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InsureDAO is a peer to pool insurance market protocol on Ethereum.
On InsureDAO, anyone can create, purchase, and underwrite any insurance without KYC.
InsureDAO has following distinctive functionalities.
・Insurance pool creation
InsureDAO allows users to create any insurance pool like anyone can create any liquidity pool on Uniswap. Any insurances, including even risky protocol insurance, will be available to buy and sell on InsureDAO.
This functionality is not available on the testnet since we want to guide testnet participants to InsureDAO through the insurance pool we have set up.
InsureDAO uses an algorithm to measure risks and the pricing of premiums based on the market’s supply and demand. InsureDAO aims to ensure that insurance is always available by dynamically adjusting insurance prices based on market demand and supply.
・Custom Risk Index
Custom risk Index consists of different insurance pools. Liquidity provider can select any index to deposit their funds based on their risk appetite. Furthermore, every index pool leverages its staked liquidity and provide them to their underlying pools, increasing the underwriter’s fee earnings while lowering insurance premiums.
Leveraged rate and liquidity allocation among underlying pools will be determined by DAO.
・Liquidity Mining & boost
InsureDAO has a liquidity mining program with a reward of our native token “INSURE”. You can participate in the program by providing liquidity into insurance pool as an underwriter. Moreover, you can boost your INSURE reward up to a maximum of 2.5x by locking INSURE for the period you choose (Min: 1 week, Max: 4 years). The longer you lock your INSURE for, the more boosting power you have.
・Credit Default Swap pool (CDS pool)
Credit Default Swap pool is the functionality for solvency problem. As staked liquidity into index pool is leveraged, we could have solvency problem if multiple protocols got hacked at once. In the case that staked liquidity is not enough to pay out, we introduce CDS pool as a reserve fund. A portion of Index fee goes into this pool.
Read more about InsureDAO testnet: InsureDAO Testnet is live today with Mission Bingo Challenge! | by Insuredao team | InsureDAO | Aug, 2021 | Medium
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