InsurAce.io Polygon Deployment!

Dear InsurAce Community,

Following our Ethereum mainnet launch in April, and BSC launch in June, we are now proud to announce that we are launching our Polygon (Matic) mainnet. This is a major step for our multi-chain insurance v2.0 where we expand to more public chain ecosystems and bring our insurance products and services to a wider audience in the DeFi space.

InsurAce.io are now the first insurance protocol to deploy on these three ecosystems.

Meanwhile, we have also received the development grant from the Polygon Foundation , which proves the recognition of InsurAce.io from the Polygon Team and strengthens the ties for upcoming collaborations.

We aim to be the leading insurance protocol on the Polygon ecosystem and contribute to the safety of projects and Polygon users.

Given our previous experience launching our Ethereum & BSC mainnets and all of our developments in the past few weeks, we are very confident in this launch. However, there are a few new additions to our app that you should check out. These include:

> Cross-chain bridge for $INSUR to polygon in 2 ways:

  • our proprietary ETH-BSC-Polygon bridge;
  • the polygon official bridge

> The trading pair is launched on Sushiswap Polygon

> New staking pool setups on Polygon, with high yields for early stakers

All services will be enabled at the time when this announcement is made at 9am EST (9pm SGT) on 6th September 2021. We will elaborate on the details in our article below.

$INSUR token on Polygon

With the deployment to Polygon, the $INSUR token has been created there as well. N.B. this is not the issuance of new tokens and does not affect the total circulation of $INSUR, which remains to be 100,000,000 in total.

The $INSUR token on Polygon can be found here: https://polygonscan.com/token/0x8a0e8b4b0903929f47C3ea30973940D4a9702067

Cross-chain Bridge for Polygon (Official + Proprietary Bridges)

When we launched to BSC in June, we also launched our proprietary cross-chain bridge solution embedded in our dApp. The bridge works as a gateway to securely transfer the $INSUR tokens between Ethereum and BSC. Now we have also added Polygon into this bridge as well, with which $INSUR tokens can be transferred among Ethereum, BSC and Polygon easily. To find out how to use the bridge, please refer to this user guide.

To check the proof of assets among different chains, please check this page.

Meanwhile, we have also added $INSUR token to the Polygon official bridge, which provides more flexibility for token cross-chain transfer.

Launch Trading Pairs on SushiSwap

With $INSUR tokens bridged to Polygon, we have also launched the trading pairs of INSUR/USDC on SushiSwap, the leading DEX on Polygon. You will be able to trade $INSUR tokens in this pool with much lower gas fee compared to Uniswap on Ethereum.

The trading pair can be retrieved by this link:

We encourage our users to add more liquidity to this pool, and we will also work with SushiSwap to provide LP incentives subsequently.

Please find the Sushiswap analytics page for Polygon INSUR here:

Staking Setups

Similar to our staking programs on Ethereum and BSC, there will be an array of staking pools created for insurance underwriting. The pools include: MATIC, DAI, USDC, USDT, WETH and INSUR, and the mechanism behind the staking is the same as on Ethereum and BNB.

Staking Setups

Similar to our staking programs on Ethereum and BSC, there will be an array of staking pools created for insurance underwriting. The pools include: MATIC, DAI, USDC, USDT, WETH and INSUR, and the mechanism behind the staking is the same as on Ethereum and BNB.

Please note these percentages are from before pools were launched and do not represent available APYs. For up to date APY’s please go to InsurAce

The details of the staking pools are illustrated as below.

  • Staking Pools

There will be 6 pools created, including MATIC, USDC, USDT, DAI, WETH and INSUR with different weights for each pool.

image

  • Staking Cap

Since the staking cap has been lifted greatly and the staking limit per wallet has also been removed on Ethreum and BSC, it has been ported to Polygon as well. Users can consider as no staking limit on Polygon, which provides more flexibility to participants.

  • Reward and APY

The rewards for the staking will be INSUR tokens calculated at a per-block level according to the per-block reward configured. The rewards can be unlocked any time, but are subject to per-block linear vesting over 7 days.

Subsequently, when the insurance service is bootstrapped, we will add premium sharing into the reward system to provide higher yields in a more sustainable way. The APY has been set at 30% when the pools are full, but of course, the early stakers will always enjoy a much higher APY. This APY will be subject to the change of the INSUR token prices and may be adjusted accordingly.

  • Stake and Unstake

Users can stake and unstake their asset any time, but unstaking will be subject to a 15 day (configurable) lock-up period until it will be fully withdrawable, which is to ensure the sufficiency and liquidity of the capital pool in the event of potential claim payout, a commonly adopted practise in insurance protocols. However, stakers will still be entitled to rewards during this 15-days lock-up period.

  • Risk Reminders

Assets invested and staked in DeFi protocols may carry certain risks. To learn about these risks, please click here.

Offer of Insurance Services

Staking is the initial phase to build liquidity, and insurance will come in second based on the capital pool by staking.

  • Start of Insurance Service

At the time when mining is enabled, the insurance service will also be enabled as well, the insurance module will be enabled to accept insurance purchases. However, the capacity for covers will be very minimal since the TVL is just starting to increase.

  • Initial Listed Protocols

The listed protocols will be the same as existing on Ethereum and BSC mainnets in a multi-chain insurance context. All risk types and protocols supported currently will be supported in Polygon as well. Please refer to this insurance portal for details.

  • Purchase of Covers

Once the insurance functions are enabled, users will be able to purchase covers, view cover records and submit claims where triggered. For more operations under the Insurance menu, please refer to this user guide.

Original Article link:https://blog.insurace.io/insurace-io-polygon-deployment-509f247cfbec