InsurAce (INSUR)

Basics

• Started in / Announced on:
• InsurAce has yet (3-2021) to announce its launch date.
• Mainnet release:
• Based in: Singapore (4-3-2021)
• Decentralized insurance protocol
• From this insurance deep dive (3-2021):

"InsurAce aims to become the first portfolio-based insurance protocol, where it offers both investment and insurance products to improve capital efficiency. Unlike the current offerings, where users will have to buy several covers if they are exposed to different protocols while doing yield farming, InsurAce offers a portfolio-based cover covering all the protocols involved in the said investment strategy."

Audits & Exploits

• No evidence of a InsurAce Bug Bounty program was found in their documentation or in additional web research (9-8-2021).
• Scored 44% on DeFi Safety (9-8-2021):

"Activity is over 10 transactions a day on contract AdminUpgradeabilityProxy.sol, as indicated in the Appendix.

InsurAce has API documentation for request methods to get INSUR token information, i.e. getCirculation, getTotalAmount, etc. As none of these detail the software functions of their deployed executing smart contracts, they get a 0 here. As the InsurAce GitHub does not contain any of their main solidity contract files, we cannot calculate the CtC of their repository. As the InsurAce GitHub does not contain any of their main solidity contract's testing, we cannot calculate the TtC of their repository. There is no evidence of any code coverage on any of the InsurAce GitHub repositories or in any of their audit reports.

InsurAce released their mainnet on April 26th 2021 following their Slowmist audit report.

PeckShield published a InsurAce audit report on July 12th 2021.

Note: Most of the fix recommendation were implemented by the InsurAce team.

Note 2: They get -25% here due to the code being in a private repo = 65%"

Governance

Admin Keys

• From DeFi Safety (9-8-2021):

"InsurAce has a clearly-labelled "Governance" section in their documentation.

a) All contracts are clearly labelled as upgradeable through their voting process.

b) Defined voting and quorum roles are defined in the InsurAce "Governance" documentation.

There is a mention of the InsurAce's admins' capabilities to terminate or pause certain areas of the contracts."

Technology

• Whitepaper can be found here (24-12-2021).
• Code can be viewed here. There is no evidence as to how much the InsurAce team has developed their main contracts repository, as it appears to be private (8-2021).
• Built on: Ethereum, Binance Smart Chain, Polygon, Avalanche (8-2021)

Roadmap

• Can be found [Insert link here].

Pros and Cons

Cons

• Scored really bad on DeFi Safety, with bad documentation, testing, code and a private repo (11-2021).
• From this insurance deep dive (3-2021):

"The project claims to adopt an actuarial-based pricing model rather than relying on staking or market to price the cover. Due to the lack of claim history in the DeFi ecosystem, it is doubtful that they can come up with a credible model."

Team, Funding, Partners

Team

• Full team can be found here (8-2021).

Funding

• From Paradigm (8-12-2020):

"InsurAce has raised $1 million in a seed funding round."

• From The Defiant (4-3-2021):

"Raised $3M in a token-based funding round led by Alameda Research and HashKey Capital. Investors from the project’s $1M seed round, DeFiance Capital, ParaFi Capital, Hashed and Signum Capital, also participated. The round was completed with institutional investors, including, IOSG Ventures, ImToken Ventures, LongHash Ventures, HashGlobal, Tembusu Partners, Factorial Ventures, and angel investors Maple Leaf Capital, Wang Qiao and Kerman Kohli."

Partners

• Partnered with PolkaCover (17-9-2021).
• Partnered with CoverCompared (26-11-2021).

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