InsurAce Launches Polygon (Matic) Mainnet
Following their Ethereum mainnet launch in April, and BSC launch in June, InsurAce is now proud to announce that they are launching their Polygon (Matic) mainnet. This is a major step for their multi-chain insurance v2.0 where they expand to more public chain ecosystems and bring their insurance products and services to a wider audience in the DeFi space.
InsurAce.io are now the first insurance protocol to deploy on these three ecosystems.
Meanwhile, they have also received the development grant from the Polygon Foundation, which proves the recognition of InsurAce.io from the Polygon Team and strengthens the ties for upcoming collaborations.
They aim to be the leading insurance protocol on the Polygon ecosystem and contribute to the safety of projects and Polygon users.
Given their previous experience launching our Ethereum & BSC mainnets and all of their developments in the past few weeks, they are very confident in this launch. However, there are a few new additions to their app that you should check out. These include:
> Cross-chain bridge for $INSUR to polygon in 2 ways:
- Their proprietary ETH-BSC-Polygon bridge;
- the polygon official bridge
> The trading pair is launched on Sushiswap Polygon
> New staking pool setups on Polygon, with high yields for early stakers
All services will be enabled at the time when this announcement is made at 9am EST (9pm SGT) on 6th September 2021. We will elaborate on the details in their article below.
$INSUR token on Polygon
With the deployment to Polygon, the $INSUR token has been created there as well. N.B. this is not the issuance of new tokens and does not affect the total circulation of $INSUR, which remains to be 100,000,000 in total.
The $INSUR token on Polygon can be found here: https://polygonscan.com/token/0x8a0e8b4b0903929f47C3ea30973940D4a9702067
Cross-chain Bridge for Polygon (Official + Proprietary Bridges)
When InsurAce launched to BSC in June, they also launched their proprietary cross-chain bridge solution embedded in their dApp. The bridge works as a gateway to securely transfer the $INSUR tokens between Ethereum and BSC. Now they have also added Polygon into this bridge as well, with which $INSUR tokens can be transferred among Ethereum, BSC and Polygon easily. To find out how to use the bridge, please refer to this user guide.
To check the proof of assets among different chains, please check this page.
Meanwhile, InsurAce have also added $INSUR token to the Polygon official bridge, which provides more flexibility for token cross-chain transfer.
https://wallet.matic.network/bridge/
Launch Trading Pairs on SushiSwap
With $INSUR tokens bridged to Polygon, we have also launched the trading pairs of INSUR/USDC on SushiSwap, the leading DEX on Polygon. You will be able to trade $INSUR tokens in this pool with much lower gas fee compared to Uniswap on Ethereum.
The trading pair can be retrieved by this link:
InsurAce encourage its users to add more liquidity to this pool, and thi will also work with SushiSwap to provide LP incentives subsequently.
Please find the Sushiswap analytics page for Polygon INSUR here:
https://analytics-polygon.sushi.com/tokens/0x8a0e8b4b0903929f47c3ea30973940d4a9702067
Staking Setups
Similar to their staking programs on Ethereum and BSC, there will be an array of staking pools created for insurance underwriting. The pools include: MATIC, DAI, USDC, USDT, WETH and INSUR, and the mechanism behind the staking is the same as on Ethereum and BNB.
Please note these percentages are from before pools were launched and do not represent available APYs. For up to date APY’s please go to https://app.insurace.io/Staking/StakingPools?chain=POLYGON
The details of the staking pools are illustrated as below.
- Staking Pools
There will be 6 pools created, including MATIC, USDC, USDT, DAI, WETH and INSUR with different weights for each pool.
- Staking Cap
Since the staking cap has been lifted greatly and the staking limit per wallet has also been removed on Ethreum and BSC, it has been ported to Polygon as well. Users can consider as no staking limit on Polygon, which provides more flexibility to participants.
- Reward and APY
The rewards for the staking will be INSUR tokens calculated at a per-block level according to the per-block reward configured. The rewards can be unlocked any time, but are subject to per-block linear vesting over 7 days.
Subsequently, when the insurance service is bootstrapped, InsurAce will add premium sharing into the reward system to provide higher yields in a more sustainable way. The APY has been set at 30% when the pools are full, but of course, the early stakers will always enjoy a much higher APY. This APY will be subject to the change of the INSUR token prices and may be adjusted accordingly.
- Stake and Unstake
Users can stake and unstake their asset any time, but unstaking will be subject to a 15 day (configurable) lock-up period until it will be fully withdrawable, which is to ensure the sufficiency and liquidity of the capital pool in the event of potential claim payout, a commonly adopted practise in insurance protocols. However, stakers will still be entitled to rewards during this 15-days lock-up period.
- Risk Reminders
Assets invested and staked in DeFi protocols may carry certain risks. To learn about these risks, please click here.
Offer of Insurance Services
Staking is the initial phase to build liquidity, and insurance will come in second based on the capital pool by staking.
- Start of Insurance Service
At the time when mining is enabled, the insurance service will also be enabled as well, the insurance module will be enabled to accept insurance purchases. However, the capacity for covers will be very minimal since the TVL is just starting to increase.
- Initial Listed Protocols
The listed protocols will be the same as existing on Ethereum and BSC mainnets in a multi-chain insurance context. All risk types and protocols supported currently will be supported in Polygon as well. Please refer to this insurance portal for details.
- Purchase of Covers
Once the insurance functions are enabled, users will be able to purchase covers, view cover records and submit claims where triggered. For more operations under the Insurance menu, please refer to this user guide.
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, followed by a mainnet launch to the Ethereum Network in April 2021.
📰 INFO
https://blog.insurace.io/insurace-io-polygon-deployment-509f247cfbec
