InsurAce and Mirror Protocol Partnership
InsurAce recently expanded partnership with Anchor Protocol on Terra, InsurAce.io is very pleased to announce a new partnership with Mirror Protocol, offering the first DeFi insurance available for Mirror users.
Mirror Protocol allows the creation of fungible assets, “synthetics”, that track the price of real-world assets. Mirror synthetics are intended to be used as key building blocks in smart contracts and to bring the world’s assets to the blockchain.
To mint a Mirror asset (mAsset), an issuer must lock up > 150% of the current asset value in Terra stablecoins OR mAssets as collateral. If the value of the asset rises above the collateralization threshold, the collateral is liquidated to guarantee the solvency of the system.
To target the price of the mAsset, the system reads in underlying asset prices via a decentralized price oracle — prices are updated every 30 seconds. When the price of the mAsset drifts significantly from the primary market, traders are incentivized to purchase / sell the asset to mint / burn to claim the collateral.
InsurAce.io has listed Mirror Protocol on app.insurace.io to protect these mAssets held by mirror users against smart contract vulnerabilities. Offering insurance to their users exemplifies Mirror Protocol’s dedication to security and protecting their users.
“The demand for InsurAce’s Anchor product has been terrific, and now we’re delighted to offer the first DeFi insurance pool for Mirror users via InsurAce,” says Do Kwon, Co-Founder and CEO of Terraform Labs. “InsurAce’s exemplary insurance protocol will now offer smart contract protection at affordable premiums for Mirror’s rapidly expanding user base, broadening coverage options across the Terra ecosystem.”
InsurAce.io has listed Mirror Protocol with a 4 star security rating, an annual premium price of 5.99%, and has an initial capacity of $8 million split between Ethereum and Terra.
“The demand for InsurAce’s Anchor product has been terrific, and now we’re delighted to offer the first DeFi insurance pool for Mirror users via InsurAce,” says Do Kwon, Co-Founder and CEO of Terraform Labs. “InsurAce’s exemplary insurance protocol will now offer smart contract protection at affordable premiums for Mirror’s rapidly expanding user base, broadening coverage options across the Terra ecosystem.”
Mirror will be making the insurance process as simple as possible on their web app by adding a pop-up reminder to users to click through to purchase insurance via InsurAce.io.
“Mirror Protocol is a great new addition to the Terra family, and following our recent success with Anchor Protocol, we welcome the chance to offer insurance services to this great project, its users, and the wider Terra community as we continue to help to make DeFi a safer space for everyone.” Oliver Xie, Founder of InsurAce.io
About Mirror
Mirror is a DeFi protocol powered by smart contracts on the Terra network that enables the creation of synthetic assets called Mirrored Assets (mAssets). mAssets mimic the price behavior of real-world assets and give traders anywhere in the world open access to price exposure without the burdens of owning or transacting real assets.
About InsurAce.io
InsurAce.io Protocol is a Singapore based DeFi Insurance protocol that has quickly become the second-largest protocol in DeFi insurance. The INSUR token was released in February 2021 and has 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.
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