InsureDAO collaborates with Synthetix
Hi, InsureDAO community!
Today, we’re really excited to announce the collaboration with Synthetix, one of the major protocols in the DeFi space, as the great first step for the InsureDAO multi-chain strategy.
Since Synthetix is the largest protocol on Optimism and its derivatives are used on many DeFi protocols, we believe this collaboration would contribute a lot to the Optimism ecosystem from the security perspective.
Synthetix & InsureDAO collaboration
For this collaboration, InsureDAO will create an insurance pool covering Synthetix. Also, InsureDAO will deposit underwriting liquidity of $100k into the pool at the launch, in order to bootstrap our Optimism launch.
Users can
- purchase insurance
Insurance for Synthetix will be available on InsureDAO and users cover their deposited SNX on Synthetix against smart contract risks. Insurance purchaser can claim a payout, in case they lose their deposited SNX due to smart contract hacking or bugs, and will be paid out based on the actual loss up to the purchased amount.
- Underwrite insurance and earn rewards (TBD)
Once INSURE token is deployed to Optimism, we are going to open the underwriting function to anyone. Users can earn insurance premiums paid by purchasers and farm the INSURE rewards by underwriting Synthetix insurance.
Insurance Cost Cashback Campaign
At the Optimism launch, we will start a cashback campaign for insurance purchasers for the first one month.
Users, who purchase one-month insurance for Synthetix during the campaign period, would get the premium cost back later. The maximum unit for each insurance purchase would be $5,000 of the cover amount during the campaign.
To get the cashback, users need to complete the following task on Gleam.
Gleam
Period
6th July ~ 6th August
Gleam Tasks
1. Follow InsureDAO Twitter
2. RT InsureDAO Partnership announcement Tweet
3. Rt this tweet（campaign tweet）
4. Join InsureDAO discord
5. Subscribe InsureDAO medium
6. Access InsureDAO website
7. Follow Synthetix Twitter
8. Join Synthetix discord
9. Subscribe Synthetix medium
10. Drop your tx link which can prove your insurance address
11. Drop your EVM address
How can InsureDAO benefit the Optimism ecosystem?
InsureDAO would be the first DeFi insurance protocol on Optimism. We are aiming to provide a safety net for protocols and users in the Optimism ecosystem.
By providing insurance, we believe that
- Users could take risks more aggressively and at the same time feel secure
- Protocols could enhance security and attract more liquidity
- Newly launched protocols could quickly establish a sense of security and bootstrap their launch
- More protocols and users to come into Optimism, and accelerate the chain growth
This is our first collaboration with DeFi protocol on Optimism. Collaborating with the largest protocol on Optimism, we would like to enhance the ecosystem together.
About Synthetix
Synthetix is a decentralized synthetic asset issuance protocol built on Ethereum and Optimistic, enabling the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain.
The synthetic assets are collateralized by its governance token, SNX. This model allows users to convert between Synths directly with the smart contract, avoiding the need for counterparties.
Many platforms have already integrated Synthetix to deliver better trades with lower slippage, hedging, and other unique use cases. Also, many protocols are built on top of the Synthetix, such as Lyra. Synthetix and its ecosystem have driven the development of DeFi space so far, and will definitely play an essential role in its further development.
Twitter: https://twitter.com/synthetix_io
Discord: https://discord.com/invite/AEdUHzt
blog: https://blog.synthetix.io/
Litepaper: https://docs.synthetix.io/litepaper/
About InsureDAO
InsureDAO is a decentralized insurance protocol, allowing anyone to create an insurance pool easily to “Cover every single risk in DeFi space”. The protocol can be easily integrated into any DeFi protocol, thereby it allows every DeFi protocol to begin offering its own insurance services immediately, allowing your users to feel secure and have confidence in their investments.
There are three main functions on InsureDAO: Build, Market, and Lending.
InsureDAO Build
It allows anyone to create an insurance pool easily. We require inputting only governance token, 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 both of them.
InsureDAO Lending（under development）
It is the lending function of using the underwritten USDC in InsureDAO for capital efficiency, which is still under development.
If you are interested in learning more, check out our LP.
Also, you can join us on Twitter, Discord, or Telegram! :)
Twitter: https://twitter.com/insuredao
Discord: discord.gg/8BA5f5rurq
Telegram: https://t.me/InsureDAO
