Even when the crypto space is a world full of opportunities, it does not mean that it doesn’t include risks with it. Quoting a recent blog post from Cointelegraph, “The amount exploited this year so far surpasses the total amount stolen in all of 2020 and 2021 combined” meaning that 2022 have resulted over USD $10 billion in losses by far!
Read their blog post here: https://cointelegraph.com/news/more-than-1-6-billion-exploited-from-defi-so-far-in-2022
Today, we took the chance to explain to all DeFi users the importance of protecting their assets against any exploit, bug or hack that may happen from one moment to another.
What is InsurAce?
InsurAce.io is a leading decentralized multi-chain insurance protocol that provides reliable, robust and secure DeFi insurance services to the DeFi users. InsurAce not only guarantees unbeatable portfolio premiums but also offers sustainable investment returns. InsurAce positions itself in a necessary complementary role to the immense and expansive DeFi world rather than as a challenger.
Unlike the single protocol-based insurance coverage of other insurance platforms, InsurAce.io offers a unique portfolio-based insurance product to enable coverage of a basket of DeFi protocols, which creates a diversified risk management tool for DeFi investors.
Despite the fact that Ethereum is the dominating public blockchain for DeFi protocols, other public blockchains have also stepped up with successful DeFi projects. InsurAce.io offers products that cover these non-Ethereum DeFi protocols to benefit the decentralized space as a whole.
InsurAce.io removed the KYC process. Anyone with a digital wallet can connect with the platform and fairly utilize the services such as buying cover, staking assets, making claims, and more.
As the first provider in the industry to offer cross-chain portfolio-based cover, InsurAce.io enables users to get unbeatable low premiums. This saves users up to 75% on their insurance costs when compared with other providers. Users can also get sustainable investment returns through the Investment Portal and gain rewards through the Mining Program.
What is DeFi Insurance?
DeFi insurance or Decentralized Insurance is the process in which the platform prevents its users from the losses of hacking, smart contract bugs, or other such digital fraudulent activities. DeFi is a blockchain-based technology that has removed the need for financial mediators by replacing them with smart contracts. Among many decentralized financial services are decentralized insurance services, which are not given much attention but are of immense importance and they are gaining awareness rapidly.
Many users encounter the weaknesses of smart contracts and there are plenty of news articles about hacks and bugs. Over $10 billion dollars has been hacked this year from DeFi protocols. The malicious actors take advantage of loopholes in the smart contracts and steal millions of dollars from their liquidity pools. DeFi insurance protects from such attacks by providing insurance for wallets and smart contracts.
During past years, crypto investors have faced hacks and gone through the consequences of mishandling private keys. DeFi insurance ensures the security and confidence of its users, mitigating losses.
What types of Insurance do we provide?
We currently offer protections for:
- Smart contract vulnerability risk: if the smart contract of the covered protocol gets hacked;
- Custodian risk: if the custodian gets hacked and the user loses more than 10% of their funds, and/or withdrawals from the custodian are halted for more than 90 days;
- IDO event risk: if the smart contract of the covered IDO platform gets hacked;
- Stablecoin De-Peg risk: if the stablecoin moves significantly below its pegged price
- Bundled cover: Two or more of our insurance products grouped together into one product at better value.
Get covered and earn at the same time!
Stakers in InsurAce are rewarded for providing their crypto as underwriting capital. This capital is used to generate an insurance capacity.
The capacity is then divided amongst listed protocols and is available to purchase for a low annual premium. Claims are voted on by the $INSUR holder community. Please see the image below for a detailed map:
While we respect other insurance protocols in the space, and we believe that all protocols together will benefit DeFi as a whole, InsurAce.io has several unique features compared to our competitors. Check the facts below for a reasonable comparison
- Multi-Chain Access
- Broad Product Offering
- No KYC
- Portfolio Based Coverage
- Up to 80% cheaper than competitors
- Unique Referral Programs
- Integrateable API
- 100% Transparent and Public Data
- Sustainable Staking & Investment Returns
We hope you understand clearly why is DeFi Insurance so convenient and necessary to protect your funds and have a sleep better knowing you will not lose your investments with us!
Any other questions you might have, please don’t hesitate to follow our social media, we will be happy to reply!