insure defi

Insure Defi - Insurance Decentralized Protocol

By Makingdigital | makingdigitals | 30 Nov 2021

In real life, it is very normal to acquire insurance for our home, our vehicle or our computer by paying a small monthly or annual fee as appropriate. Insure Defi provides us with the same service, within the blockchain, to cover and secure our cryptocurrency portfolio in case of devaluation or loss.

Insure Defi is a decentralized protocol that partially ensures the depreciation of our capital or the malicious extraction of our funds.

In these times, we know that there are many criminals, scoundrels and thieves, who seek to steal our profits without having done anything to deserve them.

How does Insure Defi protect us from Scams?

It is convenient to know some of its requirements if we want to take advantage of the insurance plan offered by the platform.

First of all, we have to say that Insure Defi forces us to keep a minimum of 2500 Sure tokens in our wallet for at least a week. From here the coverage period begins which, depending on the amount of tokens that we have saved, may be longer.

I leave you some details about this plan:

  • Sure tokens must be stored in a private wallet and on the Ethereum blockchain. It is not useful to have them in an Exchange or to have Sure tokens linked to another network other than Ethereum.
  • The hedging service does not support memecoins, NFT game tokens, or coins that are not listed on at least two centralized exchanges.
  • To be covered for losses due to scams or theft, we have to send a photo verification that the stolen cryptocurrencies were ours.
  • In order to demonstrate the possession and right to our assets, it is convenient that we take a screenshot with the Sure tokens and our most important assets before and after the theft. That they are linked to the same wallet.
  • It does not cover past losses and does not work for cryptocurrencies stored in a Cex.
  • Insure Defi provides us with rewards on a daily basis for adding liquidity to the Uniswap Exchange.
  • To assess your personal case, it is advisable to contact them beforehand in case of doubts.

A very important novelty since there are many robberies, especially in Metamask. Insure Defi also covers us against the volatility of our assets.

Let's not forget that if we request compensation, we must prove that the cryptocurrencies were truly ours. In case they cover us, we will have to renew the insurance by buying back the amount of Sure tokens that we had before the incident.

Insure Defi could deny a contribution for assets that are not listed on multiple exchanges. This is why I suggest you hedge large cap coins like BNB, Bitcoin, Ethereum, 1inch, Cardano, Vechain or Monero for example.

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