Insured Finance is getting closer to launching its risk coverage testnet, a platform that allows anyone to seamlessly take out or provide decentralized insurance coverage against exchange hacks, smart contracts, stablecoin devaluation or rug pulls. In a new and maturing ecosystem like the blockchain market, the introduction of a platform of this magnitude has the potential to save the ecosystem hundreds of millions if not billions of dollars that were previously stolen by hackers and malicious parties. Insured Finance has been developing both the front and back ends of its platform, creating a safe and easy-to-use DeFi marketplace with an emphasis on user accessibility.
Unlocking value for all
The beta launch of the Insured Finance platform will enable anyone to perform transactions on the network and stress test it, letting the team modify and counteract any new potentially harmful bugs to prepare for its mainnet launch later this year. By turning the previously rigid insurance atmosphere into a highly usable peer-to-peer marketplace, the ability to capitalize on coverage opportunities from both ends will be available to everyone.
Insured Finance will make all coverage options available directly from its platform dashboard to make the insurance process as simple as possible for users, with no need for a technical background or skills to get started. Unlike some of its up-and-coming competitors, Insured Finance offers comprehensive coverage options that can be entirely customized to fit the unique needs of each user, making the insurance process easy and value-generating. Insured Finance also introduced a policy to de-risk its holdings by splitting them up, minimizing the possibility of a pool liquidity hack. Finally, payouts are instant through the usage of smart contracts, offering users the ultimate insurance experience.
Once users have opened the Insured Finance dashboard, which is optimized to offer an easy-to-navigate user experience, they can go to their covered assets or the coverage they’re providing right on the homepage. Coverage provided, labeled as “My liquidity,” is the amount of value staked to provide risk coverage to others, as well as the APY that you are earning by providing this liquidity. “My cover,” the covered assets section, shows users the type of asset they have coverage against and the total value of the coverage contract.
In order for coverage providers to earn their yield, they must stake their assets based on the value of the insurance requests they receive, allowing for instant victim payouts if the insured event ever occurs. With the launch of the beta testnet, Insured Finance makes it easier than ever for anyone to receive or provide insurance coverage instantly. Users will have full control over their involvement, creating a straightforward way to generate coverage policies on almost any asset or potentially harmful event. This release paves the way for Insured Finance’s future as it gets one step closer to offering comprehensive coverage and protection for everyone who requires it.