The Launch of Bridge Cover: A Proactive Approach
A month before the onset of the Multichain concern, InsurAce Protocol, in collaboration with LI.FI, set into motion a product that was both innovative and necessary – the Bridge Cover. This wasn’t a random, rushed decision, but rather a calculated move born out of an acute understanding of the potential volatility in the crypto world. As thought leaders in the crypto insurance field, we were already aware of the challenges and uncertainties that might spring up, and we believed in staying prepared, even before problems surfaced.
Multichain Concern: A Test of Stability and Reliability
The crypto industry faced a jolt when the Multichain incident occurred. Users across the globe were grappling with their inability to withdraw their tokens, as a result of severe technical glitches. This unexpected hurdle stirred a wave of wild rumours and swirling uncertainties, putting a spotlight on the potential risks tied to crypto bridges.
This was a major incident, given Multichain’s significant position as the third-largest bridging protocol. Its silence during this tumultuous period created a void, feeding the widespread speculation of something being amiss, and pushing entities to mitigate risk preemptively.
Bridge Cover Amid the Chaos: Unwavering Commitment
While the Multichain concern was a formidable challenge, the Bridge Cover, in all its resilience, held its ground. Even when Binance decided to halt deposits of 10 Multichain-bridged tokens and LI.FI Bridge Aggregator temporarily suspended access to Multichain, our commitment to users remained unscathed.
Throughout this period of heightened uncertainty, we stood firm, staying true to our mission of providing a safety net to our users. In the face of the unexpected, we were determined to safeguard their interests and provide stability in an otherwise unstable environment.
As the incident unfolded, users started to explore and switch to alternative bridges such as Stargate, Connext, and Celer cBridge. Despite the choice of bridge they opted for, our users knew they were protected and this assurance was instrumental in maintaining trust and user satisfaction during a challenging time.
Bridge Cover Sales: Trust in Action
A telling testament to the trust placed in us was evident when, during the Multichain incident, Bridge Cover sold over 1000+ covers. This wasn’t just a number; it reflected the confidence our users had in our services and our ability to foresee and counter potential issues.
In a time when uncertainties were high, our users chose to rely on us, recognizing the value and protection we offered. They could see the effort and foresight we had put into creating a safety net ready to spring into action even before the storm hit.
Looking Back and Moving Forward: The Importance of Being Prepared
Reflecting on the Multichain incident, it is evident that it was not just about the risks of the crypto market but also a reminder of the crucial role preparedness plays in navigating such risks. At InsurAce Protocol, we weren’t just prepared; we were steps ahead, ensuring our users had a robust safety net to fall back on when they needed it most.
Staying Ahead: InsurAce’s Commitment to Proactive Risk Management
As we continue on this journey, we remain dedicated to identifying potential risks and addressing them proactively. Reacting to problems as they arise is not our style. Instead, we believe in staying ahead of the curve, in anticipating and devising solutions to problems even before they surface.
This approach has been instrumental in defining our success so far and we are determined to uphold it as we move forward. We recognize that in this dynamic industry, adaptability and foresight are key, and we are committed to embodying these values.
Assurance in Crypto Transactions: The InsurAce Promise
In the complex realm of crypto transactions, we understand that our role goes beyond merely insuring a transaction. We are here to provide assurance, a promise that we have got your back in the face of uncertainty. This has been our focus at InsurAce Protocol and it will continue to define our path as we navigate the future of crypto insurance.
In the end, it’s about instilling a sense of security, and at InsurAce, we are steadfast in our dedication to doing just that. As we continue to trailblaze the path in the crypto insurance field, we promise to stay true to our mission of providing you with a secure, trustworthy safety net.
InsurAce, a decentralized global risk cover protocol, offers mutual protection for digital assets against risks such as hacking, smart contract bugs, and stablecoin de-pegging. The platform features two membership-governed mutual pools and uses the $INSUR token for membership rights. With smart contracts issuing covers and a seamless user experience, the need for intermediaries is eliminated. The platform’s unique selling points include Low Fee Portfolio Cover, a Wide Product Range, SCR Mining, and Reliable Transparent Payouts.
InsurAce ‘s innovative approach includes portfolio-based coverage for a diversified risk management tool, support for DeFi protocols across multiple blockchains, and permissionless access for users. InsurAce is committed to continuous evolution, working on fair claims handling, adaptable coverage options, and collaboration with other DeFi protocols.
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