InsureDAO is now live on the Ethereum Mainnet!!!
Hi Insurenauts!!
Today, we are really excited to announce that InsureDAO is now live on the Ethereum Mainnet 😎
You can now buy and underwrite insurances of the listed protocols on InsureDAO. The special farming for the DeGenesis participants is also live in the InsureDAO Reserve Pool now!
Furthermore, we are planning to start underwriting mining & Uniswap v3 liquidity mining on February 24 🚀🚀
Introduction
InsureDAO is a decentralised insurance protocol, allowing anyone to create an insurance pool easily to “Cover every single risk in DeFi space”.
Looking at the current DeFi situation, there have occurred a lot of hackings. More than 90% of losses resulting from hackings, however, are not covered by existing DeFi insurance.
Therefore, we believe it is essential to develop the permission-less insurance protocol so that any DeFi protocols will be covered.
Insurance launching list
Here’s the insurance pools list at the initial InsureDAO launch on the mainnet.
Users can either purchase or underwrite insurances for listed protocols.
Indices:
Genesis Index (consists of BoringDAO, DFX, Divergence, Flexa, Idle, New Order, Lixir, Redacted, Tokemak, and Wild credit)
Curve Wars Index (consists of Frax, Convex, Curve, Olympus, and Redacted)
Quantstamp Index (consists of Aave, Compound, Maker, Reflexer, and Tokemak)
Single Pools covering:
Aave, Alchemix, BoringDAO, Compound, Convex, Cream, Curve, DFX, Divergence, Flexa, Frax, Idle, Instadapp, Liquity, Lixir, MakerDAO, New Order, OlympusDAO, Rari Capital, Redacted, Reflexer, Synthetix, Tokemak, Wild credit, and Yearn.
Insurance pool with rewards
All indices will be rewarded with INSURE. As for the single pools, only insurance pools covering our first batch partners will be rewarded with INSURE.
Rewarded Indices:
Genesis Index
Curve Wars Index
Quantstamp Index
Rewarded Single Pools covering:
BoringDAO
DFX
Divergence
Flexa
Idle
New Order
Lixir
Redacted
Tokemak
Wild credit
What you can do now on InsureDAO 🤔
You can now create insurance pools, purchase & underwrite insurances, and participate in the InsureDAO governance.
We will introduce each of them in this article, but more details and mechanics can be read on our gitbook!
Insurance Pool Creation
Anyone can create insurance pools of their desired protocols on InsureDAO.
Only two things are needed to create a poo:
- Initial liquidity (Min. $1000)
- Governance token address
At the creation, the pool is listed as an unverified pool and is NOT rewarded with INSURE token. You need to submit a request to be verified. As for the reward, you should submit a governance proposal and pass the governance vote to be rewarded.
Purchase insurances
Users can cover the funds deposited in a certain DeFi protocol by purchasing insurance on InsureDAO.
- InsureDAO only accepts USDC for the premium payment at the launch.
- Smart Contract Vulnerability is the only insurance available at the launch.
- The minimum cover period is 7 days and the Maximum cover period is 365 days.
- Premiums are automatically determined by the Dynamic Pricing Model (Demand, Supply, TVL size of the insurance pool) for each insurance pool.
- Purchasers can claim when the protocol covered by your insurance is hacked after passing the reporting process.
Underwrite insurances
Users can underwrite the insurance by depositing funds into the insurance pool. There are two types of insurance pools: Single Pool and Index Pool.
Single Pool
This is the insurance pool for a certain single protocol (e.g. pool for Tokemak, pool for Redacted). As the single pool is totally isolated from other pools, your risk exposure is limited to the protocol you underwrite, and funds will not be affected by hackings on other protocols.
So you may prefer to deposit into a single pool covering your trusted protocols.
Index Pool
The Index Pool consists of multiple single pools based on a specific theme. Deposited liquidity in the Index pool will be diversified across the underlying pools and leveraged thereby also leveraging premium returns.
There might be a higher chance that your liquidity will be used for payout than a single pool, but payout loss probably will be mitigated as a result of diversification.
- Users can underwrite insurances by depositing USDC.
- Underwriters can get premiums paid by purchasers.
- Underwriters can get INSURE rewards in form of the underwriting mining.
- Your deposited funds may be used for a payout if the protocol you underwrite is hacked.
InsureDAO Governance
InsureDAO has its native token called INSURE, and community members can participate in the InsureDAO Governance with veINSURE by locking INSURE token.
Once INSURE holders lock their INSURE and get veINSURE, they can start voting on various DAO proposals and pool parameters. Moreover, they can vote on the gauge weight which determines the allocation of INSURE rewards across insurance pools.
More details about governance, INSURE, and its tokenomics are in the article below.
INSURE farming
As mentioned above, the special farming for the DeGenesis participants is live now. Moreover, we are planning to start underwriting mining & Uniswap v3 liquidity mining on February 24.
Special Farming
This is the special limited programme for the DeGenesis participants.
Special Farming Pool: 136,500 INSURE
If you participated in the DeGenesis, let’s enter the special farming and enjoy the fascinating returns.
Underwriting Mining
We will start the underwriting mining programme to reward underwriters in Indices and partners’ single insurance pools. As the asset for deposit is USDC, you can enjoy stable farming in this programme.
1st year — 76,712 INSURE/ day
2nd year — 61,370 INSURE /day
3rd year — 46,027 INSURE/ day
4th year — 30,685 INSURE/ day
5th year — 15,342 INSURE/ day
From 6th year — 7,671 INSURE/ day
This would be the key programme for InsureDAO. Rewarded pools and the rewards allocation will be determined by community governance.
Liquidity Mining on Uniswap v3
We will start the liquidity mining programme for INSURE/ETH pair on Uniswap v3 for one month. Any range will be eligible for the programme.
INSURE/ETH Uniswap v3 LP pool: 2,791 INSURE/ day（February 24th 2022 00:00 UTC~ March 26th 2022 00:00 UTC)
After the one month-programme, we are planning the liquidity mining on Lixir. Also, to bootstrap the liquidity, we are considering Tokemak’s Reactor and any other ways as well.
More Details for each programme can be read in the article below
Roadmap
We will work hard to keep updating InsureDAO from now on! This is just the beginning…
- We will keep improving the pricing model & payout mechanism.
- We will actively launch InsureDAO on multi-chains, not only Arbitrum but also other L2 networks and side chains.
- We will bring lending functions with deposited liquidity in insurance pools that bring additional returns to underwriters.
- We will develop user-friendly insurance by integrating asset deposit and insurance purchase into one step.
- We will adopt multicurrency for underwriting assets, which may enable other DeFi protocols to use their treasury funds more effectively.
DeFi shouldn’t be the place only for high-risk takers. DeFi can expand more with mass adoption.
and we believe InsureDAO will play a key role in the future of DeFi.
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
