InsurAce.io and QiDao are delighted to confirm a new, long-term partnership with a security focus.
QiDao is a protocol that allows users to hold their crypto while still being able to spend its value. Users are able to borrow stablecoins at 0% interest without needing to sell their crypto holdings.
As a community-driven protocol, $Qi holders vote on any changes or proposals requested.
Users log onto Mai Finance, the front-end dashboard of QiDao, to hold onto their crypto value, receive 0% interest loans and leverage their crypto positions. In short, QiDao enables users to be their own banks.
Due to their stringent stance on security, the team at QiDao have already undertaken 2 successful audits.
Initially with Brama Systems which can be found here: Audit 1
And, more recently, with Cloakwire: Audit 2
Now, QiDAO/Mai Finance users can protect the assets that they hold within the platform, through InsurAce.io and their Smart Contract Vulnerability insurance cover. Protection is available on 5 major networks: Fantom, Polygon, Avalanche, Moonriver and Harmony.
“QiDao is a truly community-driven project and we admire that due to our own community strategy. Working with the team so far has allowed us to provide insurance coverage for a very exciting protocol with a lot to offer. We know that they can attract many users and we wanted to be able to further strengthen their high security and protection options. We’re looking forward to collaborating continuously to revolutionize the DeFi industry.” Oliver Xie, Founder, InsurAce.io
Users can purchase their insurance cover via the InsurAce.io dApp: app.insurace.io
QiDao is an overcollateralized stablecoin protocol; it is not an algorithmic stablecoin. They took inspiration from different stablecoin protocols as well as their community to help build the superior protocol they have today, combining the best of both worlds.
They are often compared to MakerDao. Though there are some similarities, some of the key differences include that QiDao do not charge interest on loans, accept a diversity of collateral types (i.e. interest-bearing assets), and are built natively on Polygon. This substantially reduces the transaction times (under 15 seconds versus around 8 minutes) and fees (less than 1 cent versus $15 or more). Being built on Polygon, QiDao enables users to make more transactions and interact with the protocol more without thinking twice about the price of gas fees.
Join QiDao community:
InsurAce.io is a decentralized multi-chain 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 flexible underwriting mining programs to create sustainable returns for the participants, and provides coverage for cross-chain DeFi projects to benefit the whole ecosystem.
At the time of writing, InsurAce.io has provided coverage to 117+ protocols, safeguarding over $260M+ DeFi assets on 16+ public chains.
InsurAce.io is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey Group, Huobi DeFi Labs, Hashed, IOSG, Signum Capital, Long Hash Ventures and a dozen of other top funds.
Join InsurAce.io community: