Insure any asset with Uno Re
The Total Value Locked (TVL) in crypto-based assets has risen to $2.6 trillion as of 2021. While this exponential boom presents new opportunities, the lack of options available to protect crypto users and their funds from malicious attacks can’t be ignored.
This year alone, over 32 hacks and fraudulent attacks resulted in a total capital loss of $2.99 billion. Despite smart contracts being audited, there’s no guarantee that a hack or smart contract vulnerability will not put crypto users at risk of losing their funds.
As of today, there are over 12,000 cryptocurrencies in the DeFi space — out of these, around 10 are native tokens of protocols that provide insurance.
Currently, only about 230 of the remaining 11,990 cryptocurrencies can be insured — this highlights the stark lack of options available to the holders of these non-insured crypto assets.
As part of our V2, Uno Re will be launching our Cover portal to give crypto holders the opportunity to protect their assets using an easy-to-use process that will allow them to purchase insurance on any asset in their wallet quickly and efficiently.
Introducing Uno Re’s Cover Portal
The dApp will scan the user’s wallet, detect insurable assets within, measure potential risks using an AI-based algorithm and allow users to instantly purchase coverage for any token in their crypto wallet.
This will also add to the utility of the UNO token — as the UNO risk pool is the only pool backing these insurance policies, UNO stakers will have the exclusive advantage of earning returns in a host of different tokens.
The Process:
- Click on the “Buy Cover” button on our dApp and connect your wallet
- Assess important details about your tokens on our interface (the measure of risk, total premium, the frequency of past hacks on the particular token etc.)
- Choose the token(s) you want to insure and the percentage (25% of 2000 XYZ tokens, 50% of 2000 XYZ tokens etc.) to insure, as well the time period of coverage.
- Pay premium in the same token as the one you’d like to insure. (E.g., you hold 2000 $XYZ in your Wallet and want to insure it — you’ll be eligible to pay the premium amount in XYZ tokens!)
And there you go!
In just a few easy steps, users can now insure their assets and rest assured.
At Uno Re, our mission has always been to provide an equally secure, reliable, and transparent platform. We aim to build a well-incentivised, self-sustaining ecosystem that helps users get maximum access to insurance to protect their funds.
What we are attempting to do with Uno Re’s V2 is something that has never been done before — we’re very excited to share this milestone with our community, and as always, look forward to working towards achieving many more.
About Uno Re
Uno Re is the world’s first decentralised insurance and reinsurance platform, allowing the community to invest and trade in ‘risk’ and receive sizable returns on their investments in one of the safest asset classes in the world. The platform will break barriers to entry for the retail investor by doing away with the historic pre-requisite of absurdly high capital generally needed to invest into the market while also introducing much-needed transparency into the industry as a whole. Uno Re will also allow the community to propose innovative insurance products to the space, thus propelling a new generation of Insurtech companies powered by the Uno Re ecosystem.
