Insurance Cover for StellaSwap Now Available on InsurAce, Strengthening Security for Users
We’re ecstatic to unveil our partnership with InsurAce, a leading decentralized multi-chain insurance protocol that provides reliable, robust and secure DeFi insurance services! 🔥This means that Stellians are given the option to purchase insurance coverage to protect their funds deployed within StellaSwap.
Through this partnership, StellaSwap will be one of the first native DEX on Moonbeam that possess insurance coverage for its farms, establishing itself as a secure protocol all-around. This is a strong and pivotal step that protects users from adverse events and giving them peace of mind when interacting on Moonbeam network.
What is DeFi Insurance?
DeFi insurance — similar to traditional insurance — is the process in which users funds are protected against losses that arise due to adverse events in the DeFi ecosystem, such as losses arising from hacks/exploits, smart contract vulnerabilities, or other fraudulent activities that compromises users’ funds.
Some of the biggest crypto hacks of 2022 were on DeFi protocols, resulting in lossess amounting to over $1.9 billion! This included the recent Nomad exploit on moonbeam, where over $190 million in user funds were drained. Having insurance coverage is vital for users to protect themselves against adverse events within DeFi that threatens the safety of their funds.
What Situation is Covered?
The insurance cover available for StellaSwap users on InsurAce pertains to smart contract vulnerability, up to a limit of $1.5 million USD. Specifically, InsurAce covers smart contract risks, where the designated smart contract means a single smart contract or group of smart contracts, as specified in the Cover, running on the public blockchain network, and excluding any outside inputs to that system such as oracles, miners, and individuals or groups of individuals interacting with the system.
It is important to note that the insurance coverage does not cover the following scenarios;
- Losses due to phishing, private key security breaches, malware, etc.
- Losses due to devaluation of assets, regardless if such devaluation is related to the Attack
- Hacks occurring during the Cover Period, but the hack/bug occurred or was known before the Cover Period
- Losses which were due to the Specified Protocol’s Operator(s) confiscating or stealing funds (rugpulls)
- Losses due to movements in the market price of asset value
- Assets lost are not verifiable on-chain, NFTs or any thatare associated with any illegal, prohibited or restricted activity.
- Any events where any other external interoperable or interactive smart contracts are hacked or manipulated in an unintended way, while the Designated smart contract continues to operate as intended
- Any event where external inputs (oracles, governance systems, incentive structures, miner behavior and network congestion, etc.) are manipulated, while the Designated smart contract continues to operate as intended
- The insured provided false information or tried to hide, lie, or mislead claim assessment
The full summary of the cover is provided here > Smart Contract Cover Summary.
How Do I buy Insurance Cover for StellaSwap?
Getting coverage is a relatively simple and fast process. In order for you to buy cover for StellaSwap, you’d first need to configure your wallet to either Ethereum, Polygon, BSC or AVAX. Basically, you can only purchase the cover using your wallet that is connected to any of the four chains above.
Here is a guide to getting your cover:
With this additional layer of security, we hope that users on StellaSwap and Moonbeam in general would be empowered to manage their risks in this nascent space.
InsurAce.io is a decentralized insurance protocol that has quickly become the second-largest protocol in DeFi insurance, covering 60+ protocols on 8+ chains, built to empower the risk protection infrastructure for the DeFi community. InsurAce.io offers portfolio-based insurance products with optimized pricing models to substantially lower the cost, up to 60% lower than other protocols, simultaneously reducing gas fees by up to 50%.
InsurAce.io is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey group, Huobi DeFiLabs, Hashed, IOSG, Signum Capital and a dozen other top funds.
StellaSwap is the first and leading Moonbeam DEX that offers an integrated gateway to the DeFi world. Users can swap, earn, yield farm, bridge assets, explore new projects and engage in NFT trading all from a single unified platform. StellaSwap’s products are structured in such a way that facilitates decentralized governance of STELLA holders, while continuing to innovate on the collective foundations by design.