Another term that has made DeFi more mainstream and popular than ever before is DeFi insurance.
DeFi Insurance Platform Development
What is DeFi Insurance?
DeFi insurance is simply a blockchain-based replacement for traditional insurance policies. Backed by self-executing smart contracts, it removes the requirement and involvement of claims adjusters and claims themselves.
List of popular DeFi Insurance Platforms
Out of all the available DeFi insurance platforms in the market, there are a few that have gained wide popularity across the globe. Let’s explore the notable ones:
InsurAce Protocol
It is a renowned multi-chain decentralized cover protocol that focuses on making crypto safer for all users in Web3. With 138 protocols protected, $346.2M total value covered, $11.6M total claims paid, and 20 Public Chains Covered, InsurAce helps in overcoming numerous risks such as Smart Contract Vulnerability, IDO Event Risk, Custodian Risk, and Stablecoin Depeg Risk.
Nexus Mutual
Nexus Mutual acts as a great yet decentralized alternative to insurance backed by blockchain technology and Ethereum. It helps in bringing users on the safer side by combatting smart contracts failure and exchange hacks.
Opium Finance
It is a popular DeFi insurance platform where individuals build markets and become their own bankers and hedge fund managers backed by a wide array of next-gen financial tools.
Investing in all these platforms is a win-win idea that will help modern businesses gain a competitive edge in the DeFi Insurance Platform Development industry.
