…to bring decentralized insurance to our concentrated liquidity management!
We are happy to announce InsureDAO as the first DeFi insurance protocol to provide insurance policies for Lixir Finance! Although Lixir has security as its top priority, the importance of decentralized insurance has become abundantly clear with recent exploits in the space.
InsureDAO is a novel insurance protocol aiming to bring decentralized insurance to the DeFi space. Through a model focussed on segregated risk and dynamic pricing, InsureDAO will allow anybody to create an insurance pool for any protocol. Being part of InsureDAO’s first batch of whitelisted protocols however, insurance policies covering Lixir’s smart contracts will be accessible right through InsureDAO’s own UI.
Through InsureDAO, users will be able to pay a premium for an insurance policy covering Lixir’s smart contracts and be eligible for a payout in the event a bug or exploit results in a loss of user funds. Besides taking out insurance policies, users will also be able to mine $INSURE, InsureDAO’s own governance token, when providing liquidity as an underwriter for whitelisted protocols.
In the event that an exploit or bug results in a loss of user funds in one of InsureDAO’s listed protocols, ReportingDAO — InsureDAO’s independent committee of blockchain security experts, will evaluate user payout claims. First members of ReportingDAO include security auditing firms Quantstamp and Sentnl.
After having recently closed a succesful public testnet phase with over 20,000 participants, InsureDAO now aims to launch their decentralized insurance solution together with their first batch of whitelisted protocols on Ethereum mainnet in Q4!
InsureDAO is a peer to pool insurance market protocol on Ethereum. The operation and management of the protocol are controlled by the DAO, and anyone with access to Ethereum can create, purchase, and underwrite any insurance without KYC. InsureDAO recently closed a $1M financing round.