After months of hard work, we have finally come to our long-awaited mainnet launch.
The smart contracts have passed the auditing from SlowMist, an industry renowned auditing firm, and they have been identified as “Low Risk”. The website front-end has also been revamped based on the feedback from the community, together with various upgrades to the platform to create the leading product in DeFi insurance.
The audit report can be found here: Audit Report.
We’re adopting a phased, security-oriented approach for the launch since security and stability are of vital importance to an insurance protocol. Therefore, we would like to make sure that every step forward is secure for our users and partners.
We would like to share the schedules of the mainnet launch as below.
Release of new website and application
We launched our first testnet version in February 2021, after which the testnet event was held and we received many valuable suggestions and feedback from the community, which have been incorporated into our latest version.
The new website and new testnet version are now available! You may click this link to try out the latest website and preview the app on rinkeby testnet: www.insurace.io
Our mainnet version will be the same as this test version, target to release on Monday 26 April 2021. The staking will start at 14:00 UTC (22:00 SGT) on that day, marking the start of the mainnet operations.
A quick user guide for the latest app can be found Here.
As a capital pool enhanced insurance protocol, we will be bootstrapping, maintaining, and augmenting the liquidity pool by staking. Below is a quick glance of the staking interface in the app.
- Staking Pools
There will be 6 pools available on day 1, including ETH, WETH, DAI, USDT, USDC, and INSUR with different weightage for each pool.
We want to build up a solid capital pool with diversified staking assets, and more tokens will be incorporated into the list after phase 1 on mainnet.
- Staking Cap
As a first step, a limit will be set on the pool to ensure that we can well handle the locked asset and manage the platform in a secure manner. Therefore, we plan to accept an initial TVL of $20,000,000 as a staking limit, and the cap for each pool can be calculated according to the weightage above.
- Reward Distribution
The rewards for the staking will be INSUR tokens calculated at a per-block level according to the per-block reward configured. The rewards can be unlocked any time, but subject to per-block linear vesting over 15 days.
There will be competitive APY for the staking pools, which will be subject to the change of the INSUR token prices and may be adjusted accordingly. The community will be notified of any changes in advance. The APY can be adjusted by tuning the RewardPerBlock parameter in the smart contract.
- Stake and Unstake
Users can stake and unstake their asset any time, but unstaking will be subject to 30 days (configurable) lock-up period until it will be fully withdrawable, which is to ensure the sufficiency and liquidity of the capital pool in the event of potential claim payout, a commonly adopted practice in insurance protocols. However, stakers will still be entitled to rewards during this 30-days lock-up period.
There are also minimum and maximum caps per each staking transaction to prevent the concentration risk as illustrated in the table below. This will be regularly reviewed as prices fluctuate.
- Token Release
Based on the TVL cap of $20M in the initial phase, on an average APY of 30%-50% (for example), and INSUR token price at $5.0, the released token per block will be between 0.57 and 0.95 respectively, which amounts to 1.2M to 2.0M tokens released annually.
- Risk Reminders
Unlike the staking on other types of DeFi protocols, insurance protocol staking has more risks. Please be noted that your staking may be subject to financial loss if a claim is approved. Claim payouts will be deducted in a tiered structure, in which 20% of the total premium pool will work as the 1st tier, and the staking pools will be the 2nd tier if the premium pool is not sufficient to cover the claimed amount. The claimed amount will be deducted from the staking pool on a pro-rata basis.
To understand more about the risks of staking, kindly refer to this documentation.
Start of Insurance Services
Staking is the initial phase to build liquidity, and insurance will come in second based on the capital pool by staking. This is to minimize risk to stakers and keep premiums low for our insurance customers. This phased approach will allow us to operate in a more robust manner as well as scale much faster at a later date.
- Start of Insurance Service
Once the TVL hits $5M, the insurance module will be enabled to accept insurance purchases, capacity for insurance purchases will increase relative to TVL.
- Initial Listed Protocols
There will be 20 protocols to be listed for coverage as the first batch, which are well-established protocols, such as Compound, AAVE, MakerDAO, Uniswap. For a complete list of the initially listed protocols and their unit cover cost, refer to this Page in our documentation.
- Covers and Claims
Once the insurance functions are enabled, users will be able to purchase covers, view cover records, and submit claims where triggered.
InsurAce support using ETH and/or DAI to buy covers, and there’s limit on the min and max amount per cover, which is set as below.
For each of the claim requests submitted, 0.5% of claim fees relevant to the claim amount will be charged and 1.0% of complaint fees per each complaint to prevent the system from being intentionally flooded.
For more operations under the Insurance menu, please refer to this user guide.
Our forum, documentations, and website all have added Chinese language support as per the feedback from our community. Hope our beloved Chinese users will like this, and more languages will be supported at a later stage.
Meanwhile, our forum has been re-organized for easier use as we foresee there will be many more discussions on the product after mainnet launch.
This is everything InsurAce has been working hard to build for our community over the last six months. With this new mainnet launch we will be able to roll out to new customers, partnerships, and collaborations with new innovations and developments coming each month.
Thanks for your support and stay tuned😎
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