Bright Union is pleased to present its sales report for the first quarter of 2023. In this report, we will cover our best sellers among the protocols, monthly sales for January, February and March, cumulative cover capital and claims management. We are committed to providing the best service to our esteemed clients and ensuring a secure environment in the DeFi insurance market.
Best Sellers among the protocols
In Q1 2023, we covered a total of 28 protocols, with a total covered capital of $12.7M. The best sellers for the quarter include Aura, Balancer V2, and Curve, demonstrating their popularity among DeFi users. As a result, we have seen a significant increase in premiums collected in comparison to the previous quarter. In addition to these, we also experienced an uptake in newer protocols such as Pangolin and Magpie.
Monthly Sales for Q1 2023
Our monthly sales for Q1 2023 show a steady increase from the previous quarter. In January, our sales reached an all-time high of $7.5M, followed by $2.1M in February and $2.6M in March. This upward trend is a testament to the trust our clients have in our services and the need for DeFi insurance in today’s market.
The amount of covers also peaked in January, to 22 covers. In total 46 covers were sold in Q1, and 126 since the protocol launch.
Cumulative Cover Capital
The cumulative cover capital for Q1 2023 reached a total of $12.2M, which is a 102% increase from the previous quarter, with the total covered of $24.9M since the protocol launch. This significant increase is reflective of the growing interest in DeFi insurance and our commitment to providing comprehensive coverage to our clients. We anticipate this trend to continue in the upcoming quarters as the DeFi market continues to expand and mature.
Our claims management process has been streamlined to ensure prompt and efficient settlement of claims. In Q1 2023, we received a total of 3 claims with a payout amount of $1.5M. All claims were processed and paid out within 7 business days, reflecting our commitment to providing hassle-free claims settlement to our clients.
In conclusion, Q1 2023 has been a successful quarter for Bright Union, with significant growth across all areas of our business. We appreciate the trust and support of our clients and are committed to providing the best service possible. With the expansion of the DeFi market, we anticipate continued growth and look forward to providing comprehensive coverage to a wider range of protocols and projects. Thank you for choosing Bright Union as your DeFi insurance provider.
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