InsurAce has listed Mirror Protocol in a significant partnership agreement that will offer Mirror users DeFi insurance for their mAsset holdings against smart contract attacks.
InsurAce Expands DeFi Protection: Mirror Protocol Joins Over 50+ Projects
The insurance protocol has listed Mirror Protocol on app.insurance.io to protect its synthetic mAssets held by its users against smart contract attacks. This news comes after InsurAce’s its recent partnership with Anchor protocol built on the Terra network.
The Mirror protocol has a 4-star security rating on InsureAce. InsurAce will offer an annual premium price of 5.99% for smart contract protection of mAssets. There will be an initial insurance capacity of $8 million shared between Terra and Ethereum. Users must buy into the insurance for their funds to be locked and safe.
“The demand for InsurAce’s Anchor product has been terrific, and now we’re delighted to offer the first DeFi insurance pool for Mirror users via InsurAce,” Do Kwon, Co-Founder and CEO of Terraform Labs, was quoted in the official Medium post from July 21. “InsurAce’s exemplary insurance protocol will now offer smart contract protection at affordable premiums for Mirror’s rapidly expanding user base, broadening coverage options across the Terra ecosystem.”
mAssets, also called Mirror Assets, are synthetic assets created by smart contracts on the Terra network. They mimic the price behavior of real-world assets and give traders open access to track prices of real-world assets anywhere around the world.
Building the Terra Ecosystem
The protocol has successfully provided reliable, robust, and secure insurance services to DeFi users. It helps ensure that users funds are secured against numerous risks. After integrating the Anchor protocol, Mirror protocol promises to be another significant addition to its growing ecosystem.
In addition, the listing of both protocols shows that InsurAce is a strong supporter of the Terra network, making sure that insurance services are offered to the growing Terra community. InsurAce makes a considerable statement in the DeFi market with its emphasis on Terra.
“Mirror protocol is a great new addition to the Terra family, and following our recent success with Anchor Protocol, we welcome the chance to offer insurance services to this great project, its users, and the wider Terra community,” founder of InsurAce, Oliver Xie, said in the Medium. “We will continue to make DeFi a safer place for everyone.”
InsurAce’s exemplary insurance protocol will now offer smart contract protection to Mirror’s expanding ecosystem at affordable prices. In addition, the Mirror protocol will make the insurance process straightforward.
There will be a pop-up reminder for users to click through and purchase insurance through InsurAce. Significantly, the InsurAce protocol has expanded its ecosystem and improved Mirror’s synthetic assets protocol, adding stability and secure insurance service to its users.
What is InsurAce?
InsurAce is a top decentralized multi-chain insurance protocol that provides reliable, robust, and secure insurance services, ensuring that users’ investment funds are secured against various risks. Since its launch in April 2021, the protocol has experienced significant growth across the DeFi space.
Now, users can enjoy unbeatable low cover premiums, cross-chain coverage, multi-chain accessibility, and sustainable investment opportunities with InsurAce. The protocol currently offers insurance services to over 50 projects, four Centralized exchanges (CEXes), and 1 IDO platform. It also supports numerous blockchains like Ethereum, Binance Smart Chain (BSC), Solana, Fantom, Terra, Thorchain, Heco, and Polygon.
Source : bsc.news
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