What will InsureDAO and Starlay do together?
・Users can purchase insurance of Starlay
・InsureDAO and Starlay team will co-underwrite the insurance
What is Starlay?
Starlay Finance is a protocol for users to quickly and easily deposit and borrow assets on Astar Network. Depositors can provide liquidity to earn interest as a stable passive income, while borrowers can leverage their assets without selling them out.
A lending protocol is one of the core Lego Blocks of DeFi composability. It is a public, decentralized marketplace of assets that can be accessed not only by a user but also by bots and other DeFi protocols. Starlay Finance provides a comprehensive set of lending features, with a focus on the assets handled on Astar.
In terms of the most recent event, Starlay Finance are preparing for their second Token Sale. You can check out the details here.
What are the functions InsureDAO provides?
InsureDAO has 3 functions, build, market, and lending.
As for insurance payment decisions, we use a 3rd party DAO named ReportingDAO consisting of security professionals such as QuantStamp and WatchPug.
InsureDAO Build
It is an Insurance builder kit for DeFi protocols. It allows DeFi protocols to issue insurance easily. We require inputting governance token and insurance type and depositing the initial liquidity.
InsureDAO Market
It is a two-sided market where buyers and sellers exchange hacking risks in the applications.
Users can be either buyers, sellers, or could be both.
InsureDAO Lending（under development）
It is the lending function of using the underwritten USDC in InsureDAO. Borrowers can borrow USDC by depositing INSURE tokens as collateral. Underwriters can receive the interest paid from the borrowers in addition to INSURE token rewards.
Details of the collaboration
Co-Underwriting
Users can purchase insurance of Starlay provided by InsureDAO and Starlay team. InsureDAO and Starlay team will deposit the USDC up to $80,000 and underwrite the insurance.
How can InsureDAO benefit to the Astar ecosystem?
InsureDAO is the insurance provider to lower the upcoming project risks. That means we can accelerate the project launch by underwriting the contract risks. At the time of dawn for new chains like Astar, it is quite difficult for users to judge which project is solid or not. InsureDAO surely thinks, this benefits could affects the increasing TVL, as-per-user, you don’t have to take much attention to the protocol risks compared with other chains.
About InsureDAO
InsureDAO is a decentralized insurance protocol, allowing anyone to create an insurance pool easily to “Cover every single risk in DeFi space”. InsureDAO provides an insurance builder kit and insurance market. Additionally, we offer the lending function to INSURE token stakers.
If you are interested in learning more, check out our white paper.
Also, you can join us on Twitter, Discord, or Telegram! :)
Twitter: https://twitter.com/insuredao
Discord: discord.gg/8BA5f5rurq
Telegram: https://t.me/InsureDAO
