Review InsurAce Protocol ($INSURE) – A Secure Protocol that Makes Crypto Safer for Everyone in Web3
Apart from insuring DeFi protocols and their investors against possible losses, InsurAce also offers its own promising investment opportunities.
What Is InsurAce ($INSURE)?
InsurAce.io is a leading decentralized insurance protocol that enables the provision of reliable, robust, and secure DeFi insurance services. InsurAce.io provides portfolio-based insurance solutions with optimal pricing models that significantly reduce insurance costs. Additionally, it has investment activities that include ensuring mining programs to ensure participants earn a sustainable return and providing coverage for cross-chain DeFi initiatives that benefit the whole DeFi ecosystem.
How Does It Work?
InsurAce employs the decentralized autonomous organization (DAO) governance system presently used by the majority of DeFi projects, with voting and incentive mechanisms based on INSUR.
The governance framework is divided into two components:
- Community Voting: Each time a new proposal is made, members of the community vote to reach consensus.
- Advisory Board: There are in-house professionals and independent consultants with experience in insurance, trading, etc. They sit on oversight committees that set regulations, assess community ideas, and prepare backup plans in case the community voting mechanism fails.
The essential voting mechanism is the right to vote, which is limited to one vote per member to minimize concentration issues. Typically, it proceeds as follows:
- Proposal Raise: A proposal that InsurAce.io provides.
- Advisory Board Preview: The Advisory Board examines the proposal, provides comments to the community, establishes the project’s incentives, and establishes the default outcome in the event of technical faults.
- Members’ voting: Members vote on proposals that may require the locking of INSUR tokens and, at the conclusion, determine the decision.
- Execution: Community members and the team behind InsurAce.io cooperate to implement and make publicly available the recommendations.
Like traditional insurance companies, the project’s business model is composed of two compatible functional arms:
- Insurance Arm: This portal runs the Low-Risk Reserve Pool and the High-Risk Reserve Pool, which ensure claim coverage solvency depending on risk exposure.
- Investment Arm: This site manages Low-Risk Investment Pools and High-Risk Investment Pools, which generate carry to subsidize claims and attract investors with a high tolerance for risk.
Due to the interoperability of these arms, excess capital in the insurance capital pools can be transferred to the investment pools to earn a better yield, while the insurance portal protects investment activity. Additionally, the investment arm’s income will supplement the insurance arm’s premium, lowering the cost of cover for clients.
This sustainable business strategy enables the platform to offer “zero” premium insurance while still providing a considerable investment return. The insurance premium revenue will be utilized to cover development and operating costs, community incentives, and token buybacks.
Roadmap
Outstanding Features
Launched in October 2020, InsurAce protocol aims to address these challenges through the following unique value creations:
“0” Premium: InsurAce offers innovative pricing methods and portfolio-centric solutions to help customers reduce their insurance costs. This results in a large reduction in premium, which is often close to “0” at its best.
Enriched Product Line: By enabling coverage of a range of DeFi protocols and bypassing the KYC process, the project seeks to give end-users conveniently accessible and adaptable insurance protection and to make its products available to a larger audience.
Liquidity Mining: InsurAce allows investors, insurers, and insured to earn InsurAce token (INSUR) by staking into insurance and investment pools. This will greatly enhance the capital pool, cover capacity, and investable capital, while also further lowering the insurance premium.
Sustainable Return: InsurAce users will be able to make returns by investing in InsurAce’s investment products based on their risk tolerance, staking in the mutual pool to earn INSUR tokens as rewards, and receiving shares of the premium income.
Additionally, the protocol interfaces with other DeFi protocols to provide cross insurance, insurance syndication, and other similar capabilities.
