D, [19 Jan 2022]
Thanks for joining us today for an AMA.
It will only be myself today, Dan Thomson, Director of Marketing & Business Development.
The format of this AMA is a little different than usual. And is closer to a community update.
We have some rewards for pre-submitted questions.
I will try and answer as many questions as I can from the group.
Feel free to send questions when I open up the group after the pre-submitted questions.
For anyone who doest know me already…
I’m Dan Thomson, the Director of Business Development and Marketing for InsurAce. I go by VagrantCrypto on most platforms.
I am originally from London, have lived in Spain previously and now based in the Americas. I have a background in growing companies across Europe and have been in crypto since 2015 when I bought my first Bitcoins. Since then I have gone on to launch one of Europe’s first crypto Index Funds based out of Gibraltar, and then moved into DeFi which is when I came across InsurAce and the DeFi insurance sector.
I’ve been with the team since April, joining just ahead of the Mainnet Launch on Ethereum
We’ve had a lot of great questions recently. Across Twitter, Telegram and Discord. And so I’m happy to share some of the most common ones.
What are the upcoming changes for the V2 outlined in the roadmap?
As you may have seen, we recently brought out our 2022 roadmap.
It includes a lot of great developments that we have planned. As well as finishing off some of the planned developments from 2021.
Most importantly on there is our V2. Which includes:
– Updated tokenomics, with buybacks, burns, and incentives for hodlers.
– Updated protocol model to make it more efficient.
– Mult-chain aggregator helping to widen our capacity
– Updated branding (super excited to show you this!)
– New Chain deployments.
I know most people will be most interested in the tokenomics here. And those details are still being finalised, but after a year in DeFi Insurance, we’ve learned a lot and the appropriate updates will be made to not only generate value for holders, but to also drive use cases for the token and increase its overall value by using some of the latest DeFi developments for tokenomics.
If I am using Beefy Finance to stake, and the underlying pool (on pancakeswap) gets exploited, am I covered with the Beefy cover alone?
This is a common question lately, since we have been listing many DeFi aggregators like Beefy, Autofarm, Alpaca, etc.
It is actually what our Custom Bundled Cover is there to solve. You can request a custom bundle to cover all the pools in your defi interraction.
Or just use our app to select both protocols directly.
To be fully protected, users should buy cover for both protocols, not just beefy (in this example)
Read about custom bundled covers here: https://blog.insurace.io/product-update-custom-bundled-covers-91ae9a8701ef
What is MTR Labs?
We’ll be bringing out a blog post to explain this in more detail fairly soon.
But as we have built InsurAce, we have also developed some proprietary tech, including our multi-chain bridges and subgraphs.
These could easily be stand alone projects, and so we have taken the steps to form a Labs team as the tech team behind InsurAce adn potential other complimentary products and projects which will act like a parent tech hub to each.
The change will not affect InsurAce. If anything, this helps to augment our presence in the crypto sphere
How can I see when capacity will become available for a sold out protocol (like Anchor)?
At this time, we cannot show what capacity is coming available on individual days. We are working on improving our data dashboard (https://app.insurace.io/Data/Insurance) to show this information.
For now, just keep checking regularly as capacity becomes available most days as other covers expire.
Also you can request to reserve larger capacity by emailing email@example.com
OPENING THE GROUP FOR ANY COMMUNITY QUESTIONS
How does it work if I want to cover something on Solana, but can only use ETH/MATIC/BSC/Avalanche networks with InsurAce?
This is a common question. Whilst you will need to use one of the networks we are deployed on to make the purchase for your insurance coverage, you will be covered on the 15 chains we are deployed on.
In the event of a claim, you can prove ownership of a wallet with losses through microtransactions to that particular wallet.
Sang Ky: dear MR Dan, how do you complete pr compain for insur in Q1 12022
We have compiled a list of over 1500 media and influencers for the crypto space. With the launch of our V2 soon we will be doing a huge media and PR push around this to promote the project as well as paid media and interviews.
We will be attending at least 20 conferences this year either as guests or speakers too.
MTV│Never DM first: For the upcoming changes, will the team have any plans to update the claim process?
There may be a small change, although not sure if its coming directly with the V2. We will be adding a second DAO system in the future to remove any possible conflict of interest. This second independent DAO will be in place of the appeals process.
Miks: Some preview of new INSUR use cases?
haha no spoilers, sorry
Acell (Never DM first): InsurAce on the way to make crypto part of every investors portfolio”
Is it really going to happen and how will achieve this milestone?
how you cover such many chains?
the initial goal is to increase our capacity. That’s teh biggest limitation to wider adoption. Following this we can use our API to directly integrate with many great protocols out there.
MANH NK: I saw last vote cross chain and nft made the highest percent, will it soon be done in Q1 Q2?
yes we were surprised by cross chain. NFT we expected.
