We recently shared that our flagship DeFi product, Origin Dollar (OUSD), was listed on a leading decentralized insurance protocol, InsurAce. By offering DeFi coverage for over 80 tokens, InsurAce is helping to provide easy-to-obtain coverage against smart-contract-based vulnerabilities.
We are happy to be working with InsurAce through this strategic partnership that brings OUSD insurance seekers a wider array of coverage options. Origin Dollar holders now have multiple risk management options from bugs or vulnerabilities in the OUSD contracts that would lead to a material loss of funds. Security is always our top priority. OUSD has been thoroughly audited by multiple, well-respected security firms, including OpenZeppelin, Trail of Bits, Solidified, and Certora. You can read the results of these audits and the other steps we’ve taken to keep your funds safe in the OUSD documentation.
This partnership creates a new opportunity to offer discounted premiums to OUSD holders who cover their Origin Dollars through InsurAce. As a result, OUSD owners can protect their holdings for as little as 2.5% per year. Additionally, InsurAce offers even deeper discounts to our community in the form of InsurAce (INSUR) token rewards by using this referral code at the time of purchase. INSUR is the platform token for InsurAce and can be traded on many popular decentralized and centralized exchanges.
If you are seeking coverage for your OUSD holdings, you can browse an easy-to-use marketplace of coverage options. You will first need to select Origin Dollar from their marketplace. Next, selected coverage will be added to your cart, which you can find on the bottom right of the marketplace menu. Then you will need to browse to the cart to open the checkout page.
On the checkout page, you must select the Base Currency to be used to pay for your coverage. This payment method can be one of several familiar cryptocurrencies, including ETH, DIA, USDC, and USDT. Next, you will need to select the amount of coverage you wish to purchase and a time frame for which the Cover is valid. Enter the desired Cover Amount and Cover Period. Once done, wait for the system to calculate the Total Premium.
In the unlikely event of an issue with the OUSD smart contracts, those who chose to purchase coverage from InsurAce can start a claim to be reimbursed. Please note that you must submit your claim request during the Cover Period or within 15 days after the Cover expires. In the event of a successful claim, you will be paid out in the cryptocurrency that you chose at check out. If you have further questions about InsurAce, please take a look at their comprehensive documentation.
InsurAce.io is a decentralized multi-chain insurance protocol to empower the risk protection infrastructure for the DeFi community. InsurAce.io offers portfolio-based insurance products with optimized pricing models to substantially lower the cost; launches insurance investment functions with flexible underwriting mining programs to create sustainable returns for the participants, and provides coverage for cross-chain DeFi projects to benefit the whole ecosystem.