Introducing New Feature: Audited Code Protection
With Auditors, InsureDAO is now moving to our next step for the safe and secure growth of the DeFi ecosystem.
InsureDAO begins offering Coverage for Audited Codes. If you have interest, feel free to fill out the form below, and we will be happy to discuss and create a tailor-made policy for you.
Currently, most protocols are audited by multiple parties to deploy smart contracts. Unfortunately, audits cost a great deal of money, effort, and time, without which it would be impossible to deploy with confidence.
In many cases, the logic is not a concern because of the testing, so it is more of an audit to find unknown bugs. Auditing is a process that reduces the likelihood of a bug close to 0%.
The audit scope is overlapping, and the probability of finding a new bug in an audit decreases significantly with each audit; most protocols are compromised after receiving about two companies because of the cost involved.
There are four main means of protecting yourself from hacking:
- Audit is the pre-launch means.
- Bug bounty, Monitoring, and Insurance are the post-launch means.
- Especially, Insurance is the last resort.
What would happen if the post-launch measures could be successfully combined with the protocol?
InsureDAO begins offering Coverage for Audited Codes. This means that protocols finally have 100% peace of mind. Plus, it does not require multiple Audits to provide coverage. So protocol can take only one company and use the extra budget to purchase coverage. The fee will be about 2% of the coverage amount (depending on the Auditor), and you should still have a large portion of your budget left over.
InsureDAO partners with WatchPug, a professional auditor, to make risk assessment and premium rate decisions for Auditors.
The protocol pays the premium upfront. Then, when funds are lost due to vulnerabilities, InsureDAO’s Security Professionals analyze the attack & makes payment decisions based on pre-determined rules. If you feel that it is unfair, you can refer the decision to an external arbitration organization.
InsureDAO wants to reduce the likelihood of payment, so we will utilize Bug Bounty and Smart Contract Monitoring services for the protocol’s smart contracts to reduce the possibility of hacking as much as possible. So, getting insured also means that the InsureDAO is committed to lowering the risk of accidents with the protocol.
In the future, InsureDAO plans to launch an auditing service, making the services more synergistic. Takes care of the protocol’s entire security that allows the protocol puts all the focus on the product.
If you are interested in this, please fill out the quick form below. We will be happy to create a tailor-made policy for you.
InsureDAO Pro: Introductory Form
Thank you for reading till the end!
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