InsurAce Launches Post-Audit Covers: The ultimate protection against smart contract risks for new projects

We are thrilled to announce the launch of a new DeFi insurance product: Post-Audit Covers!

What It Does:

This new product is designed to protect DeFi protocols against smart contract risks in the immediate months following a new audit.

While a thorough audit can help identify potential risks and vulnerabilities in a smart contract, it’s important to note that even the most thorough audit may not identify every potential risk.

That’s where Post-Audit Covers come in. With a Post-Audit Cover, newly launched Web3 projects can rest easy knowing that they are protected against potential risks that may arise even after a thorough audit.

Post-Audit Covers provide an extra layer of protection against smart contract risks for up to three months. If a smart contract risk does materialize during this time, the project team can file a claim with InsurAce to receive compensation.

How Post-Audit Covers Work?

First, the DeFi platform must undergo a smart contract audit from one of our Auditing Partners.

Once the audit is complete, the DeFi platform can then purchase a Post-Audit Cover from InsurAce.

The Post-Audit Cover will provide protection against smart contract risks for a specified period of time, typically a few months.

During this time, if a smart contract risk does materialize, the DeFi platform can file a claim with InsurAce to receive compensation for any losses.

Meet Our Partners:

We are proud to be announcing this new product alongside some of the industry’s leading Auditors who will be able to offer this new cover to their Audit clients:

Danish Blockchain Lab

Entersoft

Halborn

Numen

Omniscia

PeckShield

Sayfer

We are excited to offer this new product to our auditing partners and their clients, and we believe that it will become an important tool for new projects in the years to come.

We are committed to providing our clients with the highest level of protection and security, and we believe that Post-Audit Covers are an important step in achieving this goal.

Design Thinking:

As the DeFi industry continues to grow and evolve, the importance of smart contract security has become increasingly evident.

Smart contracts are a critical component of many DeFi protocols, and they are vulnerable to various risks, including coding errors and malicious attacks by hackers. To mitigate these risks, DeFi platforms often turn to auditors to conduct smart contract audits.

DeFi insurance is designed to protect projects, teams and investors against various risks, including smart contract risks.

Smart contracts are a code deployed to blockchains to give them a function that is used to automate the execution of various contracts. For example, they are used in many DeFi protocols to automate the lending and borrowing process. However, smart contracts are not infallible and are vulnerable to various risks, such as coding errors or malicious attacks by hackers.

To protect against these risks, DeFi platforms often turn to auditors to conduct smart contract audits. Auditors are experts in smart contract security and can help identify any vulnerabilities or weaknesses in the smart contract code. However, even with a thorough audit, there is still a risk that hackers may exploit a vulnerability that was missed during the audit.

That’s where Post-Audit Covers from InsurAce come in.

Conclusion:

Post-Audit Covers are a powerful tool for DeFi platforms that want to ensure the security of their smart contracts. They provide an extra layer of protection against potential risks that may arise even after a thorough audit.

With Post-Audit Covers, DeFi platforms can rest easy knowing that they are protected against smart contract risks, and can focus on building their platform and expanding their user base. At the same time, Post-Audit Covers are sure to become an important tool for DeFi platforms in the years to come, and a vital line of defence for newly launched protocols.

About us:

InsurAce is a leading decentralised insurance protocol, providing reliable, robust and secure insurance services to DeFi users, allowing them to secure their investment funds against various risks. Being the 1st in the industry to offer cross-chain portfolio-based covers, InsurAce enables users to get unbeatable low premiums.

InsurAce has been live since April 2021 and has built a full-spectrum cross-chain insurance product line, covering Smart Contract Vulnerabilities, Stablecoin De-Peg events, IDO risks, and Custodian Risks… protecting over $350m of assets of 5000+ customers!