SingularityDAO: InsurAce Partnership
Greeting DinoForce,
Today SingularityDAO is proud to announce a partnership with InsurAce, a decentralised insurance protocol that provides cover in the event of a Smart Contract Vulnerability. At SingularityDAO security and safety is always the number one priority, and the motos for building the protocol have always been:
- Non-Custodial — Users should always have ownership of their tokens.
- Decentralised — All holdings and transactions are stored on-chain and verifiable.
- Secured — Stringent internal testing and public 3rd party audit reports.
With these practices in place and backing from strong existing partners, SingularityDAO is confident that the platform is incredibly safe and that users should feel comfortable using it. However, the best practice should always be to have multi-layered defence strategies and user protection. This partnership with InsurAce is just one of a number of new measures being put in place to further protect the protocol and its users.
Why choose InsurAce?
As you are all aware, the last few days have seen the collapse of one of the largest centralised entities in crypto — FTX. This event sent shockwaves through the industry and further solidified the need for true decentralisation. While multiple centralised insurance solutions are available, InsurAce is the obvious go-to choice due to its decentralised nature. Not only this but InsurAce are right now proving its value by assisting covered users who were affected by the fall of FTX. They also covered users during the collapse of UST and the Terra Luna fiasco, as well as on many other occasions.
What does InsurAce offer?
InsurAce is a leading decentralised multi-chain protocol providing secure risk protection services to DeFi users. It allows them to protect their funds against different risks:
- Smart Contract Vulnerability Risk
- Custodian Risk
- Stablecoin De-Peg risk
From today, users are able to protect their tokens held within SingularityDAO’s smart contracts against any Smart Contract Vulnerabilities that could potentially result in loss of funds.
SingularityDAO is non-custodial, decentralised, and does not offer a stablecoin at this time, so only Smart Contract Vulnerability protection is offered.
Which Smart Contracts are covered?
- dynBTC & dynETH
- Staking (Bonded & Unbonded)
- Yield Farming
Smart Contract Security Audits
Audits of all platform smart contracts are available at these two locations.
https://hacken.io/audits/#singularitydao
https://www.certik.com/projects/singularitydao
What is not included?
- dynDYDX (Beta Product)
- Swap (UniSwap Smart Contracts)
- Bridge (MultiChain Smart Contracts)
- Launchpad (Not Eligible)
How to insure your assets
Users of the SingularityDAO dApp will now find an additional button on each eligible section of the site that will direct them directly to the InsurAce website using a referral code that offers a 5% discount.
Alternatively, users can simply click this link to visit the page directly https://app.insurace.io/coverage/cart?id=191&referrer=850821090698203874438968781032993270110401750883
Once on InsurAce website:
- Connect wallet on InsurAce dApp.
- Select the ‘Cover Currency’ which is the tokens users will be able to retrieve in the event of a claim.
- Input the amount they want to cover.
- Input the duration of the cover.
- Agree to InsurAce Terms & Conditions
- Click on ‘Confirm’.
Please refer to these guides for more details on how to use the protocol in the event of a claim.
Web3 allows you to insure your funds in a decentralised way within seconds. You can buy coverage yourself, and also claim yourself.
The claim administration and assessment process is decentralised and governed by community voting and expert investigations.
About InsurAce
The InsurAce Protocol (“InsurAce.io”) is a leading decentralised multi-chain protocol that provides reliable, robust and secure risk protection services to DeFi users, allowing them to protect their investment funds against various risks. With InsurAce.io, users can rely on:
- Unbeatable Competitive Pricing
- Cross-Chain Coverage
- Multi-Chain Accessibility
- Sustainable Returns
To learn more about how InsurAce works, we highly recommend reading their v2 Litepaper.
Make sure to follow all of SingularityDAO’s social channels to hear about the next steps being taken to further secure your assets.
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