Yearn.Finance Announces Tokenized Insurance Platform Yinsure

Yearn.Finance Announces Tokenized Insurance Platform Yinsure

By Abhimanyu Krishnan | News | 18 Aug 2020


On August 17, yield farming platform Yearn.Finance unveiled a new tokenized insurance platform called Yinsure, “a prototype for a new kind of tokenized insurance.”

  • Platform has 3 core components: insurer vaults, insured vaults and claim governance
  • Liquidity Providers (LPs) providing insurance are the insurer vaults, with the first vault being USDC
  • Insured vaults tokenize whatever asset is being insured - for example, when USDT is insured, it is provided to vault and generates an equivalent amount of yiUSDT
  • The claim governance component lets the insured create a claim by staking their yiUSD
  • Insurer LPs vote with their yiUSDC in a voting period of 3 days
  • If the claim is approved, yiUSDT is distributed to the yiUSDC LPs and USDC is paid out to the insured
  • If LPs decline valid claims, insurees can move their funds out to make vaults unprofitable for LPs, thus incentivizing the latter to act honestly

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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