Fresh UI Features Dominate the Latest batch of v2 Updates following a pause on services caused by the UST De-Peg event.
While the crypto industry continues to grapple with the bumpy bearish market trend, at InsurAce the team has continued to buidl actively — like the rest of the sustainable and resilient DeFi world.
On March 21st, 2022, we released the first edition of our landmark v2 Litepaper. The document outlined the details of the operational and aesthetical overhaul of our platform and dApp. The community received the v2 announcement with excitement and optimism for the future of InsurAce and the broader DeFi Industry.
Then in May came the collapse of Terra and the De-Peg of UST, which led to InsurAce protecting over 155 investors, paying out nearly $12m in claims. This was a high profile and high pressure case, that highlighted many improvements we needed to implement going forward.
This article contains the latest updates and several new features that the team has been building on the backend in this time.
What’s New?
Today, as part of our much-anticipated InsurAce v2 roll-out, we are delighted to announce the next set of features. User Interface (UI) improvements dominate this new set of updates. As a fully community-driven platform, the premise for all major product updates at InsurAce has always been rooted in community feedback and user-experience enhancement.
TL:DR — Latest Updates
Product
- Updated UI —
- New products listed —
- Increased product capacity —
- New Data page –
- New DAO page –
Documentation
- Updated Cover Policy document
- Updated Docs & operations
Product
Back in March, we announced the first phase of our V2 Updates, now, we have added even more features to improve our existing product updates. As the team has always emphasized, the main objective of the v2 updates is for InsurAce to stay ahead of the innovation curve and consolidate its current position as a DeFi Insurance industry leader.
New UI Features
According to a recent survey from Statista, 21% of crypto users consider “Inconvenient User Interface” as one of the leading challenges they face. This is why we have made UI improvements a fundamental cornerstone of our ongoing v2 product launch.
The InsurAce team remains committed to streamlining user-journey while also upgrading the infrastructure required for users to generate efficient DeFi Insurance outcomes.
Here are the top 5 new features to look at in our latest batch of product updates.
- Easy & Secure Wallet Connection
- Mobile-Friendly UI Including the Much-Anticipated Dark Mode
- Revamped Data-board
- Fresh Leaderboard Dataset
- Front seat Access to Community Updates & News
1. Easy & Secure Wallet Connection
Our new home page has been revamped to feature a more prominent “connect wallet” button.
Previously, the “Connect Wallet” button only appeared in the top-right corner of the home page. Now it has taken center stage, giving first-time users a more natural & seamless onboarding process while presenting a better aesthetically pleasing landing page.
2. Let there be DARKness! – New mobile-friendly UI Including the much-anticipated Dark Mode
Research shows that at least 55% of global internet traffic is channeled through Mobile devices. Since the majority of our users are likely to access our DApp through their smartphones, we have made concerted efforts to make extensive improvements to our new mobile-view.
According to a survey of 2,500 Android users carried out by Android Authority, 81.9% use Dark Mode on their phones. The Apple (Mac & iPhone) surveys also showed similar results. That’s why we have added the much anticipated dark mode feature to our Web & Mobile dApp.
More interestingly, our users can switch seamlessly between Light & Dark Mode without having to reload the page or restart their devices.
Dark mode will be available on both Desktop and Mobile devices.
3. Revamped Data-board
We have revamped the data dashboard on our home page to become more visible, functional, and aesthetically pleasing.
The figures are now better accentuated and annotated, featuring the same accurate data that enables our users to stay informed about our ecosystem’s real-time growth and viability.
4. Fresh Data Page
In keeping with our core community engagement and transparency values, we have introduced a fresh “Leaderboard” dataset to our home page.
The new Leaderboard dataset will present real-time information about the top participants in the three core areas of InsurAce ecosystem — Cover products, $INSUR token Mining & Staking, and Referral.
With this new Leaderboard feature, we aim to incentivize more active participation and healthy competition among all members of our burgeoning community.
5. Front Seat All-access – Community Updates & News
We have brought the information center — Blog, Community Updates & News to the front-page.
In the past, many users have made mild complaints about having a complex and more protracted navigation process to get to these pages that contain the crucial information about the InsurAce community. Streamlining the navigation process gives users one-click access to real-time news and community voting updates.
This new UI update will lead to significantly higher community engagement and, most importantly, better participation in community voting.
Increased Product Capacity:
Unlike some of the recently failed CeFi projects, InsurAce deploys strict risk management strategies to ensure that investors funds ($INSUR token holders) are safe, and also that, when any of the risks that we cover crystalzes, we are have the capability to fulfil maximum payouts require on each coverage sold. As a result we place prudential limits on our cover products. Following the pause on our services after the UST payout, we are now in positon to incease some of these limits. The majority of products we offer have been given an initial $800k worth of cover available to our customers.
Smart Contract Vulnerability Covers — Cover capacity expanded by ~ $800,000
New Products Listed
Aside from Increasing the capacity of some of our existing products, we have also taken suggestions from the community to add some new cover products on some great new projects that have recently seen strong growth in DeFi.
This allows us to service a wider market and expand the InsurAce community.
Updated Documentation
Following the TerraUST crash and subsequent payouts, we received a flurry of feedback from the community, so it became imperative that we update the content of our Policy Cover Products and documentations. All updated covers can be found on our Documentation page.
New DAO Portal
The DAO is the engine room of our decentralized community, and we have made concerted efforts to ensure that we can our DAO portal operates at top efficiency. In line with our roadmap, we have now successfully updated the DAO portal.
With the new update, InsurAce DAO members are now able to participate in voting for general changes, such as new features, partnerships, collaborations, as well as new products.
New DAO Rules
- To submit a proposal, users must maintain a minimum of 1% of staked $INSUR tokens.
- Anyone can vote on any proposal
- INSUR Token Update — INSUR will now be used for Governance mining to replace the previous underwriting mining.
More DAO governance features will be added later as we expand the DAO governance of the protocol.
Final Words.
Over the last 2 years, TVL in DeFi protocols has grown by over 6,000%. And InsurAce has been at the forefront of the DeFi risk protection revolutionary growth to give peace of mind to investors.
As our community has grown over the years, it has become imperative that we keep making innovative improvements to keep up with the needs of our users and partners in a dynamic industry that’s being transformed at break-neck speed.
We look forward to the community feedback from this latest batch of v2 updates.
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