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InsurAce: The First Insurance Protocol On NEAR

DeFi’s ascent has marked the beginning of a financial revolution that is radically changing users’ experiences by offering new services and ways of investing. Since May 2020, DeFi witnessed a ten folds increase in its TVL reaching $78 million; a number that is only expected to grow in the coming years. But as the value of DeFi keeps rising, so are the concerns about ensuring protection to DeFi smart contracts and its users.

DeFi hacks are becoming increasingly popular. In 2022 there have already been over $3bn in hacks in DeFi, of which, only 2% were insured against these threats. InsurAce, a DeFi insurance protocol, focuses on addressing this issue, bringing more peace of mind DeFi users.

Launched less than a year ago, InsurAce has already become the leading DeFi protocol in the blockchain space integrating with Ethereum, Solana, Polygon, and now NEAR Protocol!

InsurAce: An Insurance Protocol For DeFi

InsurAce is a DeFi insurance protocol that protects users from some of the most common liabilities encountered by DeFi users, such as hacks, and bugs in smart contracts that may result in loss of assets. On top of guaranteeing protection against more basic threats, InsurAce also implements solutions for insuring assets kept on exchanges as well as Stablecoin De-Peg and IDO events.

InsurAce’s vision is to help the growth and expansion of DeFi by alleviating the risks associated with it. In its long-term strategy, InsurAce is going to protect against an even wider variety of menaces ranging from Rug-Pull and Market Volatility to NFT insurances making DeFi even more attractive and safer for a broader audience.

InsurAce distinguishes itself from other DeFi insurance protocols on six key aspects:

A leader in DeFi insurance: InsurAce is the only protocol to have deployed on both ETH and BSC smart chains, as well as Plygon and Avalanche.

Multi-Chain Insurance Services: InsurAce’s multi-chain services allow users to insure their assets on 16 different chains.

No KYC: InsurAce requires no KYC to its users thus avoiding risks of centralization.

Lowest Insurance Premiums On The Market: InsurAce offers the lowest insurance premiums on the market, up to 80% cheaper than other DeFi insurance protocols and up to 50% less on gas fees too, by using its portfolio based insurance model. Users can insure all their bags together instead of separately, allowing them to save a considerable amount.

Expert Governance Model:InsurAce uses experts’advice to govern claims and insurance services that they offer to allow for a more streamlined and knowledgeable decision making process when it comes to both offering insurance and also processing claims.

High and Low-Risk Investments Options: With InsurAce users can opt between high and low risk investments for higher or lower yields. This allows InsurAce to use its capital reserves more efficiently to achieve higher gains that will in turn benefit their stakers, insurers and insurance customers.

InsurAce On NEAR Protocol

InsurAce is the first insurance protocol to develop in the NEAR ecosystem. Its deployment on NEAR will give its users more peace of mind and encourage them to participate in DeFI thus favoring the growth of the NEAR ecosystem.

“Giving the community peace of mind with their investments is why we are here, and we are very excited to get started offering these services to the NEAR community.” -InsurAce Team

The NEAR community can be excited about having these safety measures to protect themselves as they invest in NEAR projects. But they can also relish that the NEAR ecosystem is maturing with serious financial tools that will benefit its ecosystem in the short and long term:

“InsurAce and NEAR are perfectly aligned as imaginative, creative, and leading technology providers within Crypto. As NEAR opens the possibilities of simple, secure, and scalable technology, InsurAce will be right there alongside helping to provide users with a simple and reliable insurance solution to protect them against any hacks, bugs, or other issues that may arise.”-InsurAce Team

As DeFi keeps evolving, insurance protocol will play a big role in making DeFi’s ascent as smooth and riskless as possible for users. The demand for protection and risk mitigation is strong and with the high returns offered by DeFi a small 2–5% investment in asset protection makes sense for anyone engaging in DeFi.

The integration of InsurAce with NEAR Protocol is very good news for the NEAR ecosystem and its users who will now be able to engage with DeFi without a worry.

What’s Next?

Alongside the launch of the coverage for its first NEAR projects InsurAce is going to work towards the deployment of sought-after insurance products like Rug-Pulls, NFT insurance, and market volatility. In addition to that, the team will work towards its integration within DeFi dApps to offer 1-click opt-in insurance services, further facilitating access to its insurance plans.

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