Insurance Cover Now Available on Tranchess Through InsurAce.io
We are excited to announce our first DeFi insurance protocol partnership, InsurAce.io. Our users will now have the option to purchase coverage for their funds deployed in Tranchess. This cover is offered at the lowest premium available on InsurAce.io, which echos InsurAce.io’s recognition of our protocol security.
Choosing a well-recognized insurance protocol as the first DeFi protocol partnership is another step towards Tranchess’ continuous pursuit to becoming of the most secure DeFi protocols in the market. Since June’s guarded launch, Tranchess has conducted three separate audits from Certik and PeckShield at different phases before major protocol updates. We have also upgraded our Bug Bounty program with ImmuneFi, with bounties now up to $200,000. The new partnership with InsurAce.io adds another layer of security to our protocol and gives the Tranchess community the ability to manage their risks further.
What situations are covered?
The cover InsurAce.io provides for Tranchess users is their Smart Contract Cover program. It insures the actual loss of funds/tokens, but not the loss of value caused by token price changes.
Smart Contract Cover will not pay a claim if:
❖ Assets lost are NFTs
❖ Losses due to phishing, private key security breaches, malware, exchange transaction hacks or any other activities because of personal careless or misunderstanding
❖ Losses due to individual or group’s intentional actions that utilize the Designated smart contract for the purpose of making claims on this Cover
❖ Losses due to devaluation of insured’s assets, regardless of such devaluation is related to the attack or not
❖ Any hacks or pre-defined insured events occurring outside of the Cover Period
❖ Any hacks or pre-defined insured events occurring during the Cover Period but the hack occurred is known, or the hack is due to the bug being disclosed to the public, before the Cover Period
❖ 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 events where inputs, that are external to the Designated smart contract, behave or are manipulated in an unintended way, while the Designated smart contract continues to operate as intended, where inputs include but are not limited to: oracles, governance systems, incentive structures, miner behaviour and network congestion;
A full description of Smart Contract Cover and its terms and conditions can be found here.
How do I buy cover?
We have made it easy for you. To purchase insurance with InsurAce.io, click on the link directly from the Tranchess dApp. InsurAce.io offers an initial annual premium of 2.5% (0.2% per month!) with an initial capacity of $5.6m. Users will also be able to get a further 15% discount on their insurance premiums. These discounts will be rewarded to the users in $INSUR tokens.
Get covered today!
Ever since we started to design Tranchess, security has always been a top priority. Precautionary mechanisms such as TWAP and oracle price cross-checks are built in the code, and we continue to improve with rounds of audits, bug bounty and now insurance coverage. Tranchess aims to provide a hassle-free user experience for our community so you can enjoy the benefits Tranchess protocol brings to you with peace of mind.
InsurAce.io Protocol is a Singapore-based DeFi Insurance protocol that has quickly become the second-largest protocol in DeFi insurance. The $INSUR token was released in February 2021, followed by a mainnet launch to the Ethereum Network in April 2021.
InsurAce.io is a decentralized insurance protocol, 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 of other top funds. The project lead for InsurAce is Oliver Xie, formerly the CTO in one of the three largest Singapore-based licensed derivative Exchanges and Clearing Houses.
To learn more InsurAce.io, check out their official channels: