LI.FI and InsurAce Partner to Launch Bridge Insurance on Jumper.Exchange

On April 18th, it was announced that cross chain transaction aggregator LI.FI announced a partnership with DeFi insurance agreement InsurAce to launch Bridge Insurance. Bridge Insurance has been launched on Jumper.Exchange, with bridge insurance fees typically ranging from 0.1 to 0.5%.

LI.FI collaborates with DeFi Insurance Agreement InsurAce to launch bridge insurance products

Blockchain technology has revolutionized the way transactions are conducted by eliminating the need for intermediaries and providing a decentralized system. The new technology has also paved the way for innovative solutions aimed at enabling cross-chain transactions. On April 18th, LI.FI, the cross-chain transaction aggregator, announced its partnership with DeFi insurance agreement InsurAce to launch Bridge Insurance. This partnership is expected to enhance the security and coverage of cross-chain transactions on Jumper.exchange, as bridge insurance fees typically range from 0.1 to 0.5%.

What is LI.FI?

LI.FI is a cross-chain transaction aggregator that enables interoperability between different blockchain networks. The cross-chain solution provider is on a mission to enable seamless interaction between distinct networks, thereby eliminating fragmentation in the blockchain space. LI.FI makes it possible for users to securely and conveniently transact across blockchains without losing their assets.

What is InsurAce?

InsurAce is a decentralized insurance platform designed for blockchain users. The platform offers a range of insurance products, including smart contract insurance, DeFi insurance, and more. The DeFi insurance product aims to reduce risk and provide security for decentralized applications in the blockchain system. The platform uses a unique, community-driven approach to assess the risk and determine the premium rates.

Introduction to Bridge Insurance

Bridge Insurance is a new insurance offering that provides coverage for cross-chain transactions. This insurance product brings together the strengths and capabilities of LI.FI and InsurAce to offer users a seamless and secure way to conduct cross-chain transactions on Jumper.exchange. Bridge insurance fees typically range from 0.1% to 0.5% and are designed to provide users with comprehensive protection against risks associated with cross-chain transactions.

How Does Bridge Insurance Work?

With bridge insurance, users need to purchase an insurance policy that will provide coverage in case of any unforeseen eventuality during cross-chain transactions. Once the policy is purchased, the premiums are collected in a smart contract and can be used to settle any claims submitted by users. If there is no claim during the policy period, users can earn additional returns on their insurance premiums.

Benefits of Bridge Insurance

Bridge insurance offers several benefits to users. First, it provides comprehensive protection for cross-chain transactions, giving users the confidence to make transactions without worrying about risks. Additionally, it provides a secure and convenient way to transact across blockchain networks. The insurance product also offers impressive rates, with bridge insurance fees ranging from 0.1% to 0.5%, making it an affordable option for users.

Conclusion

The partnership between LI.FI and InsurAce to launch Bridge Insurance on Jumper.exchange is set to revolutionize the way cross-chain transactions are conducted. Bridge insurance provides comprehensive coverage for users, thereby promoting confidence and trust in the blockchain system. With affordable premiums and a community-driven risk assessment approach, Bridge Insurance is an ideal solution for blockchain users.

FAQs

1. What is Bridge Insurance?

Bridge Insurance is a new insurance offering that provides coverage for cross-chain transactions.

2. How Does Bridge Insurance Work?

Users need to purchase an insurance policy that will provide coverage in case of any unforeseen eventuality during cross-chain transactions.

3. What are the Benefits of Bridge Insurance?

Bridge insurance offers comprehensive protection, providing users with confidence for transactions, a secure and convenient way to transact across blockchain networks, and impressive rates with bridge insurance fees ranging from 0.1% to 0.5%.