insurance
Crypto Overview
Project Overview
InsurAce is a decentralized insurance protocol providing insurance services for decentralized finance (DeFi) projects. The INSUR token is used for governance and staking within the InsurAce ecosystem.
Purpose and Utility
The main purpose of INSUR is to facilitate decentralized insurance coverage for DeFi protocols. Token holders can participate in governance decisions and stake tokens to provide insurance capacity. The protocol aims to protect users against smart contract vulnerabilities, stablecoin de-pegging, and other DeFi-related risks.
Business Model Evaluation
The core business model revolves around providing insurance services through smart contracts. Users pay premiums to get coverage, and token stakers earn rewards for providing insurance capacity. While insurance itself is permissible in Islam, the protocol's integration with interest-based DeFi lending protocols and yield farming raises concerns.
Real-World Adoption
InsurAce has processed multiple insurance claims and currently provides coverage for numerous DeFi protocols. The platform has active users and maintains partnerships with various blockchain projects.
Development Activity
The project maintains active development with regular updates to its protocol and user interface. The team continues to expand coverage options and improve the platform's functionality.
Crypto Impact
To assign a comfort level investing in insurance from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to insurance.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.