Last updated: Aug 13, 2022
InsurAce is a decentralized multi-chain protocol that provides insurance products.
Built in April 2021, InsurAce started with an initiative to address such common issues with the DeFi insurance as product accessibility, risk control management, and capital efficiency. The platform offers its users easy access to insurance services by eliminating KYC, offering cross-chain portfolio-based coverage, and competitive portfolio premiums. Users can also get sustainable investment returns through the Investment Portal and gain rewards through the Mining Program.
Similarly to the traditional insurance company, InsurAce provides both an insurance arm, and an investment arm. Capital from the insurance pool can be placed in the investment pool to gain a higher yield, while the insurance arm protects investment activities. Meanwhile, the investment yield complements the insurance premium, lowering coverage costs for customers. These two components work together to offer “zero premium” insurance and substantial investment returns for a sustainable business model.
InsurAce generates revenue from insurance premiums and investment returns. These funds are utilized by covering operational and developmental costs, community incentives, and more.
Typically, InsurAce users can take a role of an investor, an insurer, or an insuree. Investors deposit assets in products with different risk/reward ratios, insurers stake assets into the mutual insurance pool, and insurees can buy insurance covers, and request claims when the policy is triggered. All three participants benefit from the interaction between the investment and the insurance arms, as the insurance arm provides coverage to the investment arm while receiving the investment yield in return as an incentive for the insurers and insurees.
One more role in the InsurAce community is a claim assessor, who can vote on the claim and earn INSUR tokens in return if their vote matches the voting result. Anyone can become a claim assessor by staking their existing INSUR tokens before the start of the voting session.
In the event of a loss of the insured assets, claims are first assessed by insurance experts before being put to a vote by the claim assessors. Votes are weighed by the number of tokens staked (with a maximum possible of 5% of the total vote per wallet).
InsurAce app products and services can be accessed via Trust Wallet, WalletConnect, MetaMusk, imToken, and Coin98 wallet. The preferred network can be chosen on the main dashboard on the top. On the same dashboard, the insurance and investment products can be found.
InsurAce fees depend on the chosen coverage product, the duration of the insurance, and the cover amount.
InsurAce farming opportunities include governance mining and liquidity mining.
Participants who stake tokens into the governance pools on the platform will gain INSUR tokens as a reward. Unstaking is possible at any time, but it is subject to a 15-day lock-up period until it can be fully withdrawn.
The total supply of INSUR tokens is 100 million, 10.75% of which was sold in the seed round ($1 million raised), 9.25% sold in the strategic round (3$ million raised), and 2% was sold in a public sale on Balancer LBP for liquidity bootstrapping. The rest of the tokens were allocated to the team and advisors (15%), DAO reserves (18%), and also mining reserves (45%).
The INSUR token serves as an incentive for the participants in the InsurAce ecosystem and enables its holders to submit proposals to the protocol's DAO if maintaining a minimum of 1% of staked INSUR tokens. Capital provisions to the insurance pool and investment products are rewarded with INSUR tokens.
The INSUR token can be purchased on centralized exchanges like Huobi Global and Bybit.
It is up to you where to buy the INSUR token. It is worth taking into account that decentralized exchanges allow you to do this more anonymously, you do not need to pass KYC procedures to use them, on the other hand the cost of transactions may be higher than on centralized exchanges, while there is a risk of your funds being held by the exchange.
To understand if InsurAce is a good investment and try to make an INSUR price prediction, you need to do your own research on the project.
All the data for research is available on the project page on our website: check out the technical features of the project in this review, try to use the app, see if the information about the team is available and the team is open for communication, and using the project dashboard and the INSUR price chart, assess the project usage rates as well as the token price movement and the number of its holders.
The InsurAce team is led by the founder Oliver Xie, who is also the head of MTR Labs, a company building for WEB3 and its security. Most of the team members work at MTR Labs as well. For example, InsurAce product manager Shin Qu, marketing director Dan Thomson, and business development manager Benneth Ng.
Following the April 2022 Elephant Money $11M exploit resulting in Elephant Money’s stablecoin TRUNK de-peg. Following the claim voting process and passing a vote in favor of deeming the attack as a claimable event, InsurAce has paid out the Elephant Money claims.
In light of the recent Terra’s UST de-peg event, InsurAce has also voted in favor of compensating claim payouts in UST to its users and ended up paying nearly $12 million to over 155 claimants who purchased the Terra UST de-peg cover prior to the incident.
InsurAce has partnered with PancakeSwap, UniSwap and SushiSwap, creating pools for users to stake or farm INSUR tokens. There are also numerous collaborations with various DeFi projects to offer their users insurance services to protect them against smart contracts and bugs. For example, InsurAce has partnerships with SpiritSwap, AutoFarm, and Mirror Finance. The full list of partnerships can be checked on the official project’s page.
The InsurAce team is working towards launching new insurance products, among which there will be insurance for NFT and metaverse. They will also deploy on other EVM-compatible chains and present their updated tokenomics.
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