At Unslashed, we are pleased to launch our diverse offerings of insurance products covering centralized exchanges, DeFi protocols, stablecoin pegs, and more.
LONDON (PRWEB) June 02, 2021
Decentralized insurance protocol, Unslashed, officially launches after already selling more than $1.23 billion worth of notional value across different insurance policies for several protocols during a successful private beta. Now with Unslashed, crypto users can protect their assets from all common risks associated with crypto markets.
By the end of April 2021, major crypto thefts, hacks, and frauds totaled $432 million, $240 million (55.4%) of which is directly related to DeFi hacks or fraud. These statistics are only expected to rise exponentially as bitcoin, ether, and other popular cryptocurrencies continue to gain value, highlighting the particular need for insurance against cryptocurrency crimes in DeFi and across the crypto economy.
Unslashed fills this need with the launch of a host of new policy options for individual and institutional accounts on popular centralized exchanges, such as Coinbase, Binance, and Bitmex, as well as DeFi protocols, such as Synthetix, Balancer, and Bancor. Specifically, Unslashed insures users against exchange and smart contract hacks, validator slashing, loss of dollar 1-to-1pegs for stablecoins, oracle failures, and more.
Unslashed Founder, Marouane Hajji, expressed, "Many cryptocurrency users are not aware of how different this space is compared to traditional finance. Though many centralized exchanges have insurance against hacks or theft, the funds kept in reserve are often only sufficient to cover a fraction of users who could be impacted, and so it is incumbent upon users to protect their assets. At Unslashed, we are pleased to launch our diverse offerings of insurance products covering centralized exchanges, DeFi protocols, stablecoin pegs, and more."
Unslashed allows two distinct types of customers to utilize the protocol: capital providers and policy holders. Insurance capital is provided by investors willing to underwrite various risks and build a diversified portfolio to earn a non-correlated yield, while policies may be requested by any individual in need of coverage. Capital providers can also be policyholders and vice versa. Unslashed diversifies the capital providers' risk across as many verticals as possible. This level of diversification allows capital suppliers to be widely hedged, ensuring they are rewarded with consistent premiums. Unslashed protects against various blockchain risks while remaining truly decentralized with its unbiased claim review process, dispersion of governance tokens, and the most comprehensive, community-driven set of policy offerings available anywhere. With this launch, Unslashed also introduces a capital-efficient model for Insurance Protocols by natively integrating an asset management layer. Backed by 32,000 ETH (~$100 million USD equivalent), it will allow deposited capital to earn DeFi yield on top of standard premiums and rewards mining.
For media inquiries, please contact Jonathan Duran at jonathan[at]melrosepr[dot]com.
Unslashed is a decentralized insurance protocol covering all common risks for crypto assets. Unslashed enables almost instant liquidity to insurance buyers and risk underwriters, ensures constant collateralization, and guarantees transparency through an unbiased claims process. By tokenizing coverage and using “money streaming,” it allows maximum flexibility and freedom: the insured pay as they go and can instantly stop the policy to offload it at any time. Unslashed has already sold more than $1.23 billion (308K ETH) worth of notional value across different protocols and policies. Unslashed is insurance without the bureaucracy. For more information, please visit https://www.unslashed.finance