InsurAce.io officially launches API allowing some of the biggest DeFi projects to directly integrate with our services.
We’ve been teasing our API for weeks and a few of our recent announcements have jumped the gun on this announcement, but we are excited to finally be able to formally announce the launch of our API.
In this post we will go through how the API works and what it can mean for the future of InsurAce.io and DeFi Insurance.
You may have noticed our recent announcements about our integrations with information dashboards like Ape Board and Staking Rewards, or perhaps you caught our new integrations with Bright Union and PolkaCover, or maybe you saw that even CoinGecko is getting involved with our API.
Currently, there are 3 ways to integrate with InsurAce.io services:
👉 Front-end Service Integration
For experienced users and developers who wish to query data and integrate our service at the front-end, we have provided a set of APIs documented using Swagger which they can call directly. For details and illustrations on how to use the APIs, please refer to https://docs.insurace.io/landing-page/developer-reference/service-integration
Example 1: CoinGecko
The API gives CoinGecko users access to the InsurAce.io security ratings, annual costs and current capacities.
Example 2: Staking Rewards
Stakeing Rewards users can now see and access various staking pools available from InsurAce.io underwriting mining on Ethereum and Binance Smart Chain.
👉 Smart Contract Integration
We provide smart contract ABI which enables developers to make interactions with our services more user-friendly by calling our smart contract directly. Currently, we support feature for buying covers. More functions will be added soon. For details and examples, please check:
https://github.com/InsurAce-Protocol/insurace-integration/tree/main/examples/BuyCover-Sol
Example 1: Bright Union
Bright Union has integrated with InsurAce.io insurance service directly into its dApp. Users can view the cover details such as annual price, payment currency and cover period as well as buy the cover directly via the Bright Union dApp. Currently, InsurAce.io is listed on Bright Union, providing risk coverages on smart contract risk for 70+ protocols, custodian risk, stable-coin depeg risk and IDO event risk.
👉 UI Integration
For users and developers who wish to build and embed the link to our service on their UI interface, we have also provided a detailed illustration of how to set the parameters and customize the link:
https://docs.insurace.io/landing-page/developer-reference/service-integration/ui-parameterisation
Example 1: Mirror Finance
Mirror Finance has put a “Get Coverage” button on their webApp which links directly to our cover shopping cart with Mirror Finance pre-selected and their referral code pre-filled.
The PolkaCover partnership with InsurAce.io will give users access to a one-stop shop insurance marketplace where both traditional and crypto insurance products are listed. Using the API, PolkaCover has integrated InsurAce.io into its app directly.
Our API is designed to provide live, accurate data to dashboards and partner protocols, as well as providing direct integration which will allow users to access InsurAce.io services on other platforms directly.
This is the first in a 3-step plan to revolutionise the future of DeFi Insurance Services.
Step 1 — Provide accurate data and direct links back to InsurAce.io app including Referral Rewards and tracking.
Step 2 — “1-click” Insurance Integration into protocols allowing users to purchase insurance and stake assets on the InsurAce.io platform via third parties and upon any interaction in DeFi where their assets are locked into Smart Contracts.
Step 3 — “0-click” Insurance Integration. This is the final step on our plan to make DeFi a safer space for everyone. This full-integration will automatically add protection onto user’s assets for as long as they are locked into protocols we cover. This may cost the user a couple of percentage points on their returns, but it will mean that their assets are automatically insured against smart contract hacks and bugs.
This will work by allocating a proportion of the rewards due to the user away to InsurAce.io instead.
For example, there may be a pool on Autofarm offering 40% APY, this would cost the user 2.5% annually to insure via InsurAce.io plus gas fees and possibly exchange fees. Whereas with “0-click” integration, the listed returns might say just 37.5%, however that would be because 2.5% of those returns are being directly sent to InsurAce.io to pay for the insurance provided.
This seamless integration will protect more users from the regular hacks we have seen in DeFi lately that have accounted for over $100m per week being stolen from DeFi users.
This is how the API will develop in the future, we will give our community regular updates on the progress of these API integrations and stages of development.
For the time being, we are welcoming partners and new protocols to explore integrating with us via our API, and will have many more announcements in coming weeks and months about these integrations.
Protocols wishing to get listed with InsurAce.io should follow this link: GET LISTED
Existing partners, data dashboards and other interested parties in our API should reach out via contact@insurace.io or find us on Telegram.
