InsurAce.io is set to take its ecosystem to the next level following the confirmation of a development grant from NEAR Protocol. The grant will also facilitate the deployment of InsurAce on the NEAR protocol blockchain in the coming months.
NEAR Grants Program is a development grant run by the NEAR Foundation to bootstrap DeFi projects that can prove valuable to their community and ecosystem. The $800 million grant fund is one of the largest in the blockchain industry, and InsurAce.io met the criteria to become the latest beneficiary.
NEAR Protocol is an ecosystem built on a sharded, proof-of-stake, layer-one blockchain that is highly scalable and secure. It is also EVM and Rust based, enabling InsureAce.io to expand its current products on both types of networks.
The grant will also enable InsurAce to expand its products to a diverse ecosystem and reinvent managing risks and protection within the DeFi ecosystem.
Managing risks in the DeFi sector
InsurAce.io has emerged as the premier protocol for DeFi protocols and offers innovative products to DeFi projects. Unfortunately, the DeFi sector is the most vulnerable in the blockchain industry, with reports of hacks and smart contract exploitation a norm.
This has made it important for investors to implement mechanisms to protect deposits against losses due to fraudulent activities and smart contract bugs. It also provides confidence and security to users to embark on their DeFi journey with minimal fuss.
InsurAce covers the technical and financial risks associated with DeFi protocols. Using smart contracts, InsurAce provides an advantage over traditional finance since it is fast, automated thereby saving time. In addition, users can easily file claims and sufficient evidence within the coverage period.
InsurAce is also cheaper than other options in the market and offers complete protection on multiple chains. It also integrates the latest security measures on its smart contract and has been audited by SlowMist and PeckShield.
Liquidity providers can also delegate their capital to underwrite insurance risks in supported pools in exchange for rewards in INSUR tokens. This provides investors with a low-risk passive income opportunity to generate sustainable returns for their investments.
More products planned for Q1 2022
InsurAce has continued to make immense growth since its launch in April 2021 and currently has secured over $210 million worth of DeFi assets across over 100 protocols. The blockchain protocol has already highlighted some of the products it intends to launch in Q1 2021.
This includes adding new insurance products to what it currently offers—launching a multi-chain aggregator and deploying its protocol to new chains. InsurAce ecosystem is powered by its native token INSUR, supported on Ethereum, Binance Smart Chain, Avalanche and Polygon networks.
INSUR is listed on several top exchanges, including Huobi, ByBit, and UniSwap, and there are plans to add new exchanges in the coming weeks.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.