InsurAce (www.insurace.io) is very excited to announce a new strategic partnership with 88mph (88mph.app). Users of 88mph will now have the ability to insure their staked assets against risks of smart contract hacks and bugs.
88mph is an ethereum-based protocol allowing users to opt between fixed-interest rate bonds, floating-rate bonds, or zero-coupon bonds. At the time of writing, they have over $45million TVL on their platform.
Users of 88mph enjoy fixed-rate interest on their crypto and MPH rewards, which can now be insured through InsurAce with one of the lowest premiums on the market, ensuring a low-risk fixed return on their investment.
88mph is one of the earliest protocols covered by InsurAce, and both teams have been working closely over the past few weeks to bring this to the 88mph users.
“We’re very excited to be working with 88mph, it is a very exciting project with a lot of potential, and we can offer their users competitive insurance for their assets. The fixed-rate interest model of 88mph helps to further stabilise DeFi, and with coverage from InsurAce reduces any risks further which will inevitably lead to larger institutions adopting DeFi.” Oliver Xie, founder InsurAce.
This partnership with 88mph comes as part of the wider roadmap for InsurAce, working with the right protocols to build sustainable growth, and offering industry-beating insurance services.
88mph is an Ethereum protocol allowing you to lend your crypto assets at a fixed-interest rate. By doing so, you earn $MPH rewards and protocol’s revenues.
You can think of 88mph as a deposit account with which you earn a fixed income and the bank rewards you with loyalty tokens ($MPH) giving you shareholders rights like cash dividends and governance power. At the end of the day, you truly own the bank.
InsurAce Protocol is a DeFi Insurance protocol that has quickly become the second largest protocol in DeFi insurance. At the time of writing, the protocol has a $40 million market cap based on a circulating supply of 11 million INSUR tokens. There is a maximum release of 100 million INSUR Tokens which can be mined through staking on the protocol.
InsurAce is a new decentralized insurance protocol, to empower the risk protection infrastructure for the DeFi community. InsurAce offers portfolio-based insurance products with optimized pricing models to substantially lower the cost; launches insurance investment functions with SCR mining programs to create sustainable returns for the participants; and provide coverage for cross-chain DeFi projects to benefit the whole ecosystem.
InsurAce is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey group, Huobi DeFiLabs, Hashed, IOSG Ventures, Signum Capital, LongHash Ventures and a dozen of other top funds. In the three months since its first testnest was released, several high profile partnerships have been established. Information to be released in separate releases.
The project lead for InsurAce is Oliver Xie. Oliver started to work on InsurAce project since September 2020, and entered the crypto space back in 2017 where he led a team to research crypto derivatives and blockchain technology, and has gravitated towards the blockchain-based Open Finance for the past few years. He identified an opportunity for a unique approach to providing insurance for DeFi smart contracts and users, and InsurAce was created.
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