InsurAce Launches DeFi Insurance Product “Post Audit Risk Insurance”
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.
Interpretation of this information:
InsurAce, a decentralized insurance protocol, has recently launched a new product in partnership with audit companies. The new product is known as post-audit risk insurance, and it offers protection against any smart contract risks within a few months after a new audit has been conducted. This initiative is a clear indication of InsurAce’s commitment to enhancing decentralized finance (DeFi) functionalities through cutting-edge insurance solutions.
InsurAce seeks to address one of the most significant challenges facing the DeFi space, which is the risk associated with smart contract failures. The new product aims to provide coverage to audited DeFi projects, reducing the risk of the projects losing funds in the period immediately after the audit. This period is critical as it is when potential vulnerabilities resulting from the audit can be exploited. Furthermore, the independent nature of the audits from several audit agencies and their stringent nature will further enhance the trust in the audited project, making it attractive for institutional investment.
InsurAce’s innovative approach to DeFi exemplifies the continued growth of DeFi insurance solutions. The move by the insurance protocol is an acknowledgment of the importance of this sector in DeFi, as the sector continues to grow and expand. The initiative is expected to have a significant impact on the DeFi insurance sector, as it offers a powerful incentive for organizations to engage in frequent smart contract audits.
The first audit agency to cooperate with InsurAce is Danish Blockchain Lab Entersoft Halborn Numen Omniscia PeckShield Sayfer, and we can expect more to come. By establishing partnerships with several audit agencies, InsurAce is expanding its reach and allowing for a better understanding of the dynamics surrounding smart contract risks. This deeper understanding will, in turn, enable the insurance protocol to make data-driven decisions and keep up with the developing needs of the DeFi insurance market.
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