InsurAce to Provide Insurance for Smart Contracts Built on Elrond DeFi Ecosystem
As part of the continued growth of InsurAce and the Defi insurance sector, we are pleased to announce plans to work with Elrond (EGLD) to build insurance services for various projects build on their blockchain.
DeFi growth is tracked through the Total Value Locked (TVL) metric, which follows the value of assets currently engaged in Decentralized Finance products. It recently peaked to reach $130 billion dollars, up from under $1 billion dollars in early 2020. The next billion people will onboard crypto and inevitably push these values into the trillions of dollars.
Before this can happen, however, DeFi should become a safer space, where users and their assets are protected against security issues, bugs, malicious actions, and other unforeseen events.
This is why we are excited to announce that the InsurAce protocol will be expanding to include coverage for DeFi products deployed on the Elrond Network!
“Yields from DeFi products have been consistently outperforming their centralized peers, partly because of their greater efficiency, but mainly because of the high associated risks. Tools for offsetting them, such as coverage from the InsurAce Protocol, will be a powerful catalyst for increased adoption amongst institutions and actors with reduced risk tolerance” said Beniamin Mincu, Elrond Network CEO.
InsurAce offers insurance for DeFi products. Its users are protected against smart contract vulnerabilities resulting from bugs or hacks and are applicable for decentralized exchanges, AMM swaps, liquidity pools, or even Initial Decentralized Offerings (IDOs).
Our collaboration will focus on integrating the Elrond mainnet into InsurAce Multi-chain v2.0, which will enable users to buy protection against unforeseen events happening on DeFi products deployed on the Elrond Network.
“In addition to fast and inexpensive transactions, Elrond has the Maiar app, which we believe is an excellent product for first-time crypto users. We look forward to further enhancing their experience with insurance products that will strengthen their confidence in the Elrond DeFi ecosystem.” said Oliver Xie, founder of InsurAce.
The collaboration is important for the Elrond Network because it offers essential financial instruments that will increase the security and confidence of participants in our DeFi ecosystem, and will make for an overall safer experience when engaging with smart contracts deployed on our mainnet.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
InsurAce Protocol is a Singapore based DeFi Insurance protocol that has quickly become the second-largest protocol in DeFi insurance. At the time of writing, the protocol has a $40 million market cap based on a circulating supply of 11 million INSUR tokens. There is a maximum release of 100 million INSUR Tokens which can be mined through staking on the protocol.
InsurAce is a new decentralized insurance protocol, to empower the risk protection infrastructure for the DeFi community. InsurAce offers portfolio-based insurance products with optimized pricing models to substantially lower the cost; launches insurance investment functions with SCR mining programs to create sustainable returns for the participants, and provide coverage for cross-chain DeFi projects to benefit the whole ecosystem.
InsurAce is backed by DeFiance Capital, Parafi Capital, Hashkey group, Huobi DeFiLabs, Hashed, IOSG, Signum Capital and a dozen of other top funds. In the three months since its first testnest was released, several high profile partnerships have been established. Information to be released in separate releases.
The project lead for InsurAce is Oliver Xie. Oliver started to work on InsurAce project since September 2020, and prior to that he worked as the CTO in one of the three largest Singapore-based licensed derivative Exchanges and Clearing Houses. Oliver entered the crypto space back in 2017 where he led a team to research crypto derivatives and blockchain technology and has gravitated towards blockchain-based Open Finance for the past few years. He identified an opportunity for a unique approach to providing insurance for DeFi smart contracts and users, and InsurAce was created.
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