Place/Date: Singapore - September 1st, 2021 at 12:23 pm UTC · 2 min read
Contact: INS3, Source: INS3
With the most recent DeFi exploit of the Polychain Network where the white-hatted hacker eventually did return the funds, DeFi is facing an exploitation problem on the network which if kept un-checked, will slowly but surely drain the industry of all total value locked. Coverage providers like INS3 are able to combat this by offering protection on volatile assets and rug pulls through their decentralized coverage provider, where the insurance is provided in a P2P method.
Users who stake assets on INS3 are rewarded in the platform’s native $ITF token, while the funds provided double as coverage for potential exploits and hacks. With an initial seed round of $2.4 million, INS3 has the backing of some impressive industry giants including Conflux, Web3.VC, OKex BlockDream Venture, Beagle Capital, and more.
To begin with, INS3 will work closely with existing partners on the Polygon network who can use decentralized insurance as a bonus factor for its existing users. These partners will include but are not limited to WaultSwap, QuickSwap, ApeSwap, Sushi, AAVE and more. In addition, INS3 will provide 2,700 $ITF in incentives for early users to stake accepted assets as the underlying liquidity provider for hacks, exploits and market volatility.
According to Gavin Fang, Founder of INS3:
INS3 provides full and partial coverages for high risk assets across multiple blockchain including Binance Smart Chain, Conflux, HECO, and OKChain. As a community driven, decentralized product, it carries unique features that ensure INS3 not only provides insurance on volatility, but also acts as a tail risk derivative platform for users to buy and sell secondary assets in the form of coverage.