Name of Project
InsurAce
Brief Introduction
Proposal overview
Over the past year, the Decentralised Finance (DeFi) world has seen a blooming ecosystem, and this is only just the beginning. However, threading this newfound space comes with high risks despite accruing high rewards concurrently. Insurance, a stabilizer of the financial system arrives at a much slower pace which depicts a strong market demand to cater for.
InsurAce.io started with an initiative to establish a decentralized insurance protocol that safeguards crypto users’ activities with protection to provide them peace of mind. We aim to provide reliable, robust and secure insurance products and service to crypto users. InsurAce mainnet officially launched on Ethereum network back in April 2021. Within a few months, we have become the leading decentralized multi-chain insurance protocols providing insurance products for Smart Contract Vulnerability, Custodian, Stablecoin De-Peg & IDO risks, along with Custom Bundled covers. At the time of writing, we have covered over $230M+ of DeFi assets for 100+ protocols on 17+ public chains thus far.
Multi-chain has been a core development strategy for us, and our dAPP is currently deployed to Ethereum, Binance Smart Chain, Polygon and Avalanche yet we are continuously looking to expand our services to multiple chains.
With Harmony One ecosystem growing at such a rapid rate, it is essential to include insurance services to cater to an untapped market with such strong demand. This way, users will be aware of the steps that Harmony One is taking, to ensure a safe and secure DeFi platform for their investors which in turn, will contribute to increased user and adoption rate.
We are looking to expand our services by Q3 2022 where users will be able to purchase covers on Harmony chain using ONE token or stablecoins as the base currencies for payment. We will provide insurance products and service to the protocols built on Harmony, offering an effective risk management tool to the project teams and the users.
Moving forward, we will continuously analyse and evaluate other possibilities where users can benefit more from our services, further contributing to higher growth within the Harmony ecosystem.
How will funding us benefit the entire Harmony One ecosystem:
- Incentivizing users to participate and provide liquidity, using insurance products on InsurAce, which would drive the adoption of insurance to secure the whole Harmony ecosystem Offer starting liquidity of ONE - INSUR trading pairs on the major DEX, meanwhile we will contribute more liquidity from other sources
- Push out extensive marketing and co-marketing campaigns by working closely with Harmony and lining up partnerships with other protocols within the Harmony ecosystem
- This will also include paid media and influencer content, sending out to over 1000 media and influencer contacts we have amassed
- Explore and implement new products & services to fill up any potential market gaps, improve user experience and keep up to date with the latest trends in the industry
- And of course, priority development of our Harmony deployment over other chains
Team
InsurAce team comprises of experienced insurance experts, legal & compliance veterans and top-notch cyber security experts as our advisors.
Introducing our project founder and lead – Oliver Xie. Oliver started to work on InsurAce project since September 2020, and prior to that he worked as the CTO in one of the three largest Singapore-based licensed derivative Exchanges and Clearing Houses. Oliver entered the crypto space back in 2017 where he led a team to research crypto derivatives and blockchain technology and has gravitated towards blockchain-based Open Finance for the past few years.
Alongside Oliver, we have a team of 11 strong developers based in Singapore, as well as a team of 8 other individuals working remotely on business development, marketing and operations.
Over the past 9 months, we have built a strong community of over 80,000 members along with a network of community managers and ambassadors.
Proposal ask
$75k USD
Metrics for success
- $30M worth of covers purchased. $600k in revenues
- $10M Total Value Locked on Harmony
- 20% growth in Followers on Telegram and Twitter
- 25 harmony projects listed on the InsurAce dApp
External links
- Website: https://www.insurace.io
- Documentation: docs.insurace.io
- Medium: https://blog.insurace.io