inSure DeFi (SURE)
inSure DeFi is a decentralized insurance platform launched in 2019, designed to protect cryptocurrency, DeFi, and NFT portfolios. It achieves this through SURE tokens, which users can utilize to insure their digital assets. The platform operates on four core principles: a dynamic pricing model, a capital model, an inSureDAO voting mechanism, and transparent, immutable transactions. It distributes risk across a liquidity pool and determines insurance premiums using a dynamic pricing model supported by Chainlink technology. The platform ensures sufficient funds are available to cover risks by implementing a capital model that assesses the necessary capital required at any moment. User operations are managed via smart contracts, ensuring protection and transparency. In some cases, community voting through the inSureDAO is necessary.
| Ticker | SURE |
| Category | Decentralized Finance (DeFi) |
| Website | https://insuretoken.net/ |
| @InsureToken | |
| Telegram | insuredefi |
| Contract Addresses | |
|---|---|
| ethereum | 0xcb...6e Copied! |
| binance-smart-chain | 0x9b...06Copied! |
| polygon-pos | 0xf8...75Copied! |
| avalanche | 0x5f...f9Copied! |
History of inSure DeFi
In March 2021, inSure DeFi incorporated Chainlink Oracles into its mainnet, accessing historical price feeds for dynamic premium adjustment. It later integrated with Google Cloud AI to manage insurable events like scams. The SURE token expanded to the Binance Smart Chain, introducing the SURE/BNB trading pair on PancakeSwap. In May 2021, it integrated with the Polygon network, facilitating token transfer from Ethereum. By June, a liquidity program was introduced, rewarding participants staking SURE-ETH, BNB-SURE, and ETH-SURE in various pools. The transition to the Cardano network was announced in September 2021, and by November, the SURE token was bridged to the Avalanche network. In February 2022, a referral program was launched to encourage community growth.
How inSure DeFi works
To insure an asset, users acquire SURE tokens and stake them on decentralized exchanges, contributing to the liquidity pool. If a crypto portfolio is impacted by scams or losses, users submit a request to the community for claim processing. After a 7-day waiting period, the claim is reviewed by the inSureDAO for approval. Upon approval, the covered amount is transferred in SURE tokens to the claimant's wallet. Reclaimed tokens can be used for insurance policies, community voting, and earning an annual percentage rate through staking.
Economic model of inSure DeFi
Dynamic pricing model
The dynamic pricing model in inSure determines market prices by assessing supply and demand, supported tokens, and purchased policies. It aims to develop pricing strategies that account for uncertainties in price and demand, continuously optimizing as risk pools grow.
Capital model
The capital model identifies systematic risks and ensures the capital pool can sustain them with a high confidence level. It calculates the necessary capital to maintain solvency, guiding decisions on capital pool locking and staking power usage.
Capital pool and surplus pool
The capital pool supports business growth by rewarding inSure tokens to contributors. Tokens earned through staking can be used for various purposes, including staking on projects, benefiting from ecosystem growth, and market trading. The surplus pool collects a portion of insurance premiums and grows over time, initially covering insurance claims. If claims exceed the surplus pool, the capital pool is used. As the surplus pool grows, SURE holders receive incentives to increase the staked pool.
InSureDAO voting mechanism
The InSureDAO ensures that specific decisions require community votes, enhancing transparency and decentralization. The DAO does not control the fund pool but can replace committee members and enforce decisions such as penalizing malicious claims or implementing emergency suspensions.
SURE token
The SURE token, integral to the Ethereum network, stabilizes and secures DeFi, NFT, and crypto portfolios. It facilitates tracking insurance plans, spreads fraud risk, supports hybrid voting systems, and enables SURE token resale for insurance services.
Insurance plans
inSure offers insurance coverage for issues like scams, devaluations, and stolen funds. Users can purchase plans using ETH, USDT, BTC, and wETH, with coverage activating after 7 days of holding SURE tokens. Plans range from 70%-100% coverage, depending on the insured value and duration, from 4 months to 2 years.
Staking
inSure provides a staking program for SURE token holders, offering a 24% APY by providing liquidity on decentralized exchanges. Users must stake SURE tokens for at least 30 days to earn rewards.
Liquidity program
The liquidity program allows users to stake SURE paired with ETH or BNB on platforms like Uniswap and PancakeSwap. Monthly rewards of 8 million SURE tokens are distributed to liquidity providers who lock both ETH and SURE for at least 30 days.
Criteria and rewards distribution
Rewards are distributed based on a liquidity provider’s share of the pool, requiring at least 0.5 ETH worth of liquidity and SURE tokens. Providers must wait 30 days after adding liquidity to be eligible for rewards.
Partnerships
In July 2021, inSure DeFi partnered with Moralis, a Web3 backend infrastructure provider, to integrate advanced features into its ecosystem. Moralis’ Deep Index API enables access to historical data, aiding in insurance policy management, validation, and risk score assignments.