UnoRe’s Latest Twitter Spaces: A Deep Dive into the Future of DeFi Security
The recent Twitter Spaces Ask-Me-Anything (AMA) hosted by our Co-Founders Jaskanwar Singh, and Sujith Sizon & our CMO Misbah SP was a huge success, with a lively discussion on a variety of topics related to our project.
We were thrilled to see many of our community members join us for this special event, asking insightful questions and providing valuable feedback.
In this recap, we’ll highlight some of the key takeaways from the AMA, providing a comprehensive overview of the topics covered during the session.
Uno Watchdog
While we have always aimed to provide a range of security solutions to address risks related to DeFi protocols and their users, we have primarily focused on insurance solutions thus far, leaving a significant opportunity untapped.
In order to address this, we have decided to pivot towards offering a complete suite of security solutions for the DeFi ecosystem.
Introducing UnoRe Watchdog — our latest product that offers a comprehensive solution to mitigate risks associated with DeFi protocols. With Uno Watchdog, we provide a smart-contract audit and an insurance policy, supported by on-chain monitoring and continuous audits.
This powerful combination of features offers a variety of new possibilities for securing DeFi protocols and enhancing the confidence of users in the ecosystem while giving our protocol ample opportunity.
During the initial two weeks of the private launch of Uno Watchdog, we successfully onboarded over five clients and generated over $100,000 in revenue, and paid 20–30K in private bug bounties.
The introduction of Watchdog is pivotal for UnoRe’s future success. By offering this service, we are able to provide our clients with coverage that comes with significantly less risk for our protocol while also getting paid for both the audit and insurance service.
The smart contract auditing market we are venturing into is massive, with a staggering size of $1.2 billion. The top players in this market generate an impressive net annual revenue of $50–100 million, while newer players still earn up to $15 million per year.
Furthermore, this product provides our community with an opportunity to earn revenue by participating in audits and bug bounties and also enhances the effectiveness of the yields offered for $UNO, as the new revenue generated facilitates larger $UNO buy-backs and burns.
Keep in your mind: Please keep in mind that the final name for this product has not yet been determined, and we value your feedback and suggestions regarding the name selection process.
APR Restructuring
The previous model of using all premiums to buy back and burn tokens while increasing the token inflation to pay LPs, lacked a concrete mathematical relation between rewards and premiums earned. To address this, we implemented a new model.
Under the new model, premiums will be distributed to SSIP pools, with a portion of the premium used for buyback and burn. This will lead to a decrease in net tokens entering the ecosystem, creating a truly deflationary currency.
This shift away from the old model is a significant step towards aligning incentives for $UNO holders and the protocol, and highlights the importance of maintaining a mathematical relationship between rewards and premiums. By adopting this new approach, the UNO protocol is able to offer a sustainable and equitable solution for all token holders.
The launch of the UNO DAO has made it crucial for us to prioritize aligning incentives for users who are most invested in our protocol rather than those who are not.
Roadmap
As we shared on our roadmap, we have plans to bring RWA products into our ecosystem to create an additional revenue stream for our risk investors, Jas and Sujith discussed the third-party risks this will bring and announced this will be open for voting when the governance forum is live so our community can vote on it.
Also, our CO-Founders talked about their vision for the V3 dApp launch and UnoRe’s plans to be the security hub of Defi by bringing new omni-chain insurance and security solutions.
And Jas talked about how UnoRe was working hard to become the first fully regulated DeFi Insurer with approval to use and bring institutional capital on-chain, and we plan to announce further details in the near future. Jas emphasized that this is a significant milestone for UnoRe as we continue to push toward the next level of growth and development.
Governance
At UnoRe, we recognize the crucial role that our community plays in our success, and we are committed to giving them a say in key decisions. As such, many of the future plans discussed in Twitter Spaces will be open for voting on the governance forum.
During the discussion, our co-founders emphasized the importance of community ownership and why it is vital to give decision-making power to the community. They highlighted that UnoRe belongs to its community and that their input and contributions are integral to our growth and development.
Also, since the First UIP will soon be active on our Governance forum. It is important to keep your $UNO ready for the proposal as, in order to cast your vote, you will need to lock your $UNO and obtain $veUNO before the proposal is live.
We encourage you to wait for the official announcement and take necessary actions accordingly.
Tokenomics Update
There have been concerns raised about the potential increase in circulating supply (CS) for our project. To address this, we are preparing a ratification proposal to discuss the matter with yearly inflationary limits. This proposal will also outline how the limits will support Total Value Locked (TVL) growth and policy sales, as well as decay rates on how much inflation will decrease every year after we hit a certain level.
As our TVL continues to grow, it is crucial that we maintain some rewards to keep our protocol attractive to investors. However, we want to ensure that any changes are not driven by mercenary or transient capital. To this end, we believe that v3 rebates can help address these concerns.
Ultimately, we are committed to finding a sustainable solution that supports the growth of our protocol while also being mindful of the concerns raised by our community. We look forward to discussing this proposal and working together to find a solution that benefits everyone involved.
Conclusion:
In conclusion, our recent Twitter Spaces discussion covered many critical topics that will shape the future of UnoRe. We highly recommend that anyone interested in our project listens to the recording of the space, which can be accessed through the following link. It was one of the most important discussions we’ve had, and we’re excited to continue engaging with our community on these crucial issues.
Recording of the Twitter Spaces: https://twitter.com/unoreinsure/status/1647238452595892225?s=20
About UnoRe
Uno Re is building a fully secure decentralized insurance ecosystem to serve our institutional and individual clients. Despite daily heavy losses incurred by DeFi exploits, our clients can rest easy with our customizable, affordable, and convenient coverage.
Our insurance platform has sold more than $10 million in coverage across various crypto protocols and has more than $4.4 million in an active on-chain capacity, with risk underwritten for over 85 different protocols and six stablecoins on our B2C Insurance Sales dApp — The Cover Portal.
