InsureDAO

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Blockchain: Ethereum
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4 hours ago

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Miguel Rodriguez

6 hours ago

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What is InsureDAO?

InsureDAO is designed to enable users of the DeFi protocol to securely earn their annual interest while hedging the risk of a hack by providing a coverage policy.

Contents:

Features of DeFi protocol InsureDAO
Individual pools

InsureDAO - a profitable insurance on the blockchain

Features of DeFi protocol InsureDAO

InsureDAO — a peer-to-peer insurance marketplace protocol, based on Ethereum. The operation and management of the protocol is controlled by the DAO, and anyone with access to Ethereum can create, purchase and take out any kind of insurance without KYC. At the same time, each insurance pool is separated by InsureDAO. That is, any payment from a certain insurance pool does not affect other insurance pools.

Insure DAO consists of 3 following services:

1.	Insure DAO Build.
2.	Insure DAO Market.
3.	Insure DAO Lending.

The main goals of the INSURE token — to incentivize liquidity providers on the Insure DAO and as many users as possible to participate in the governance of the protocol. The INSURE token will be issued on a permanent basis, and the total number will be controlled by the burning mechanism.

INSURE can be blocked from receiving trading commissions from the Insure DAO. Each pool allows the administrator to charge a fee. The collected fees are distributed by buying and burning INSURE tokens, according to the protocol. One of the main incentives for INSURE - the ability to increase your rewards for providing liquidity. The INSURE voting lock allows you to qualify to participate in the DAO and receive up to 2.5x the liquidity you provide on InsureDAO.

Once INSURE holders lock up their veINSURE, they can start voting on various DAO proposals such as ReportingDAO selection and pool options.Insure DAO

InsureDAO provides insurance for the loss of funds from smart contracts due to a specific incident such as a hack, bug, exploit or economic manipulation. In particular, InsureDAO insures indirect losses, caused by external contracts.

Individual pools

Insure DAO introduces the concept of an individual insurance pool for each protocol. Each insurance product has its own pool and has a different risk premium, depending on the cost of insurance. Separate pools allow users to buy and sell insurance for one specific protocol. Especially for insurance underwriters, they can limit their coverage liability to only protocols they choose. Since InsureDAO separates the pools for each protocol and their risks are separated, any payout from a particular insurance pool does not affect other insurance pools.