Singapore, April 4, 2022 / AlexaBlockchain/ – The DeFi summer of 2020 was a pivotal moment for the blockchain industry. As the pandemic commenced and crypto started to boom, users and investors were looking for credible and reliable security for their digital assets. Shortly after, DeFi insurance started to come to life. Insurance projects started springing up to protect web3 adopters against the ever-growing threat of hacks and violations.
The demand for DeFi insurance has been growing ever since. In 2021, almost $3bn was recorded as lost due to smart contract vulnerabilities and yet less than 3% of this was covered by insurance products. The industry has continued to develop and as a result, the rise of other attacks has continued, with risks such as front-end, centralized exchange and NFT exploits has been spotted. More risks will be revealed as the industry evolves.
Insurance can manage these risks but there are still challenges. InsurAce.io, a leading project in the DeFi insurance space, has identified interconnected challenges for their product as well as the industry overall. These issues include misaligned token incentives, insufficient cover capacity, demand for broader product offerings and wider and seamless access for more users.
The industry and protocols need to recognize these challenges and develop their own systems to create universally recognized mass adoptable improvements. Doing so will not only create an environment for all to join web3 but create a large deterrent for those wishing to violate and steal from the industry.
The more incidents that occur each year are a learning curve for DeFi insurance protocols. Although these events are catastrophic, they need to occur so that the big organizations in the field can learn and develop to prevent them from happening again or to others. InsurAce.io have taken their learnings since launching on the mainnet in April 2021 to release V2 and to create a safer environment for all.
InsurAce.io V2 was officially launched on March 31st, 2022, with the focus of combatting the failings in the industry and offering better options than those that currently exist. A batched launch, V2 has been designed with a new interface, new tokenomics, introduction of a multi-chain insurance aggregator, underwriting capacity expansion, better reward structure and new products offerings to name a few. The V2 litepaper can be found here: https://files.insurace.io/public/InsurAceV2Litepaper.pdf.
The next set of upgrades will be released at the right time. For further information, please reach out to rob@mtrlabs.com.
Contacts
Rob Spitz
PR and Comms Manager
MTR Labs – InsurAce.io
rob@mtrlabs.com
https://www.insurace.io/
Source: InsurAce.io
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