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BSC Top Insurance Project Soteria Launches Governance Function, Starting New Era of Co-governance

UTC by Julia Sakovich · 3 min read
BSC Top Insurance Project Soteria Launches Governance Function, Starting New Era of Co-governance
Photo: Soteria

Since entering the market, Soteria has been committed to protecting the safety of BSC projects, while constantly stimulating the ecological construction of BSC.

Soteria, an insurance project on Binance Smart Chain (BSC), officially launched its governance function on April 6. The project provides detailed rules for hundreds of subdivisions under 15 categories on the official website, making it the most extensive project on the market.

To be more specific, Soteria has established detailed voting rules, ranging from how much the membership fee is to the realization of the update of the entire contract method. This provides sufficient guidance and explanation for the governance process and also provides a clear guarantee for the implementation of governance results. Members can log in here to participate in the discussion on the Soteria governance forum, and they can also use the link to vote for the various proposals, such as membership fee and new partners of Soteria.

In Soteria’s ecology, only members can participate in proposals and voting; however, Soteria does not restrict members’ positions as proposals, which greatly reduces the threshold for user participation. At the same time, although large token holders’ addresses have greater weight, each address has an upper limit. Therefore, the proposal requires a broader consensus among members, and several big players cannot decide the final direction of the proposal.

Each member participating in the voting will equally share the governance rewards after the proposal is passed, regardless of the user’s token holdings. Governance is mining, which undoubtedly circumvents the common situation in DeFi where big token holders taking the interests of others, allowing most members to truly participate in the daily operations of Soteria. In other words, the governance of Soteria relies on members and everything is for members, which fully demonstrates that Soteria is an organization governed by members.

Soteria is mutual insurance based on blockchain technology to share the risks in DeFi. Based on BSC, as a mutual insurance platform, Soteria can provide insurance for losses caused by vulnerabilities in smart contracts and hacker attacks, as well as a risk protection for DeFi products. At the same time, Soteria is also a community-based insurance platform: through staking tokens, users are both beneficiaries and risk-takers. Token holders can use the tokens to determine how much insurance a project can have and whether to approve claims.

Soteria was officially online on January 13, and the current member has reached 16,333. On January 21, Soteria started its IFO, over-raising over 22.7 times, breaking PancakeSwap‘s highest record. Subsequently, Soteria quickly covered the insurance business of various high-quality projects on BSC. Among them, PancakeSwap, BakerySwap, Blink, dForce, autofarm, etc. have reached strategic partnerships with Soteria.

Since entering the market, Soteria has been committed to protecting the safety of BSC projects, while constantly stimulating the ecological construction of BSC. The concept of member co-governance will attract more users to participate in the Soteria ecology, and the official launch of the governance function will lay a solid foundation for Soteria’s expansion. With the support of Soteria governance, the ecology of BSC will be further enriched.

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Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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