This is how you buy the cheapest Insurance for your crypto
Bright Union x InsurAce.io collaborating to make DeFi insurance affordable for anyone
The decentralized insurance industry is growing rapidly. Great yields come with high risk. In 2021 alone, $10,5 billion due to theft in DeFi.
These losses are accelerating, with $10.5 billion of losses in 2021, up from $1.5 billion in 2020. Experienced DeFi users who do the math come to the conclusion that an average annual cover price of 2.5% is a no brainer compared to the juice APY’s they are receiving.
One of the drivers of the growth of DeFi insurance is the reduced cost of buying insurance products. During the first era of insurance growth in Q1 2021, fees paid for coverage were on average ~$12,500 per cover which only the larger whales amongst us can afford. Today you can see covers bought for as low as ~$80 (which cover your capital up to $35K for a month), making coverage affordable for anyone.
The pain of gas costs
A key driver for the price of insurance covers is the gas price. Who will buy a product of $80 when the gas price is $200? Gas prices on Ethereum currently are very high and introduction of multi-chain insurance covers resulted in a significant reduction in gas prices from over $200 to below $1. Next to Ethereum, both InsurAce.io and Bright Union now offer insurance on BSC and Polygon.
7.5% cashback for everyone — get the best offer in the market!
Buying an InsurAce.io cover through Bright Union will now be more affordable than ever: you will get a 7.5% of your fees as a reward in $INSUR token, reducing your insurance cost to 0.19% per month! These rewards can be claimed from the InsurAce.io app.
[ 💎 update: this cashback promotion has been extended until February 28! 💎 ]
20% cashback promotion when staking BRIGHT until end of February
To lower the barriers to experiment with decentralized covers and enter the world of DeFi we will offer another cashback incentive until the end of February. Users who have staked 5000 BRIGHT when buying a cover get a 20% cashback. Anyone staking between 1000 and 5000 BRIGHT will receive a 10% cashback. These cashbacks will be distributed in BRIGHT at the end of the promotion.
Why we choose to airdrop rewards as cashback
The team strongly believes that a further reduction in the cost of decentralized insurance will kick-start a further growth of the entire DeFi insurance market. The current promotion is a low-effort way of validating this assumption. If the airdrop leads to a significant uptake of sales the team can make a proposal for the DAO to develop a on-chain reward system which does not require a manual airdrop.
Cover your crypto against hacks for only 1.8% per year
Imagine, you are staking $1.000 in several Pancakeswap liquidity pools which provide you an API of over 15%. The main risk you are still exposed to is a hack of the Pancakeswap protocol. Wouldn’t you sleep better if you can take away this risk for only 1.8% of your returns? Go to app.brightUnion.io and get covered!
About Bright Union
Bright Union is the world-leading multi-chain decentralized finance cover marketplace. Our mission is to safeguard your digital assets from hacks, smart contract failures, and rug pulls by empowering the crypto community to cover one another in a decentralized and permissionless manner.
Bright Union provides the most comprehensive range of crypto insurance on the market at competitive prices. Furthermore, Bright Union will soon release its unique suite of cutting-edge risk solutions, providing investors with outstanding investment and coverage opportunities. Be bright and take advantage of DeFi’s exponential growth.
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