InsurAce.io and Balanced are delighted to confirm their ongoing partnership focused on increasing security and reducing risk for Balanced users.
Balanced is a DAO (Decentralized Autonomous Organization) on the ICON network. Balanced uses ICX as collateral to mint Balanced Dollars (bnUSD), a token pegged to the US Dollar.
On Balanced, users can borrow assets for 0% interest, earn balanced tokens, swap between supported assets, supply assets to a liquidity pool and participate in governance.
As security is at the forefront of the projects mind, the Balanced network has successfully undertaken an audit by SlowMist which can be downloaded from the following landing page: https://docs.balanced.network/security
Despite this audit, smart-contract risk is always possible. Potential hacks and bugs and vulnerability that compromises users funds are both cases that InsurAce and Balanced want to prevent going forward.
As a result, Balanced has been listed on the InsurAce.io dApp to allow its users to purchase cover protection against these smart-contract risks. Cover can be bought here: app.insurace.io
“I’m really excited to announce our partnership with Balanced. The project has exciting things planned for the year ahead and it strengthens our coverage on the ICON network. We want to protect as many DeFi users as possible and we’re delighted to have Balanced on board.” Oliver Xie, Founder, InsurAce.io
About Balanced:
Balanced is the decentralized bank of ICON. The best place for ICX holders to take out a loan, swap assets and supply liquidity. Balanced is designed for adoption. It’s fast, affordable and easy-to-use. It offers the best experience for ICX holders and a higher return than you would ever get from a traditional bank.
Participants must deposit collateral before they can mint bnUSD. After minting bnUSD, the participants’ collateral and debt position is used to maintain the peg of bnUSD on the Balanced decentralized exchange. Balanced can bring this value to many blockchain-based assets, with the goal of making bnUSD a heavily diversified algorithmic stablecoin powered and secured by the ICON blockchain and its bridges to other networks.
Join Balanced community:
Website | Twitter | Telegram | Discord
About InsurAce.io
InsurAce.io is a decentralized multi-chain insurance protocol, to empower the risk protection infrastructure for the DeFi community. InsurAce.io offers portfolio-based insurance products with optimized pricing models to substantially lower the cost; launches insurance investment functions with flexible underwriting mining programs to create sustainable returns for the participants; and provides coverage for cross-chain DeFi projects to benefit the whole ecosystem.
At the time of writing, InsurAce.io has provided coverage to 91+ protocols, safeguarding over $200M DeFi assets on 14+ public chains.
InsurAce.io is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey group, Huobi DeFiLabs, Hashed, IOSG, Signum Capital, LongHash Ventures and a dozen of other top funds.
Join InsurAce.io community:
Website | Twitter | Telegram | LinkedIn | Announcements | Medium
