InsurAce is proud to announce a new partnership with Autofarm, a yield farming aggregator built on BSC, HECO and Polygon. Users of Autofarm will be able to insure their staked assets against smart contract vulnerabilities and reduce their investment risk.
Autofarm offers their “Vaults”, earning users the best yields automatically through auto-compounded yields with optimised gas fees, and their “Swap”, which automatically splits your trade across multiple DEXes to ensure the best prices and lowest slippage possible.
Impressively, Autofarm have proven to be one of the most security-conscious protocols in DeFi today. They are committed to educating their users on the general risks of DeFi, including things like Private Key Loss, as well as more specific risks such as smart contract hacks. To counter this risk, Autofarm have equipped each smart contract with a 24-hour time-lock, and have been audited by four different auditors including CertiK, and Slowmist. Finally, their $100,000 bug bounty program helps to reduce future weaknesses.
By partnering with InsurAce, and listing on the InsurAce protocol, Autofarm are taking that additional step to offer their users the opportunity to insure their assets against hacks and bugs.
Highlighting this commitment to security, Autofarm will be purchasing $300,000 of coverage from InsurAce as part of this partnership.
“The complexity of DApps and smart contracts requires a multi-pronged approach for security. InsurAce steps up its game on the insurance front by offering insurance coverage to a diverse range of projects on multiple chains. Autofarm is glad to be partners with such a strong insurance contender within the DeFi space.” yprivacymatter, CMO & COO of Autofarm
“Autofarm is one of those great DeFi projects that we are most excited to be working with, they have a fantastic team, and a wonderful product, supported by a very active community. We are glad to be able to offer their users competitive insurance for their assets.” Oliver Xie, founder of InsurAce.
This partnership with Autofarm comes as part of the wider rollout of insurance services across DeFi, working with handpicked protocols to build sustainable growth, and offering industry-beating insurance services.
AutoFarm is a yield farming aggregator running on Binance Smart Chain (BSC), Polygon (MATIC) and Huobi ECO chain (HECO). The DApp (Decentralised Application) was designed with the purpose of optimising DeFi (Decentralised Finance) users yields as they interact with the other DApps in the DeFi space.
Autofarm was initiated on Binance Smart Chain with no pre-farm, no pre-sales and with the goal of optimising DeFi users’ yield farming at the lowest possible cost (All APY & APRs shown have already included fees).
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, Hashkey group, Huobi DeFiLabs, Hashed, IOSG, Signum Capital 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 prior to that he entered the crypto space back in 2017 where he led a team to research crypto derivatives and blockchain technology and has gravitated towards 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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