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  • Insurance coverage for smart contracts vulnerability - rewards distribution

Fantastic work.

I believe 10% discount to purchasers is best. With gas fees as they are it is already off putting to many to get the coverage. You will probably need to spend ~$200 to even get the coverage.

10% off can give more incentive to purchase

    Mugen You can make payment via BSC, Avalanche or Polygon. Takes care of gas fees 😃

      Unslashed.finance and nexus mutual are two other potential options we could reach out to?

        Montbegon Yes. We are already in contact with Unslashed and provided them the info they require for underwriting. Currently awaiting their reply. Nexus and Bridge Mutual are on our cards too.

        • tex replied to this.

            Excellent proposal devoltaire! I know a lot of Ohmies have asked about insurance in the past and this is a great step towards enabling options for our community. One of the points mentioned in this proposal is the ability for the insurance pool to be expanded if we stake some collateral with InsurAce. My expectation is that demand will outstrip the initial insurance coverage and we will need to examine collateral staking. Given that assumption and the ability for users to purchase insurance through more gas-efficient chains, I think that splitting the discount between Olympus and insurance purchasers is more appropriate.

              Dom98000 Hi, there has been one claim submitted so far and it was not approved.

              Details are here: InsurAce 1st claim

              I have also raised this during our due diligence and response from InsurAce below:

              Quote

              <There has only been one claim so far and it has been rejected.

              But you can see from our data pages that we have a lot of capacity for payouts relative to the capacity of any individual protocol.

              So it would take a huge black swan event of numerous hacks on protocols we cover, at full capacity to ever not have the assets to payout.

              You could look at it as we have been lucky not to have had a payout so far. But at the same time, a payout validates our protocol and shows proof of concept so we are not against it happening>

              Unquote

                I was just about to buy insurance, yeah I want that 10% discount haha

                  I see insurace have only given us 4 stars (out of 5) 🙄 anyone know why?

                    Montbegon Got the reply from InsurAce team

                    <quote> It’s no cause for concern. Just standard for new listings and relatively young projects. <unquote>

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