Currently, InsurAce insures the following risk categories:
- Smart contract vulnerability risk
- Centralized exchange risk
- IDO event risk
Key Metrics
- Token Name: InsurAce
- Ticker: INSUR
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract:
Ethereum: 0x544c42fbb96b39b21df61cf322b5edc285ee7429
Binance Chain: 0x3192ccddf1cdce4ff055ebc80f3f0231b86a7e30
Polygon: 0x8a0e8b4b0903929f47c3ea30973940d4a9702067 - Token Type: Utility, Governance
- Total Supply: 100,000,000
- Circulating Supply: 44,891,926
Token Allocation
Token Sale
Updating
Token Release Schedule
- Seed Round: 15% unlock upon token generation event (TGE), linear vesting/block over 2 years for the rest starting from the 3rd month after TGE
- Strategic Round: 25% unlock upon token generation event (TGE), linear vesting/block over 2 years for the rest starting from the 3rd month after TGE
- Team & Advisors: 5% unlock upon TGE, linear vesting/block over 2 years for the rest starting from the 3rd month after TGE
- DAO Reserves: Reserved for liquidity provision on exchange listing, marketing initiatives, developer grants, bug bounty programs, strategic partnership, and long-term development of the platform
- Initial Liquidity Bootstrap: Public sale on Balancer LBP for liquidity bootstrapping and promoting community awareness
- Mining Reserves: In accordance with the mining schedules
Token Use Case
In exchange for locking in INSUR tokens, users with veINSUR will access the majority of:
▪ Boosted revenue sharing and future token emissions
▪ Governance power for InsurAce’s future expansion and risk buffer
allocations
▪ Discounts to reduce cover costs
Backers
Team
Investors
The project is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey Group, Huobi DeFiLabs, Hashed, IOSG, and Signum Capital, among others.
Partners
It has already partnered with a number of firms, including Alpha Finance Lab, mStable, Autofarm, Bella, Dora Factory, 88mph, dHEDGE, and Huobi Global.
Verdict
As the DeFi ecosystem grows, the demand for insurance protocols and dependable insurance services increases as well. By spreading the risk over 50 protocols, acquiring premiums from each protocol, and underwriting mining, InsurAce strives to be substantial enough to cover any hacks or smart contract vulnerabilities that may occur on the covered protocols.
Find more information:
Website: https://www.insurace.io/
Twitter: https://twitter.com/InsurAce_io
Telegram: https://t.me/insurace_protocol
Discord: https://discord.com/invite/vCZMjuH69F
Reddit: https://www.reddit.com/r/InsurAce/
Medium: https://insurace-protocol.medium.com/
Blog: https://blog.insurace.io/
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Marshall
Coincu Ventures
Author
DeFi Reviews, DeFi, Knowledge
Review InsurAce Protocol ($INSURE) – A Secure Protocol that Makes Crypto Safer for Everyone in Web3
Apart from insuring DeFi protocols and their investors against possible losses, InsurAce also offers its own promising investment opportunities.
What Is InsurAce ($INSURE)?
InsurAce.io is a leading decentralized insurance protocol that enables the provision of reliable, robust, and secure DeFi insurance services. InsurAce.io provides portfolio-based insurance solutions with optimal pricing models that significantly reduce insurance costs. Additionally, it has investment activities that include ensuring mining programs to ensure participants earn a sustainable return and providing coverage for cross-chain DeFi initiatives that benefit the whole DeFi ecosystem.
How Does It Work?
InsurAce employs the decentralized autonomous organization (DAO) governance system presently used by the majority of DeFi projects, with voting and incentive mechanisms based on INSUR.
The governance framework is divided into two components:
- Community Voting: Each time a new proposal is made, members of the community vote to reach consensus.
- Advisory Board: There are in-house professionals and independent consultants with experience in insurance, trading, etc. They sit on oversight committees that set regulations, assess community ideas, and prepare backup plans in case the community voting mechanism fails.
The essential voting mechanism is the right to vote, which is limited to one vote per member to minimize concentration issues. Typically, it proceeds as follows:
- Proposal Raise: A proposal that InsurAce.io provides.
- Advisory Board Preview: The Advisory Board examines the proposal, provides comments to the community, establishes the project’s incentives, and establishes the default outcome in the event of technical faults.
- Members’ voting: Members vote on proposals that may require the locking of INSUR tokens and, at the conclusion, determine the decision.
- Execution: Community members and the team behind InsurAce.io cooperate to implement and make publicly available the recommendations.
Like traditional insurance companies, the project’s business model is composed of two compatible functional arms:
- Insurance Arm: This portal runs the Low-Risk Reserve Pool and the High-Risk Reserve Pool, which ensure claim coverage solvency depending on risk exposure.
- Investment Arm: This site manages Low-Risk Investment Pools and High-Risk Investment Pools, which generate carry to subsidize claims and attract investors with a high tolerance for risk.
