Soteria, the mutual insurance platform, developed on Binance Smart Chain(BSC) is covering the Definix to reassure investors of the securities.
Definix has been audited with paper reports from CertiK, a world-class blockchain-based application auditor, additionally opened Skynet automatically checked on deployed smart contracts 24 hours every day.
Moreover, to even encourage new or experienced investors to the level of transparency and security Definix has partnered with Soteria to cover you up with the insurance they provide.
Who is Soteria Mutual Insurance?
Soteria is dedicated to providing a mutual insurance platform whose goal is to shield members of the DeFi community from exposure to losses. This is a result of arising hacks and compromised smart contracts across the entire DeFi ecosystem. A full version of the smart contract cover.
Users can choose to purchase insurance that covers losses arising from a smart contract being hacked under these conditions:
- Covering: A smart contract has been hacked or tampered with, such as a smart contract being redirected to another wallet. The premium of the claim will be recognized by the claim committee depending on the evidence of each case.
- Not Covering: Phishing in all cases, whether it is by entering personal information on a website, giving a private key, or being hijacked by malware will not be under consideration.
Why Soteria is The Mutual Insurance Platform Definix Has Chosen?
The reputable insurance is wholly owned by members of its community and anyone can contribute to the pool of funds in core with the goal of decentralization.
Big names in DEX protocol like PancakeSwap, Bunny Swap, Auto Farm, Beefy, etc. have chosen this BSC-based insurance platform for a more comfortable zone for the community and indicating security for the loss if only something unfortunate may occur.
Not to mention that Soteria Mutual Insurance is difficult to obtain, it is evident as to why the Definix platform is strong on the fundamental form of blockchain and the smart contract being used is on the top level of protection with small to a minimum risk as well.
To be chosen by Soteria also pushes the bar of confidence and trustworthiness higher for the Definix platform. Soteria must be confident on the smart contracts too to cover Definix’s investors with the insurance purchased.
Features Of Soteria Finance
- It is fully decentralized. The governance power to approve claims resides with the community.
- It runs on the Binance Smart Chain and uses BNB as a guarantee and claims asset.
- The insurance policy for any particular smart contract can range from 30 to 365 days.
- Soteria uses a co-insurance model alongside community members pool resources; in turn, users share risks as well as income from premiums.
- Soteria developed a unique economic model that spurs public participation in risk protection capital and ensures a (Minimum Capital Requirement (MCR) guaranteeing that every claim will be fully settled. Details of MCR and other technicalities can be seen in the Soteria Rules documentation.
Abarikwu, Ahmadi. (20 February 2021). Soteria Finance Project Insight: Pioneering Insurance on the Binance Smart Chain.
Being covered by Soteria Mutual Community has a big meaning to Definix to ensure investors of the transparency, security one could have asked for.
The rapid bloom of DeFi equally attracted hackers who saw it as a new market to carry out their malicious enterprise.
We can never be more careful with the data we put on the internet; especially when it comes to something to do with finances. Sometimes it gets intimidating and sometimes hacking has failed.
But to any extent having decentralized insurance to cover you with the assets will not leave investors to grapple with huge losses.
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