InsurAce Announces 1st DeFi Protocol to Be Released on BSC & ETH
InsurAce has a market cap worth $20 million with 11 million INSUR tokens as circulating supply. InsurAce is about to launch the first DeFi insurance protocol, offering BSC and ETH to users, and promises to provide lower fees and more flexibility for its insurance clients. With the InsurAce app, you will receive BEP-20 INSUR coins for mining, get your assets insured with the BSC coins, swap your ERC-20 INSUR with BEP-20 INSUR coins and trade them Pancake Swap.
Although Ethereum has dominated DeFi development for too long, the transactions have still not reached their peak. On the other hand, BSC addressed these issues with faster transactions and lower costs. This was possible because of the BSC’s current Proof of Stake model instead of ETH’s Proof of Work model. There is no doubt that BSC has developed to be a significant influence in the blockchain ecosystem.
To promote flexibility and interoperability, the development of token bridges and multiple chains is gaining momentum. InsurAce, a top DeFi insurance service provider, will soon launch its BSC chain, mainnet, token-bridge, and token with ERC-20 INSUR tokens. This will make InsurAce the first to provide DeFi insurance protocol on Binance Smart Chain and Ethereum functionality.
BSC-ETH Cross-Chain Bridge Info
The BSC-ETH chain bridge is a crucial component in developing InsurAce’s chain apps in which users can transfer and migrate assets among several chains. The industry currently has only a few such cross-chain bridges, but InsurAce has decided to develop its bridge for security and scalability reasons.
InsurAce’s BSC-ETH cross-chain bridge operates like a gateway that securely transfers $INSUR coins between BSC and ETH. InsurAce also plans to develop more chains to enhance the bridge to better transfer $INSUR coins among other supporting ecosystems.
InsurAce services will be introduced as soon as it reaches a minimum stake. InsurAce came to its minimum stake for ETH in less than a day.
Initiate Insurance Service
The insurance service will start accepting insurance purchases as soon as the TVL strikes $1M, and this will most likely increase the capacity of insurance purchases concerning TVL.
InsurAce listed protocols are the same as the current ones on the ETH mainnet. All the types of protocols and risks that are currently supported will also be available on BSC.
Once InsurAce enables the insurance functions, users can buy and view cover records and submit claims.
Pancake Swap Trading
In addition to the $INSURE cross-chain bridged to BSC, InsurAce has also introduced INSUR/BUSD trading pairs on one of the top DEX on BSC called Pancake Swap. Users can trade the token in Pancake Swap with significantly lower gas fees, unlike Uniswap on ETH. InsurAce encourages users to bring more liquidity to the Pancake Swap.