We think that it may be because cross chain was the first on the list. So we may do the survey again.
But these are both in development and we hope to have them launched very soon.
Acell (Never DM first): what is the next goals of insurAce? as we know the price keep stable since several months
V2 fixes this
Guillaume: Did the team start to talk/interact with traditional insurers?
We have had talks with Lloyds and Aon. They are both aiming to set up their own crypto insurance arms out of Bermuda. However this will take them some time. Once they are set up it will help with Re-insurance and capacity issues
Guillaume: Does the team plan another funding round ?
No concrete plans, but we are seriously considering one around the V2, since the plans are very very strong and the extra capital will help turbocharge our existing growing project.
Currently we have an average monthly growth of 60% (compared with 20–30% growth for other insurance protocols)
Hendri│Tomket Lovers: Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term?
Thanks and you’re right, yes we have many many plans. An updated marketing plan will also be released to the community soon.
MTV│Never DM first: To follow up on this answer, will InsurAce plan to become CeDefi for crypto insurance or actually use crypto tech to compete in the traditional insurance markets. At the end of the day, insurance is all about pooling from the low risk to insure the high risk. Crypto has the power to do cross border insurance which would be applied in the real world?
There is a $300bn DeFi market. with new projects and products to insure daily.
So that will take some time. But yes we are working on what we call ‘subjective insurance’ products (as opposed to ‘objective insurance products’ like on chain transactions), which are more like traditional insurance products.
When we have this solution ready it opens us up to a lot more products and wider markets.
We aim to make crypto safer for everyone. But we wont stop there.
ddaeng ddaeng: Don’t you think there’s little reward for staking?
I dont think 40% is little. But we agree, we can do more, which is why we’re bringing out a V2
ddaeng ddaeng: How big do you think the market cap will be?
Lol, honestly, let’s say theres a $300bn DeFi industry. Maybe 20% of that will get insured. So 60bn. 2% insurance cost, creates a $1.2bn insurance revenue stream annually.
So at a 10x multiplier for value, you’re looking at a 10bn industry of which we’re a big player in.
(and the industry is growing!)
So maybe a fair marketcap in the future of around $1b+
In my personal opinion anyway!
ddaeng ddaeng: when can we see v2? which point is better than nexus mutual? except KYC
its due in Q1 this year. Likely to be next month (depending on tech team), could be early March
A few things…
– we’re multi-chain
– we have referral rewards
– insurance capacity is provided at the network pool level, not protocol pools, so less conflict of interest.
– we’re faster growing
ddaeng ddaeng: Can’t you tell us a little bit of the benefits for long-term holders in advance?
No, because they are being finalised and will all be released together.
Sorry, wish I could!
Guillaume: How is Insurace prepared to face potential legal issues ? Insurance is a very regulated industry.
True, we have one of the leading lawyers on our team. He is an expert in blockchain law and insurance law.
We keep abreast of global developments and adapt accordingly.
ddaeng ddaeng: Why is there no news about investment?
Firstly we havent hit the necessary milestones for investing the capital pool. We have internal checks to make sure we hit a certain TVL, certain premium income, and certain amount of successful claims to ensure the protocol is self-sufficient.
Secondly, it requires a few extra foundations in the app before we can add it. These will be implemented in V2 so we will be ready.
ddaeng ddaeng: how many people working in your team?
11 people in tech team in Asia. 6 more remotely on BD and marketing. Plus community managers
MANH NK: I saw their were some suggestion of listing on their exchanges but team didnt want to do that, i wonder why not because it can make our coin more popular and increase volumn trading ?
yes the issue with small exchanges is that they dont generate enough volume or give us any return on our investment, so we’ve been speaking to BitTrue, BitMart and Ascendex, but we can’t see the value in them for us or our token holders before the V2.
We are still focussed on the big guys like coinbase, binance, kucoin, which will be able to drive value
Sang Ky: I have reasearch that ftx have a funding 2 billion for insurance, secure, gamefi lead by Amy Wu…do you things our project could impresive them ?
yes we know the projects they are investing in, we will be offering insurance on them
Nick KB: Question — Trader Joe coverage for AVAX chain is sold out, but it says I can buy coverage through ETH. Trader Joe isn’t an ETH exchange so I am just confirming that the coverage would still cover Avalanche network although I would pay premium in ETH?
yes exactly. our cross chain solution means that even if you buy on eth or bsc you’re covered on avalanche
MANH NK: Nice, i just wanna know what is our benefit bring to our partnership when they accept to partner with us, do they just want to have a place that safe for their investor? And do the team have plan for new competitors will join in this insurance?
they are welcome to list us, they dont need our involvement. they just ask us for Market Makers and sometimes marketing costs which are a few thousand dollars but it doesnt do anything for our token price so no value to us or our investors
Thanks for your Questions everyone!
A transcript of this AMA will be available soon on our blog.