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Algem Partners With InsureDAO. They are entering this partnership to hedge against hacking risks by providing a coverage policy to our users’ funds.

The policy enables anyone to create an insurance market for their DeFi protocol & ensure its security.

This partnership is essential for us because it makes Algem more secure & reliable.

You can now purchase insurance for your staking position on Algem and protect it against smart contract vulnerabilities.

Here are some of the benefits for you that InsureDAO provides.

• Simple user interface and user experience;
• Affordable cost of insurance;
• This is the first-ever insurance protocol on top of Astar Network

Insurance Pool Details

1. Algem’s initial coverage will be $80k. This means Algem users can cover up to $80K’s worth of their staked assets. The higher the coverage sum, the higher the insurance cost.
2. The coverage duration is 3 months.
3. This is a part of the 300K index pool for all Astar Network DeFi projects available on InsureDAO.

How To Use InsureDAO In 7 Steps

1. Step 1: Go to InsureDAO dApp
2. Step 2: Connect your EVM wallet to InsureDAO using the Astar Network RPC;
3. Step 3: Select the protocol insurance that you want to purchase (Algem);
4. Step 4: Enter the amount and the period to be covered; the minimum cover period is 7 days and the maximum cover period is 90 days.
5. Step 5. Check the cost of the insurance
6. Step 6: Approve USDC
7. Step 7: Confirm by clicking on “Purchase Insurance” and signing the transaction in your wallet

How to redeem your insurance in case of a hack

If the Algem protocol, which you purchased insurance for, got hacked, you need to redeem your insurance from the dashboard of InsureDAO.

Once a payment decision pertaining to the incident is approved, insurance holders can redeem their insurance.

You need to claim your insurance payout within 7 days of execution.

Find out more about InsureDAO in their documentation.

About InsureDAO

InsureDAO 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.

Website | Twitter |

About Algem

Algem a dApp built on Astar Network and offers two main features: liquid staking and liquid lending. As the name implies, these two solutions enable ASTR holders to remain liquid with their assets while putting them to work.

The liquid staking and lending solutions allow users to accumulate staking rewards and increase their earnings using Algem’s liquid nASTR tokens across Astar’s DeFi ecosystem. In doing so, Algem supports other DeFi protocols by providing liquidity, creating a sustainable and cooperative ecosystem on Astar Network and Polkadot.

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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.

1. Add underwrite function to the Astar version of InsureDAO
2. Add “Insurance build function”
3. 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.

Website | Twitter |

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.

Website | Twitter |

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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 |

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InsureDAO partners With Arthswap, is a leading DEX in AstarNetwork.

Details of the collaboration

Co-Underwriting

Users can purchase insurance of Arthswap provided by InsureDAO and Arthswap team. InsureDAO and Arthswap team will deposit the USDC up to $80,000 and underwrite the insurance.

Front-end integration

They are planning to integrate with Arthswap front-end using their API.
Arthswap users would check the premium of the insurance and purchase the insurance in Arthswap UI.

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.

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.

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.

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.

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 Arthswap

ArthSwap is a leading DEX on Astar network. Its mission is to contribute to the Astar Network ecosystem’s expansion. With simple UI and design for High APY, it enables High-Frequency Trade on Astar Network.

Website | Twitter |

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.

Website | Twitter |

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