InsureDAO Collaboration With Synthetix

Published on: 08.07.2022
InsureDAO Collaboration With Synthetix

InsureDAO collaboration with Synthetix, one of the major protocols in the DeFi space, as the great first step for the InsureDAO multi-chain strategy.

Since Synthetix is the largest protocol on Optimism and its derivatives are used on many DeFi protocols, they believe this collaboration would contribute a lot to the Optimism ecosystem from the security perspective.

Synthetix & InsureDAO collaboration

For this collaboration, InsureDAO will create an insurance pool covering Synthetix. Also, InsureDAO will deposit underwriting liquidity of $100k into the pool at the launch, in order to bootstrap the Optimism launch.

Users can

  • purchase insurance
    Insurance for Synthtix will be available on InsureDAO and users cover their deposited SNX on Synthetix against smart contract risks. Insurance purchaser can claim a payout, in case they lose their deposited SNX due to smart contract hacking or bugs, and will be paid out based on the actual loss up to the purchased amount.
  • Underwrite insurance and earn rewards (TBD)
    Once INSURE token deployed to Optimism, we are going to open the underwriting function to anyone. Users can earn insurance premiums paid by purchasers and farm the INSURE rewards by underwriting Synthetix insurance.

Insurance Cost Cashback Campaign

At the Optimism launch, they will start a cashback campaign for insurance purchasers for the first one month.

Users, who purchase one-month insurance for Syntetix during the campaign period, would get the premium cost back later. The maximum unit for each insurance purchase would be $5,000 of the cover amount during the campaign.

How can InsureDAO benefit the Optimism ecosystem?

InsureDAO would be the first DeFi insurance protocol on Optimism. They are aiming to provide a safety net for protocols and users in the Optimism ecosystem.

By providing insurance, we believe that

  • Users could take risks more aggressively and at the same time feel secure
  • Protocols could enhance security and attract more liquidity
  • Newly launched protocols could quickly establish a sense of security and bootstrap their launch
  • More protocols and users to come into Optimism, and accelerate the chain growth

This is the first collaboration with DeFi protocol on Optimism. Collaborating with the largest protocol on Optimism, they would like to enhance the ecosystem together.

About Synthetix

Synthetix a decentralized synthetic asset issuance protocol built on Ethereum and Optimistic, enabling the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain.

The synthetic assets are collateralize by its governance token, SNX. This model allows users to convert between Synths directly with the smart contract, avoiding the need for counterparties.

Website | Twitter |

About InsureDAO

InsureDAO a decentralized insurance protocol, allowing anyone to create an insurance pool easily to “Cover every single risk in DeFi space”. The protocol can be easily integrate into any DeFi protocol, thereby it allows every DeFi protocol to begin offering its own insurance services immediately, allowing your users to feel secure and have confidence in their investments.

Website | Twitter |

Source

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