Post its Optimum Launch, InsureDAO has formally announced they are going live on Astar Network as part of their multi-chain strategy.
The objective and priority of InsureDAO are to lessen the risk factors involved in the upcoming projects and speed up the project launch on Astar. A huge convenience for protocols and users.
From the users’ point of view, judging the viability of projects offered by Astar is an uphill task. With the introduction of InsureDAO, the chain growth is bound to increase manifold, with constant additions of protocols and users. This would also have a positive effect on the ecosystem.
Users have often encountered smart contract risks. For their safety, they can now have protection against their deposited funds based on these protocols. Persons who purchase insurance will have the facility of claiming payouts in a situation where they would otherwise have stood to lose their deposits owing to bugs or some such contract hackings. They will now be able to secure their due payments based on calculations of their actual losses against the purchased amount.
The prime reason, besides others, for InsureDAO to hone in on Astra Network, in terms of joining hands and forces, is its ever-growing popularity in Asia. Countries like Japan and China have witnessed exponential growth in terms of volumes of users.
Considering the above, the introduction of InsureDAO and its protocol will now be seemingly most welcome for one and all users. Another good factor will be the low gas fee cost, enabling persons to make quicker entry decisions.
In the case of dApps, built on Polkadot and incorporated by multi-chain hubs like Astar Network, insurance provided by Insure DAO will bring tremendous satisfaction and security for users. Inadvertently, this would help complement the basic vision of Polkadot concerning increases in the multi-chain hub.
Regarding the tie-up with Astra Network, the future line of action is focused, and a positive game plan is set in place. For a start, they will help stabilize Astars’ functioning by providing insurance and audit support. Additionally, there will be a substantial increase in partnerships for existing and pre-launch projects.
The month of July 2022 has been earmarked for Smart Contract Hacking Insurance launch Phase 1 (only purchase function). InsureDAO will provide underwriting liquidity of $80,000 against each insurance pool. Arthswap and Starklay will also be working in tandem.
InsureDAO plans to increase the complete ecosystem and partners underwriting the insurance. The creation of a wide variety of insurance pools will also be in the offing.
For August 2022, the plans are to open the doors to one and all for underwriting functions. INSURE token farming in collaboration with AMMs will also be encouraged.
AS of now, last but not least, for partners and third parties, API will be provided for all-around convenience and ease.