Blockchain insurance ecosystem InSure DeFi aims to protect the users of DeFi, non-fungible tokens (NFTs) and metaverse gaming. Specifically, the platform aims to provide stability to the crypto industry by protecting investors from scams, stolen funds and drastic devaluations of crypto portfolios.
In order to insure their crypto portfolios, users need to purchase SURE tokens from available exchanges and enable coverage from the dashboard. Insurance coverage becomes active on the 7th day of contributing SURE tokens to the Community Vault from the dashboard. New digital assets that were added after enabling the plan must follow the same rule of 7 days before the insurance plan will be covering those assets. It’s worth noting that previous losses are not covered if the insurance plan wasn't enabled before the incident.
On the topic of exchanges, the company’s native SURE token has been listed on the Hong Kong-based crypto exchange Hotbit and on the decentralised exchange O3 Labs. Furthermore, crypto dashboard and data aggregation platform Vulkania introduced a dashboard for inSure in March 2023.
These listings caused a surge in the SURE token’s value. According to coinmarketcap.com, SURE had a low of USD 0.007216 and a high of USD 0.008112 in the last 24 hours at the time of writing. Bitcoinrealm.org reported that SURE was up 82.4% in the last week of March, 203.5% in the past 30 days and more than 320% since the start of 2023.
However, despite these noteworthy gains in 2023, the token is still 93% down from its all-time high of USD 0.113970, which it hit in early 2021.
According to the project’s official whitepaper, the aim is to create a risk-distributing ecosystem where premiums are determined by a Dynamic Pricing Model. In essence, the capital required to back the risks at any point in time will be based on the market pricing of SURE tokens and community demand for insurance of the crypto portfolios.
The whitepaper further details a decentralised support system that will be established to diligently process all the insurance claims and implement the layers of inSureDAO voters to make sure any fraudulent claims are flagged and only valid claims are fulfilled.
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