InsurAce, a Multichain Decentralized Insurance dApp, Receives a Development Funding from the $800 Million Near Grants Program

InsurAce— a multichain insurance protocol providing users with secure, reliable, and robust portfolio-based insurance services for DeFi users with backing from Alameda Research and high-profile venture capitals, has received a development grant from the NEAR Protocol.

Highlighting the Need for Robust and Reliable Decentralized Insurance in DeFi

Accordingly, InsurAce, which launched in April 2021, will deploy from the community-run cloud infrastructure provider NEAR Protocol. There, they will build a variety of high-power insurance products for a better and more inclusive future for millions of DeFi users. 

Notably, the approval of the grant is a significant endorsement for DeFi. It highlights the need for robust insurance services for a global user base in the rapidly evolving decentralized finance industry. Unique, DeFi solutions cut out the middleman, allowing end-users to interact with financial services previously walled-off from retailers. 

The development grant is under the Near Grants Program. The NEAR Protocol ecosystem allocated $250 million to spark development in the interoperable network’s ecosystem. The InsurAce project aims to deliver the objectives of the high throughput network of reimagining business, creativity and building a more cyclic community where all users benefit.

DeFi is Safer and Better with Insurance

While beneficial and with over $220 billion of assets locked in various DeFi protocols, dependence on smart contracts executing on an immutable blockchain presents risks. Decentralized insurance providers offer reliable and robust mitigation services to cushion against smart contract risks and other exploitations that can economically harm DeFi users, slowing down adoption.

InsurAce provides a solution in DeFi, presenting a safety net for users for risk mitigation. The service can be tapped by DeFi users and protocols as a cushion against unforeseen risks when operating from an autonomous and smart contracts-driven base layer. Barely nine months after launching, InsurAce plans to accelerate its multi-chain goals of deploying from various chains. This aligns with their greater aim of enhancing community service and offering the best services for DeFi users across multiple networks. 

Why the NEAR Protocol is a Perfect Fit for InsurAce?

The NEAR Protocol is reimagining the world and exists as a high-throughput blockchain for deploying smart contracts. Being an Ethereum Virtual Machine (EVM) compatible, built using Solidity and Rust, deploying from NEAR gives InsurAce an advantage. It goes a long way in driving their overall objective of being a go-to multi-chain provider, serving a broader base. Overall, InsurAce will continuously provide users with cross-chain coverage, unbeatable low premiums, multi-chain accessibility, and sustainable return on investments for stakeholders. 

The NEAR Protocol provides one key element crucial for the success of InsurAce over the long haul: compatibility. By being EVM compatible, InsurAce deployment on the protocol provides easier linkup to other networks such as Ethereum, Solana, Polygon, the Binance Smart Chain, Terra, Fantom, and more from where they are already active, offering services to over 100 protocols, including a launching pad and an exchange. As of early February 2022, InsurAce had a total value locked of roughly $43 million, providing coverage for over $238 million in dApps and service providers spread across more than 16 networks. 

InsurAce Roadmap

INSUR, the native currency for InsurAce, and serves as its governance token. However, it is undervalued given the protocol’s roadmap. InsurAce plans to release new insurance products in Q1 2022 and continue its PR campaign, convinced that 2022 will be the year of DeFi Insurance. 

InsurAce will soon update its underwriting and claim model to reduce the impact on staked claims with further plans to launch a multi-chain aggregator and expand to new EVM chains, one of them being the NEAR Protocol. At the same time, the multi-chain insurance protocol will release an updated version of its white paper detailing improved tokenomics, including a buyback and burn complete with incentivizes for long-term holders.