InsurAce (INSUR)

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Basics

"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."

History

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%"

Bugs/Exploits

Governance

Admin Keys

"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."

DAO

Treasury

Token

Launch

Token allocation

Utility

Token Details

Stablecoin

Technology

How it works

Fees

Upgrades

Staking

Liquidity Mining

Scaling

Different Implementations

Interoperability

Other Details

Oracle Method

Privacy Method

Compliance

Their Other Projects

Roadmap

  • Can be found [Insert link here].

Usage

Projects that use or built on it

Competition

Pros and Cons

Pros

Cons

"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

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

"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

(:

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