What is inSure DeFi (SURE)?
inSure DeFi is a digital asset insurance platform. It allows users to insure their cryptocurrency portfolios. They can do that with the help of the SURE token, which is the platform’s native asset. SURE helps to develop insurance for the crypto market by stabilizing and securing DeFi, NFT, and crypto portfolios.
inSure is intended to disperse crypto ownership risks over a liquidity pool, with insurance premiums decided by a Dynamic Pricing Model that utilizes Chainlink. However, along with employing Chainlink's Historical Price Data, inSure Defi is developing an application that combines Chainlink and Google Cloud AI and works both – on and off the chain.
Note that the capital necessary to back the risks at any moment in time is determined by the SURE price as well as public demand for crypto portfolio insurance. The platform uses the Surplus pool to cover valid claims. After any premium payment, 40% of the amount goes to the pool, while 10% is kept until contract termination. If no claim is made until that time, the 10% is added to the pool as well. As the Surplus pool reaches a certain amount, SURE holders are rewarded with a certain percentage of the SURE tokens they stake.
In order to guarantee that there are enough funds to avoid insolvency, the platform uses the Capital Model to determine the amount of capital locked in the Capital Pool and the staking leverage present in the staking phase.
While in most cases inSure operations are handled via smart contracts, to protect user interests and improve transparency, some events require community voting. This is where inSure DAO comes in. InSure DAO is an organization that makes decisions like this and handles difficult circumstances. inSure DAO meticulously reviews all insurance claims, with voters ensuring that any false claims are detected and only genuine claims are fulfilled.
A number of individuals with specialized knowledge in insurance, co-governance, and blockchain development are among the members of the inSure DAO organization. Members of the DAO are able to bargain and make pertinent ideas that would enhance the inSure ecosystem. The inSure DAO is open to all inSure token holders. It should be highlighted, however, that the DAO does not control the fund pool and is unable to release funds to any specific person.
Use Cases of SURE
Primarily, SURE coins are used to purchase insurance policies. All users need to do is purchase SURE tokens and use them to enable coverage. The insurance becomes active after seven days from the contribution of SURE to the community vault pass. However, note that inSure DeFi does not cover Ponzi schemes or assets with a +100% annual return.
Apart from that, SURE tokens can also be staked to receive rewards.
Additionally, SURE tokens can be contributed to liquidity pools on various DEXs.
Make sure to check the inSure DeFi price chart above. It features the current and the previous SURE price.
Who Founded inSure DeFi?
inSure DeFi is a non-profit company that was founded in 2018. The official website of the DEX platform does not provide any information on the founding members.
