InsurAce x Binance Smart Chain Collaboration
InsurAce announced the launch of BSC-Ethereum INSUR token bridge & insurance services on BSC mainnet as the start of multi-chain V2 expansion.
InsurAce is the first insurance protocol to be able to offer BSC and ETH options to users, providing more flexibility and lower fees for insurance customers.
Users are now able to EARN BEP-20 INSUR tokens for mining, INSUREtheir assets with BSC tokens through the InsurAce app, SWAP their ERC-20 INSUR tokens for BEP-20 INSUR tokens, and TRADE INSUR tokens on Pancake Swap.
Why BSC & Multi-chain insurance?
Ethereum has been long established as the leader in DeFi development, but despite this dominance, transactions on Ethereum have run into hundreds of dollars, and often face issues at peak hours. Binance Smart Chain addresses these issues directly with lower costs and faster transactions. This is made possible primarily by BSC’s current PoS (Proof of Stake) model rather than Ethereum V1’s PoW (Proof of Work).
As of writing, BSC has attracted over $28.03B TVL, over 78M unique addresses, and more than 11.83M of transactions per day at its peak. Without any doubt, BSC has grown to be one of the most influential blockchain ecosystems.
Developing on multiple chains, and using token bridges is gaining adoption very fast, as it promotes interoperability and flexibility that end-users are looking for. As the leading insurance service provider for DeFi, InsurAce is proud to announce the launch of its BSC chain token, mainnet and token-bridge with the INSUR ERC-20 token. In doing so, InsurAce is the first insurance protocol to offer both Ethereum and Binance Smart Chain functionality.
Launching Schedule
This launch will be rolled out in a phased approach, the key timelines are:
- 20:00 SGT (08:00 EST) : BSC launch annoucement
- 21:00 SGT (09:00 EST): Cross-chain bridge open
- 22:00 SGT (10:00 EST): Start of trading on Pancakeswap and Staking on InsurAce dApp
- Once the TVL hits $1M, the insurance services will be enabled.
ETH-BSC bridge info
The cross-chain bridge is a critical component in building multi-chain applications, by which assets will be able to migrate and transfer among the different chains. There are a few cross-chain bridges in the industry, however, they eventually decide to build own bridge due to security concerns as well as scalability. This bridge will work as a gateway to securely transfer the $INSUR tokens between Ethereum and BSC. Once they expand to more chains, this bridge will be enhanced to support the transfer of $INSUR tokens among all supported ecosystems.
Mining (staking) Info
Similar to staking programs on Ethereum, there will be an array of staking pools created for insurance underwriting with BSC. The pools include BNB, BUSD, USDT, USDC, ETH and INSUR.
What is InsurAce?
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 $20 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 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, Alameda Research, 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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