InsureDAO Partnership With Algem
InsureDAO and Algem made a partnership
InsureDAO Partnership With Algem. Algem is a native liquid staking DeFi dApp on top of Astar Network offering new ways for ASTR users and holders to earn more.
The Algem liquid staking solution lets users continue to earn dApp staking rewards and additionally increase their income by using tradable liquid nASTR tokens.
The goal of the liquid staking is to solve the problems such as liquidity and the efficiency of the fund usage. Users are always faced with the choice: protocol staking or farming/liquidity mining in dApps, and this solution allows users to get the preferences of the both ways at the one time.
What will InsureDAO and Algem do together?
・Users can purchase insurance of Algem
・InsureDAO and Algem team will co-underwrite the insurance
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.
InsureDAO Build
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.
InsureDAO Market
It is a two-sided market where buyers and sellers exchange hacking risks in the applications.
Users can be either buyers, 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.
Details of the collaboration
Co-Underwriting
Users can purchase insurance of Algem provided by InsureDAO and Algem team. InsureDAO and Algem team will deposit the USDC up to $50,000 and underwrite the insurance. Insurance covering Algem will be provided after the mainnet launch of Algem.
How can InsureDAO benefit to the Astar ecosystem?
InsureDAO is the insurance provider to lower the upcoming project risks. That means we 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, this benefits could affects the increasing TVL, as-per-user, you don’t have to take much attention to the protocol risks compared with other chains.
About Algem
Firstly, algem is a project where users will play a central role in the ecosystem and governance system. They want to build a strong community that believes in the Astar ecosystem and is ready to support it for the next few years.
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.
