PolkaInsure will be one of the first projects on the Polkadot Ecosystem. Their exposure to Ethereum and now the BSC ultimately displays the significance of the project.
PolkaInsure was launched in December 2020 on the Ethereum Network. The team behind PolkaInsure ultimately wants their product to run on the Polkadot Network. When the network is live, it will make use of the MoonBeam technology. Moonbeam is a smart contract para-chain on Polkadot that boasts Ethereum Virtual Machine (EVM) Compatibility.
Since Moonbeam is still running on the Polkadot testnet, the team has postponed its launch till the mainnet is live. In the meantime, the PolkaInsure team has decided that they would also fork the project over to the Binance Smart Chain (BSC). Users can bridge their Ethereum $PIS ERC-20 tokens over to the BSC BEP-20 $bPIS, using the bridge provided by BurgerSwap. The team also provided initial liquidity for the token on the PancakeSwap AMM. The team provided about $140,000 in liquidity or 5000 $bPIS.
PolkaInsure as a first-mover will be one of the first insurance protocols on the Polkadot network. Thanks to Moonbeam, the insurance product can reach out over multiple chains, covering non-native tokens.
PolkaInsure redefines insurance through a P2P marketplace system. It requires no KYC (Know Your Customer), which means that anyone in the world can use the services provided by PolkaInsure. Be it as a liquidity provider or insurance taker. Insurance for Ethereum and BSC projects will also be possible as PolkaInsure supports these chains. The Moonbeam protocol’s deployment will mean that the insurance and the shield mining can finally start.
This model ensures there is no new minting of tokes; instead, the rewards are generated through transactions. Two percent on any transaction will be taxed in the form of transaction fees. These tokens are collected and redistributed among the liquidity providers in the deflationary farm. This should help in price stability and growth as no new tokens are being added.
Many other yield farms have high inflation causing the price of the token to decrease over time. This problem will not occur due to the deflationary characteristics of the $PIS token. Farming and staking are currently only accessible on the Ethereum Network. But, liquidity mining on the BSC should be starting very soon.
Once the insurance protocol is functional, the shield pools will be opened up. People can provide coverage on various projects and start earning yield. Users who offer coverage stand as collateral when claims are being made. This is why projects will have to pass governance voting before being allowed to be insured. The goal is to significantly mitigate the risk because the users will not let shady projects into the protocol’s services. The projects that get enough votes and thus are trusted and are added to the platform. It is important to note that projects also have to provide collateral.
The $PIS token is being used as the project’s governance token. Voting is done based on the proportion of tokens a user has versus the total supply.
The auditing company “The Arcadia Group” has audited the PolkaInsure contract and found one medium concern. This has since been dealt with, and the Arcadia Group will be involved in future audits.
PolkaInsure also partnered up with ValueDefi and is, according to their Medium post, offering two farms on the platform. PolkaInsure has since launched PIS-ETH and PIS-USDT liquidity pools on Value Defi’s Farms-as-a-Service (FaaS) platform.
The total supply for $PIS is 100.000 tokens. Currently, there are 80,000 tokens on the Ethereum Blockchain, and 4,420 bridged $bPIS tokens on the BSC. The remaining 20,000 tokens are still locked up for the upcoming shield mining pools. Every transaction charges a 2% fee, accumulated and redistributed back to the users in the farming and staking pools. Due to its deflationary nature, the token price should be stable, and if there is enough demand, even gain in value over time.
The $PIS token can be traded on PolkaInsure’s own AMM and further on UniSwap, PancakeSwap, HotBit, and Hoo.com, the latter being centralized exchanges.
PolkaInsure contract development
Onboarding De-Fi projects onto PolkaInsure
Partnership, Marketing, and Branding
Listing on Polkadot Projects Ecosystem, Polkacaster
Bridge to Binance Smart Chain
Token Migration from Ethereum to BSC and to Polkadot
PolkaInsure protocol Live to protect De-Fi projects on Polkadot Ecosystem
PolkaInsure will be one of the first projects on the Polkadot Ecosystem. The first mover’s advantage will drive significant growth to the protocol. Their exposure to Ethereum and now the BSC ultimately displays the significance of the project. Their user foundation comprises three different ecosystems, and if Moonbeam delivers as promised, the protocol could ensure a lot of De-Fi users across multiple chains.
The team has incorporated a unique deflationary governance token. The $PIS boasts a capped supply with minimal emissions, making it unique.
The team has many years of experience and has the drive to make this project successful. Until the actual insurance protocol launches, you can stake your tokens or LP them and farm for more $PIS tokens on Ethereum and soon also on the BSC.
Source : bsc.news
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