**The information contained in this blog post is correct as of 2:00am UTC 6th 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:
- Summary & Schedule (board report, stakers compensation plan, schedule)
- Voting Guidelines
The Advisory Board Report can be found here:
The Advisory Board have considered these reports, as well as feedback from experts across the industry and the recommended course of action, is to ACCEPT these claims.
Stakers Compensation Proposal
This compensation plan explains how we plan to refund superfluous losses to stakers to reduce their overall impact from this to ~10%.
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
2. VOTING GUIDE
– General Information
– How to get INSUR
– Stake to Vote
– How to Vote
– Voting Rewards
– Appeals and Complaints
2.1 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 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.
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.
2.2 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.
2.3 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:
Claim Assessor Guide explaining voting weights.
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.
2.4 How to Vote
Please follow this guide on how to cast your Vote:
2.5 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.
E.g. if Cover Sold was $1m and premium earned for this was $20k.. Then the rewards to voters would be 20% of the $20k… $4k.
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.
2.7 Payout Information
Following an accepted vote by the Claims Assessors, the payout details will be released.
2.8 Appeals & Complaint Process
In the result of a Rejected vote. There is an appeals process. Details will be published following a Rejected Vote.
In either result, there is a two day Complaint Period allowing for any final adjustments to individual claims or the group claim as a whole.
We now have dedicated discord servers for both Claims and Stakers. Join the conversation here: https://discord.gg/vCZMjuH69F
Alternatively, you can send emails to firstname.lastname@example.org for further communications.
Please see our original blog post on Stablecoin De-Peg Cover here:
Review our cover wording for UST De-Peg here:
Become an Assessor: