StellaSwap x InsurAce Partnership Agreement

InsurAce, the leading decentralized multi-chain insurance protocol that provides reliable, robust and secure DeFi insurance services, has announced that it will work together with StellaSwap. This means that Stellians are given the option to purchase under insurance to protect their funds distributed within StellaSwap.

Thanks to this partnership, StellaSwap will be one of the first local DEXs in Moonbeam to have insurance coverage for their farms, establishing itself as an all-round secure protocol. This stands out as a powerful and important step that protects users from negative events and gives them peace of mind when interacting on the Moonbeam network.

What is DeFi Insurance?

It is similar to traditional insurance. The process by which user funds are protected against losses caused by adverse events in the DeFi ecosystem is called DeFi Insurance. It aims to minimize losses caused by attacks/exploits, smart contract vulnerabilities, or other fraudulent activities that compromise users’ funds.

Some of the biggest crypto hacks of 2022 took place on DeFi protocols, resulting in losses exceeding $1.9 billion. This included the recent Nomad exploit on Moonbeam, in which over $190 million of user funds were drained. It is vital to have insurance coverage for users to protect themselves against adverse events within DeFi that threaten the security of their funds.

What Does Insurance Cover?

Insurance coverage available to Stella Swap users on InsurAnce relates to security vulnerabilities of $1.5M capped smart contracts. Specifically, InsurAce covers the contract risks of the designated smart contract, a single smart contract or group of smart contracts running on the public blockchain network, as specified in scope, excluding any external input to that system, such as oracles, miners.

How to get Insurance Coverage in StellaSwap?

Entering insurance coverage is a relatively simple and quick process. Before you can buy insurance coverage on STELLASWAP, you need to configure your wallet in Ethereum, Polygon, BSC or AVAX. Basically, you can only be covered by insurance using your wallet, which is connected to any of the four chains above.

If you are looking for a guide to be included in the insurance coverage, you can find it here.

With this additional layer of security, users on StellaSwap and Moonbeam are intended to have greater authority to manage their risk in general.

About InsurAce.io

InsurAce.io , is a decentralized insurance protocol created to strengthen the risk protection infrastructure for the DeFi community, covering more than sixty protocols in more than eight chains, quickly becoming the second largest protocol in DeFi insurance. InsurAce.io , offers portfolio-based insurance products with optimized pricing models to significantly reduce the cost, being up to 60% cheaper than other protocols, but at the same time reducing gas fees by up to 50%.

About StellaSwap

StellaSwap is the first and leading Moonbeam DEX to offer an integrated gateway to the DeFi world. Users can trade, earn, harvest farms(yield farm), build bridges between assets, Decode new projects and participate in NFT trading from a single unified platform. Stellaswap products are structured in such a way as to facilitate the decentralized management of STELLA owners.

References

stellaswap.medium

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