The future is bright yet the road ahead will be long.
On this last day of the year 2020, InsurAce team looks back at what we have accomplished and looks forward on how we could achieve in year 2021.
DeFi Hacks & loopholes posing severe threats
In 2020, we witnessed tremendous amount of losses in DeFi caused by hacking, code flaw, flash loan attacks, oracle defects. Hereunder is a short & partial list:
- dForce: 25M$ of losses by a complex reentrancy attack
- Harvest: 24M$ of losses by hacking
- Pickle: 20M$ of losses due to code flaw
- bZx: 10M$ of losses due to code flaw, flash loan attack and oracle manipulation
- Origin: 7M$ of losses due to code flaw
- Value: 6M$ of losses by flash loan attack
Even the leading insurance protocols providing covers for DeFi protocols failed in running away from security incidents.
- Nexus Mutual founder Hugh Karp’s personal wallet got hacked.
- Cover Protocol was hacked, causing millions of losses.
We feel sorry for all the losses incurred & victimizing so many crypto users. When saying goodbye to year 2020 and looking forward, InsurAce’s mission of providing the best cover products for DeFi users has never been compromised. We will be further working the product, bringing new values and innovation to DeFi and DeFi insurance protocols, enabling unique features such as enriched product line, leveled-up security measures and sustainable return mechanism. Furthermore, InsurAce will initiate a program offering protection for users’ assets security and assistance to the victims of cyber attacks.
Review 2020: Genesis of InsurAce
2020 has been memorable as the year of genesis for InsurAce project and team. A few cherished milestones to be engraved. The InsurAce founding team assembled in August and formed the initial design of InsurAce in September based on extensive research on DeFi and Insurance.
· We closed $1 Million Seed-round fund-raising led by DeFiance, and other world-leading institutions.
· We rolled out our PR and Marketing process in Nov, and attracted the attention from numerous community members.
· Cyber security expert Dennis Song joined InsurAce as Advisor to fortify InsurAce’s capabilities in countering attacks.
· Dentons Rodyk Senior Partner Kenneth Oh joined InsurAce as Advisor to administer Legal & Compliance.
· Product development has been undergoing with exciting progress, our technology team are burning the midnight oil to deliver the alpha version.
· Internal testing of InsurAce product goes well, with certain unique functions to be released.
With all these accomplishments made, we yet feel humbled and will be working hard towards the delivery of our mission.
Preview 2021: Insur Your DeFi Journey
Year 2021 will be a year when InsurAce will make our utmost efforts and toil towards the goal of delivering the most comprehensive and secure insurance & investment product to all DeFi users. We are set to change the status-quo of being lack of solid, reliable and carefree DeFi insurance services.
· In early 2021, MVP version of InsurAce product will be officially launched.
· Roll out the strategic fundraising, issue INSUR tokens and start the genesis staking program.
· Perform rigorous auditing for our code, enhance the security and launch version 1.0. Start to provide covers for a selected list of DeFi protocols to satisfy the different risk appetite of DeFi users.
· We will further develop and polish the products, to make more user friendly, support more risk types and further lower down the premium.
· Launch more marketing events and promotions, continue to expand our community and enhance the ties within the ecosystem.
· More strategic partners will join InsurAce ecosystem.
The InsurAce ecosystem will be expanded with more exciting milestones coming for InsurAce. INSUR tokens will be circulating within the ecosystem as the core in supporting the continuous and sustainable development. To insure your DeFi journey, this will always be our mission and commitment to the DeFi community.
InsurAce is a decentralized insurance protocol, aiming to provide reliable, robust and carefree DeFi insurance services to the DeFi users, with very low premium and sustainable investment returns. InsurAce’s highlights include “0” Premium, Enriched Product Line, SCR Mining and Sustainable Return. InsurAce’s mission is to redefine DeFi insurance and protect users from security risks with user-friendly product accessibility and capital efficiency.
Telegram Community: https://t.me/insurace_protocol
Telegram Announcement: https://t.me/InsurAce_Channel