InsurAce Launches DeFi Insurance Product to Tackle Smart Contract Risks
On March 17th, InsurAce announced the launch of a new DeFi insurance product with audit companies: post audit risk insurance, which provides protection against smart contract risks within a few months after the new audit. It is reported that the first audit agency to cooperate with is Danish Blockchain Lab Entersoft Halborn Numen Omniscia PeckShield Sayfer.
InsurAce Launches DeFi Insurance Product “Post Audit Risk Insurance”
Analysis based on this information:
InsurAce, an insurance protocol built on the Ethereum blockchain, announced on March 17th the launch of a new DeFi insurance product to offer protection against smart contract risks for a few months after a new audit is conducted. This innovative insurance product reflects the growing market demand for DeFi insurance solutions due to the increasing frequency and severity of smart contract hacks and vulnerabilities.
Smart contracts are self-executing digital contracts that are used to automate various blockchain-based transactions without intermediaries. Although a great technological advancement, smart contracts have become a prime target for hackers, leading to significant financial losses for DeFi users. Consequently, audit companies have emerged to provide third-party security assessments for smart contracts before their deployment. However, even with audits, vulnerabilities can still arise, and site updates and changes can create new risks.
To minimize such risks, InsurAce’s new DeFi insurance product covers the period immediately after a new audit has been conducted. The coverage duration of the insurance policy ranges from 1-12 months, depending on the preferences and risk assessment of the insured. The new insurance product is a result of the partnership with audit companies such as Danish Blockchain Lab Entersoft, Halborn, Numen, Omniscia, PeckShield, and Sayfer.
This new DeFi insurance product will play a significant role in securing the future of decentralized finance by preventing the financial losses that result from smart contract risks. It will also encourage more investors to consider the DeFi space, knowing that their investments have the necessary protection.
In conclusion, the new DeFi insurance product launched by InsurAce is a significant milestone in the DeFi space’s evolution, as it addresses one of the biggest challenges facing DeFi users: smart contract risks. The partnership with audit companies further emphasizes InsurAce’s commitment to ensuring the safety of decentralized finance users. The DeFi insurance market is expanding rapidly, and InsurAce’s innovative product will transform DeFi insurance as we know it.
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