A Letter to our Community & Investors from our Founder.

Dear InsurAce Community & Investors,

As you probably have seen our announcement on Wednesday 21 April, we are going to launch our Ethereum Mainnet on Monday 26 April 2021. The staking for the insurance pool will start at 14:00 UTC (22:00 SGT) and insurance services will be enabled once the TVL hits 5M USD.

For more details, kindly refer to this medium post.

We are seeking your help at Launch

We have come a long way to get here, which we could not have achieved without your past support. To ensure a smooth mainnet launch, I would like to seek your help again in possible ways below.

1. Participate in the staking to bootstrap the capital pool

We have set a target TVL of $20M USD as a start, in consideration of a phased, security-oriented launching approach. Once our system proves to be reliable and secure with this initial TVL, we’ll raise the cap and unleash the full staking.

As a start, there will be 6 pools available, including ETH, WETH, DAI, USDT, USDC and INSUR, with key parameters of staking set as below.

Your support to stake into the initial capital will be highly demanded and appreciated to ensure that we can bootstrap the capital pool swiftly and strongly. Please refer to the links below for a step-by-step guide on how to stake, unstake and harvest.

User Guide
挖矿攻略 (for Chinese users)

Please be reminded that there will be a limit on staking amount for each wallet address, the unstaking will be subject to a 30 days unlock period and rewards will be fully released on a per-block basis in 15 days. In particular, the limit for INSUR token staking is 40,000 per wallet.

I have received the request for INSUR staking from investors and the community, however we don’t intend to take in too many INSUR tokens at the starting phase considering its high volatility which might impact the sufficiency of the insurance capital pool. You probably need to act more quickly when the staking starts at 14:00UTC (22:00SGT) to ensure that you can grab the staking slot. The capacity for INSUR staking will be raised soon after our starting phase, and staking for uniswap LP tokens will also be enabled soon.

2. Purchase covers to be the seed users of the insurance services

Once the initial TVL hits $5M USD, the insurance functions will be enabled and start to offer insurance services. Our portfolio-based design will be able to cover one or multiple protocols in one go, saving your premium (up to 60% less than our competitors on some of our models across 6 stakes with a TVL of $4M), transaction cost and time, which will be a good fit for your investment portfolio.

We welcome our community & investors to be our seed users to the insurance services, which will help us build up the business with a solid start, and we are planning to give rewards and rebates to the early insurance buyers as well.

For user guides, please refer to below user guides.

3. Help promote the project to a broader audience

We have engaged with media resources in multiple channels, and been very active on Twitter, Telegram, Github, Medium, Discord and Forum. Please don’t hesitate to help us disseminate this information to more audiences via your promotion sources, supporting us to build stronger traction in the market.

Meanwhile, we are working on building more partnerships with market players and the portfolio companies under the wing of our investors. If you have any portfolio project that you think can work together with InsurAce, please don’t hesitate to connect to us.

4. Feedback with your suggestions to improve the product

Despite that we have spent tremendous efforts to build up the whole platform and taken the feedback from our investors and the community, there is definitely a lot of room for us to improve the product and operations. If you have any feedback, be it criticism, suggestions, new ideas, etc., don’t hesitate to ring us anytime. We’ll be happy and humbled to hear your voice and bring the best of our capabilities.

Our Next Steps

The mainnet launch marks a new milestone for InsurAce, but our momentum is only just getting started. There are a few major steps planned in our pipeline, which I would like to share with you;

Perform prudent development, maintenance and operations to enhance the security, reliability and robustness of the platform;
Provide staking of uniswap / sushiswap LP tokens;
Integration with BSC, including trading on Pancakeswap and a second deployment & operation on BSC;
More listing on top centralized exchanges;
Develop more insurance types, such as IDO insurance, NFT insurance, centralized exchange insurance, layer-2 insurance, etc;
Develop an open API for insurance pricing engine to allow any protocol to integrate with our insurance services, which will make our protocol much more scalable.
Establish more partnerships with the industry players and keep expanding our client base.
Develop automated insurance products with opt-in insurance capability, and retail insurance products covering traditional markets.

Please stay tuned to our progress, and don’t hesitate to support us in bringing these plans into practice.

About our Token Price

The $INSUR token price has been undergoing some pressure along with the recent market correction, and we have observed some investors continue to sell. We understand that it is normal to sell tokens during market downtrends, however, we would like to call for your trust, conviction and confidence in InsurAce again, especially during the hard times. Bull market climbs up a wall of worry, whereas the bear market slides down a river of hope. We believe that we’re building a genuine platform and delivering fundamental value, which will eventually be reflected in the token price.

As I have conveyed to the community recently, “Patience is a virtue in life, and a leverage in investment”, so please stay patient, stay optimistic and stay together!

Thank you again for your support.

Yours truly,

Oliver Xie

Founder & Lead Developer, InsurAce