They help submit quality articles and content for our marketing, as well as get involved in regular InsurAce.io promotions, offers and events. They are rewarded well for their participation in the project, and are treated as team members.
How to become an InsurAce.io Ambassador
- Submit application at https://forms.office.com/r/jNXHZtCpYf
- One of our team will reach out to you for an initial call to hear about your experience. This call maybe video, phone or text.
FLASH 24-Hour OFFER
From 8am EST Friday 20th August 2021 we will be rewarding insurance customers with 75% of their premium purchase rebated in INSUR tokens, PLUS all of their gas fees reimbursed in the insurance purchase.
Bob has a $15,000 worth of position on PancakeSwap. He wants to secure his position on InsurAce.io and decides to buy insurance cover from InsurAce.io.
The total cost for covering $15000 worth of cover for one month is $123.
The user pays $123 to buy the cover, plus gas fees.
The user receives $92 in INSUR rewards, plus the equivalent INSUR tokens to cover gas fees.
The total cost to the user is $31 to cover $15,000 for 1 month on the InsurAce.io app.
Terms & Conditions
1. Limited to the following protocols:
Balancer, Uniswap V3, Curve, Aave, MDEX, dHEDGE, BANCOR, Pancake Swap, Synthetix, DyDx, Yearn Finance
2. Exclusively rewarded to premiums purchased between 8am Eastern Standard Time Friday 20th August 2021 and 8am Eastern Standard Time Saturday 21st August 2021.
3. Minimum cover period: over 30 days.
4. Minimum premium price of $100 USD or equivalent in the purchase.
5. 75% of insurance purchase and gas fees will be rewarded in INSUR tokens
6. Offer only valid with the existing capacity of each protocol.
7. Rewards will be sent before Wednesday 25th August 2021.