Due to the interoperability of these arms, excess capital in the insurance capital pools can be transferred to the investment pools to earn a better yield, while the insurance portal protects investment activity. Additionally, the investment arm’s income will supplement the insurance arm’s premium, lowering the cost of cover for clients.
This sustainable business strategy enables the platform to offer “zero” premium insurance while still providing a considerable investment return. The insurance premium revenue will be utilized to cover development and operating costs, community incentives, and token buybacks.
Roadmap
Outstanding Features
Launched in October 2020, InsurAce protocol aims to address these challenges through the following unique value creations:
“0” Premium: InsurAce offers innovative pricing methods and portfolio-centric solutions to help customers reduce their insurance costs. This results in a large reduction in premium, which is often close to “0” at its best.
Enriched Product Line: By enabling coverage of a range of DeFi protocols and bypassing the KYC process, the project seeks to give end-users conveniently accessible and adaptable insurance protection and to make its products available to a larger audience.
Liquidity Mining: InsurAce allows investors, insurers, and insured to earn InsurAce token (INSUR) by staking into insurance and investment pools. This will greatly enhance the capital pool, cover capacity, and investable capital, while also further lowering the insurance premium.
Sustainable Return: InsurAce users will be able to make returns by investing in InsurAce’s investment products based on their risk tolerance, staking in the mutual pool to earn INSUR tokens as rewards, and receiving shares of the premium income.
Additionally, the protocol interfaces with other DeFi protocols to provide cross insurance, insurance syndication, and other similar capabilities.
Currently, InsurAce insures the following risk categories:
- Smart contract vulnerability risk
- Centralized exchange risk
- IDO event risk
Key Metrics
- Token Name: InsurAce
- Ticker: INSUR
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract:
Ethereum: 0x544c42fbb96b39b21df61cf322b5edc285ee7429
Binance Chain: 0x3192ccddf1cdce4ff055ebc80f3f0231b86a7e30
Polygon: 0x8a0e8b4b0903929f47c3ea30973940d4a9702067 - Token Type: Utility, Governance
- Total Supply: 100,000,000
- Circulating Supply: 44,891,926
Token Allocation
Token Sale
Updating
Token Release Schedule
- Seed Round: 15% unlock upon token generation event (TGE), linear vesting/block over 2 years for the rest starting from the 3rd month after TGE
- Strategic Round: 25% unlock upon token generation event (TGE), linear vesting/block over 2 years for the rest starting from the 3rd month after TGE
- Team & Advisors: 5% unlock upon TGE, linear vesting/block over 2 years for the rest starting from the 3rd month after TGE
- DAO Reserves: Reserved for liquidity provision on exchange listing, marketing initiatives, developer grants, bug bounty programs, strategic partnership, and long-term development of the platform
- Initial Liquidity Bootstrap: Public sale on Balancer LBP for liquidity bootstrapping and promoting community awareness
- Mining Reserves: In accordance with the mining schedules
Token Use Case
In exchange for locking in INSUR tokens, users with veINSUR will access the majority of:
▪ Boosted revenue sharing and future token emissions
▪ Governance power for InsurAce’s future expansion and risk buffer
allocations
▪ Discounts to reduce cover costs
Backers
Team
Investors
The project is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey Group, Huobi DeFiLabs, Hashed, IOSG, and Signum Capital, among others.
Partners
It has already partnered with a number of firms, including Alpha Finance Lab, mStable, Autofarm, Bella, Dora Factory, 88mph, dHEDGE, and Huobi Global.
Verdict
As the DeFi ecosystem grows, the demand for insurance protocols and dependable insurance services increases as well. By spreading the risk over 50 protocols, acquiring premiums from each protocol, and underwriting mining, InsurAce strives to be substantial enough to cover any hacks or smart contract vulnerabilities that may occur on the covered protocols.
Find more information:
Website: https://www.insurace.io/
Twitter: https://twitter.com/InsurAce_io
Telegram: https://t.me/insurace_protocol
Discord: https://discord.com/invite/vCZMjuH69F
Reddit: https://www.reddit.com/r/InsurAce/
Medium: https://insurace-protocol.medium.com/
Blog: https://blog.insurace.io/
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Marshall
Coincu Ventures
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