Please read the below FAQ’s to ensure you understand how Insure works:
What is Insure?
Insure is a tool to enable safer yield farming. Users start by depositing their assets into supported DeFi products (farms) via the Insure contract / webpage. Once deposited users don’t have to do anything extra as it continues to farm like normal. Users can withdraw from the farm whenever they like, and if there was an issue with the farm (e.g. user received less than 95% of their deposit back) compensation is automatically triggered from Insure collateral to attempt to recoup the rest of the users deposit.
How do I insure/provide collateral?
To insure the yield farming there is a collateral pool (to cover payouts in case of farm issues) users who provide collateral earn 40% of all farmed yields to incentivise deposits. Currently only eth collateral is supported, but in future versions there will multi-collateral support. Allowing deposits on tokens such as NUTS giving more opportunities for users to make gains on their tokens 🚀
Why would I farm with Insure?
Insure aims to lower the barrier of entry for DeFi, allowing users more peace of mind whilst farming, as not everyone is a contract dev (to audit the risks of the farm). By farming yield via Insure you are better protected from issues, as the Insure collateral will attempt to recoup the rest of your deposit automatically should you not receive it back.
Why would I provide collateral with Insure?
Alternatively, if you are DeFi veteran (aware of risks with covered farms) providing eth for Insure collateral can provide easy yield in return for covering the farm. Just understand that by insuring the farm in the event of farm issues your eth deposit may diminish, but in return for taking this risk your deposit earns 40% of all farmed yields.
What can I farm with?
Currently for beta Insure is trialling just one farm, BarnBridge, and supporting just USDC deposits. BarnBridge farms the BOND token. In future we hope to add more farms with an expanded pool of tokens.
What can I insure with?
Currently for beta Insure supports just eth collateral, in future versions there will multi-collateral support for tokens such as NUTS 🐿️
Why do I have no divs yet?
BarnBridge farm only pays out divs once a week (every Monday) so you will not have any earnings until that day passes.
Is there a delay on withdrawals?
To withdraw collateral you must wait 48 hours before confirming the withdrawal with a second transaction (this is to prevent the collateral disappearing before farmers can be compensated). Yield farmers however can withdraw their deposits at any time, provided their deposit was 14+ days ago.
Please note Insure is a brand new DeFi concept under beta, so until more time has past to battletest/formally audit, it is not recommended to deposit large amounts unless you understand the risks.