Announcing Available Cover on Alpaca Finance Through InsurAce.io
Dear alpacas,
We’re excited to announce our second partnership with a DeFi insurance protocol — InsurAce.io. Similar to with Nexus Mutual, InsurAce.io will give our users the option to purchase coverage for their funds deployed anywhere in Alpaca Finance, including lending, farming, the Grazing Range, and staking.
InsurAce.io is unique in that it integrates various investment products and strategies to offset coverage costs, which gives them the ability to offer low premiums. InsurAce.io also allows users to purchase one single low-cost plan to cover multiple protocols and multiple chains, making the process of covering an entire portfolio very convenient. Most importantly though, InsurAce’s coverage can be purchased directly on BNB Chain.
With this partnership, Alpaca will become one of only five BNB Chain protocols covered by both Nexus Mutual and InsurAce.io, taking another step forward in giving our users peace of mind and establishing ourselves as one of the most secure DeFi protocols.
☔What situations are covered?
Coverage purchased on InsurAce generally insures against loss of funds (i.e., loss of tokens), but not loss of value (a token’s price dropping). As mentioned before, the coverage includes funds deployed in all sections of Alpaca Finance.
InsurAce’s Smart Contract Cover
InsurAce.io covers smart contract risks, where the designated smart contract means a single smart contract or group of smart contracts, as specified in the Cover, running on the public blockchain network, and excluding any outside inputs to that system such as oracles, miners, and individuals or groups of individuals interacting with the system.
Smart Contract Cover will not pay a claim if
- Assets lost are NFTs
- Losses due to phishing, private key security breaches, malware, etc.
- Losses due to devaluation of assets, regardless if such devaluation is related to the Attack
- Hacks occurring during the Cover Period, but the hack/bug occurred or was known before the Cover Period
- Any events where any other external interoperable or interactive smart contracts are hacked or manipulated in an unintended way, while the Designated smart contract continues to operate as intended
- Any event where external inputs (oracles, governance systems, incentive structures, miner behavior and network congestion, etc.) are manipulated, while the Designated smart contract continues to operate as intended
- The insured provided false information or tried to hide, lie, or mislead claim assessment
Please note that InsurAce’s Cover will not include issues on underlying DEXs like PancakeSwap or WaultSwap. So if you want coverage on those too, consider including them as one of the protocols when you buy Cover.
InsurAce’s full description of what is and is not covered is provided here.
❓How do I buy cover?
Buying coverage is simple and fast. Users can buy cover for Alpaca Finance with MetaMask configured to BNB Chain, or in fact, Ethereum and Matic (Polygon) Mainnet. When configured to these networks, coverage is paid in BNB, ETH or MATIC, respectively.
Step 1: Go to InsurAce.io and select the protocols you want insurance on
- Launch the InsurAce.io App (https://app.insurace.io/)
- Go to the “Insurance” tab, click “Buy Covers”
- Select Alpaca Finance, in addition to other protocols you want insurance on
Step 2: Specify the Cover Amount and Cover Period and confirm the transaction
- Click the green Folder icon on the bottom right
- Input the desired Cover Amount* and Cover Period
- Enter a Referral Code (optional). Entering a referral code will get you $INSUR rewards (claimed here) amounting to 5% of the insurance premium paid. If you don’t have one, you can use our code: 117812559893613627489677677639357097345960442556.
- If you’re satisfied with the pricing, check the Terms and Conditions box and click “Confirm”
You are now covered!
This link will redirect you to InsurAce.io’s website with most of the steps above completed. A step-by-step guide to purchasing cover is provided here.
*The Cover Amount is the amount you want to be insured. Thus, it is the maximum amount that will be paid to you in the unfortunate case of lost funds.
Even though we at Alpaca Finance take pride in having one of the cleanest track records and most thorough multi-layered security processes on BNB Chain, we never stop working to improve. Now, with this partnership, we’ve added yet another layer of security to our protocol, hoping it’ll bring even greater peace of mind to our Herd, giving any alpaca the ability to further manage their risks, and farm peacefully.
(Note: This article is a snapshot of information at publishing date and details on coverage may be subject to change. Alpaca does not administer or manage this coverage, and is not responsible for it. For the final say on the terms and conditions of coverage, please make sure to check with InsurAce.io directly)
About InsurAce.io
InsurAce.io Protocol is a Singapore-based DeFi Insurance protocol that has quickly become the second-largest protocol in DeFi insurance. The $INSUR token was released in February 2021, followed by a mainnet launch to the Ethereum Network in April 2021.
InsurAce.io is a decentralized insurance protocol, covering 60+ protocols on 8+ chains, built to empower the risk protection infrastructure for the DeFi community. InsurAce.io offers portfolio-based insurance products with optimized pricing models to substantially lower the cost, up to 60% lower than other protocols, simultaneously reducing gas fees by up to 50%.
InsurAce.io is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey group, Huobi DeFiLabs, Hashed, IOSG, Signum Capital and a dozen other top funds.
The project lead for InsurAce is Oliver Xie, formerly the CTO in one of the three largest Singapore-based licensed derivative Exchanges and Clearing Houses.
To learn more about InsurAce.io, you can visit their official communication channels:
