InsureDAO Now Live On Astar Network
InsureDAO Now Live On Astar Network
InsureDAO now live on Astar Network, as the multi-chain strategy, following the Optimism launch.
Aiming to provide a safety net for protocols and users in Astar Network. They believe that they could help the upcoming projects to lower the risks, and accelerate the project launch on Astar.
At the time of dawn for new chains like Astar, from the user perspective, it is quite difficult to judge which project is solid or not. As insurance becomes available on Astar, more protocols and users come into the chain, and thereby we could accelerate the chain growth and enhance the ecosystem.
What you can do on InsureDAO on Astar
As they announced, InsureDAO has partnered with Arthswap and Starlay so far.
Users cover their deposited funds on these protocols against smart contract risks. Insurance purchasers can claim a payout, in case they lose their deposited funds due to smart contract hacking or bugs, and will be paid out based on the actual loss up to the purchased amount.
Why Astar Network
They expect that they could appeal our protocol to new users, especially users in Asia, and provide better UX by launching on Astar Network.
・Astar Network is recently getting popular in Asia, such as China and Japan.
・Gas fee is low and reduces the entry barrier for users
Furthermore, dApps built on Polkadot, for example, multi-chain hubs like Astar, need to be concerned about other para-chains as well. We believe the provision of insurance through InsureDAO gives users secure feelings, and thereby dApps could be utilised more, which accelerates the multi-chain hub, the core vision of Polkadot.
InsureDAO Roadmap for Astar Network
By providing insurance, a bug bounty platform, and audit support to stabilize the whole Astar ecosystem. After launching, we are going to make a lot of partnerships with existing projects and pre-launch projects.
Jul 2022
・Smart Contract Hacking Insurance Launch phase1（Only purchase function)
The InsureDAO team and partnered protocols (Arthswap and Starlay) will co-provide underwriting liquidity up to $80k to each insurance pool. Users from these protocols will be able to purchase insurance up to the liquidity and cover their funds against smart contract risks.
・New partnerships
To grow the whole insurance ecosystem, InsureDAO is going to increase the partners who can underwrite the insurance.
- Add underwrite function to the Astar version of InsureDAO
- Add “Insurance build function”
- Create a variety of Insurance pools and get TVL
Aug 2022
・Open underwriter farming function
Once INSURE token is deployed to Astar, we are planning to open the underwriting function to anyone, and start the rewards farming for underwriters.
・INSURE token farming by collaborating with some AMMs
・API connection with partners
We provide our API to partners as well as 3rd parties so that everyone can view and manage their assets in consideration of insurance fees.
About Astar
Astar Network the Smart Contract Hub for WASM + EVM one of the top Parachains in the Polkadot ecosystem. Leading smart contract hub that connects the Polkadot ecosystem to Ethereum, Cosmos, and all major Layer 1 Blockchains.
About InsureDAO
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.
