**The information contained in this blog post is correct as of 2:00pm UTC 1st June 2022, but may be subject to change. As new information comes to light from TFL (Terraform Labs) or other industry sources, updates may be released that change elements of this process. Some changes may be subject to a community vote. Please contact our team on Telegram or Discord for further clarification on any questions. Community feedback will enable us to improve this guide.**
Included in this blog post:
- Advisory Board Report
- Schedule of Next Steps
- Voting Information
- Compensation Plan Information
- The Advisory Board Report
The Advisory Board Report for the UST case is under final review by our legal team. We apologise for the delay, we understand everyone’s frustration and desire to move on, and we will release the report tomorrow.
The report will include details of our investigation into the incident. Details of our process, as well as claim specific details of the claims, adjustments and totals will also be included. Finally, the advisory board will give their final recommended course of action for the vote as a reference.
There are arguments both claiming this is a true De-Peg and against. As well as on-chain analysis.
Summary:
Total Covers sold: 234
Total Cover Amount: $22,158,820
Total Claims: 173
Total Claim Amount (USD): $12,474,477.84
Total Number of Rejected Claims: 18
Total value deducted from Luna Airdrop (USD): $177,692
Total Claim Amount after deductions (USD): $11,730,758.24
If this Proposal is Accepted:
- Payout for all individual claims related to this group claim will be processed directly following verified claim amounts. There will be no more voting on individual claims.
- The final payout amount is subject to change if cover owners fail to send InsurAce their UST or new LUNA token required.
- 20% of available premium pool will be used as part of the payout.
If this payout proposal is Rejected, cover owners can make an appeal in the complaint stage. The Advisory Board will have sole discretion in making final decisions regarding payout.
- Schedule
UST Advisory Report 2nd June 2pm UTC
UST Vote Plan & Announcement 3rd June
Staker Compensation Proposal 4th June
UST Vote 6th June (Vote will run for 48 Hours from 2pm UTC)
Vote ending 8th June
Complaint & Appeal Period 8th – 10th June
Result & Swap/Payout information 11th June
Expected Payout Date & staked funds unlocked 13th June
3. Voting Information
3.1 General Information
Here is our documentation on how our voting system works: https://docs.insurace.io/landing-page/documentation/protocol-design/claim-assessment/claim-assessment-process
The team’s recommended vote will be released in the upcoming Advisory Board Report tomorrow.
The vote will last 48 hours and it will be to accept or reject a group claim proposal.
The UST claims will be processed as a Group Claim and will be voted on by our Claim Assessors following our process. If the Group Claim plan is approved, all individual covers will be processed according to the Group Claim together. Should you have any objections, you can make an appeal after the voting during the complaint stage.
For details, you can refer to Group Claim Assessment Process
Here is an example of a Group Claim based on the recent Elephant.Money exploit.
Anyone can participate in the vote by staking INSUR tokens into app.insurace.io , no single user can accrue more than 5% of the vote power.
For new users who wish to participate in the claim voting, please follow the below guide.
Voting is open to all INSUR holders who hold and stake INSUR before the vote start date.
3.2 How to Get INSUR
If you wish to participate in the claim voting, the first step is to get INSUR tokens.
You can get INSUR tokens from any of the official exchanges listed here: www.insurace.io/market
If you get tokens from a CEX, make sure you withdraw to Ethereum Network, then use our bridge to transfer the tokens to other networks such as BNB Chain, Polygon or Avalanche.
If you buy from Huobi, do not withdraw to HECO network. This network is not currently supported by our app.
3.3 Stake to become a Claims Assessor
With the INSUR in your EVM wallet, you are ready to stake to become a Claims Assessor.
INSUR staked as the claim assessor for the vote will not be used for payouts.
Please follow these two guides to become a Claims Assessor:
https://docs.insurace.io/landing-page/documentation-1/user-guide/how-to-become-an-accessor
Claim Assessor Guide explaining voting weights.
https://docs.insurace.io/landing-page/documentation/protocol-design/claim-assessment/claim-assessor
IF YOU STAKE AS AN UNDERWRITER, DO NOT WORRY, YOU CAN STILL VOTE. YOUR FUNDS WILL NOT BE AFFECTED BY PAYOUT IF YOU STAKED AFTER 14TH MAY.
3.4 How to Vote
Please follow this guide on how to cast your Vote:
https://docs.insurace.io/landing-page/documentation-1/user-guide/how-to-become-an-accessor
3.5 Voting Rewards
The successful side of the vote will be rewarded with INSUR tokens for their winning Vote.
Voting rewards are calculated as: 20% of the premiums collected for the claimed funds. These are proportionally shared amongst voters.
3.6 Result
The Result of the vote will be verified and announced on all Official InsurAce public channels. Twitter, Telegram, and Discord have the latest information and full updates.
3.7 Payout Information
Following an accepted vote by the Claims Assessors, the payout details will be released.
3.8 Appeals Process
In the result of a Rejected vote. There is an appeals process. Details will be published following a Rejected Vote.
4. Stakers’ Withdrawal and Compensation Plan Information
Stakers wishing to withdraw funds will be able to withdraw once either a Rejected Claim decision (without appeal) is decided, OR after all payout is settled following an Accepted Claim decision.
A detailed compensation plan is being created for stakers who remain with InsurAce following a claim payout on UST.
Stakers who keep their funds staked with InsurAce will be eligible for a compensation plan that will see their overall haircut reduced to a 10% loss on top of being able to earn yields going forward.
Compensation will be accrued over a period of up to 12 months via an on-chain pool.
More details will be published in a full Compensation Plan within the next few days.
Contact
Our CMO, Dan, had been manning the Discord and Telegram groups personally since the beginning of this crisis. He is handling most questions personally to reassure the community that the team is working hard on making this right for stakers, customers, and the project’s future.
We now have dedicated discord servers for both Claims and Stakers. Join the conversation here: https://discord.gg/vCZMjuH69F
For any other questions, you can reach Dan under the handle @vagrantcrypto on any social media platform. But we advise questions around this staying on Discord for ease and transparency.
Alternatively, you can send emails to claims@insurace.io for further communications.
Additional Resources:
Please see our original blog post on Stablecoin De-Peg Cover here:
https://blog.insurace.io/new-product-launch-stablecoin-de-peg-cover-and-bundled-covers-59f19ca16161
Review our cover wording for UST De-Peg here:
https://files.insurace.io/public/en/cover/USTDepegCover.pdf
Become an Assessor:
https://docs.insurace.io/landing-page/documentation-1/user-guide/how-to-become-an-accessor
Claim Assessors:
https://docs.insurace.io/landing-page/documentation/protocol-design/claim-assessment/claim-assessor
Advisory Board:
https://docs.insurace.io/landing-page/documentation/protocol-design/claim-assessment/advisory-board
