InsureDAO allied with Starlay Finance to allow users to purchase insurance of Starlay provided by InsureDAO. InsureDAO and Starlay team will deposit the USDC up to $80,000 and underwrite the insurance.
How can InsureDAO benefit to the Astar ecosystem?
InsureDAO is the insurance provider to lower the upcoming project risks. That means they can accelerate the project launch by underwriting the contract risks. At the time of dawn for new chains like Astar, it is quite difficult for users to judge which project is solid or not. InsureDAO surely thinks these benefits could affect the increasing TVL, as-per-user, you don’t have to take much attention to the protocol risks compared with other chains.
What are the functions InsureDAO provides?
InsureDAO has 3 functions, build, market, and lending. As for insurance payment decisions, we use a 3rd party DAO named ReportingDAO consisting of security professionals such as QuantStamp and WatchPug.
It is an Insurance builder kit for DeFi protocols. It allows DeFi protocols to issue insurance easily. We require inputting governance token and insurance type and depositing the initial liquidity.
It is a two-sided market where buyers and sellers exchange hacking risks in the applications. Users can be either buyers, or sellers, or could be both.
InsureDAO Lending（under development）
It is the lending function of using the underwritten USDC in InsureDAO. Borrowers can borrow USDC by depositing INSURE tokens as collateral. Underwriters can receive the interest paid from the borrowers in addition to INSURE token rewards.
InsureDAO is a decentralized insurance protocol, allowing anyone to create an insurance pool easily to “Cover every single risk in DeFi space”. InsureDAO provides an insurance builder kit and insurance market. Additionally, we offer the lending function to INSURE token stakers.
ABOUT Starly Finance
Starlay Finance is a protocol for users to quickly and easily deposit and borrow assets on Astar Network.