InsureDAO Testnet is live today with Mission Bingo Challenge!
Insuredao team
Insuredao team
Aug 6 · 9 min read

Hi, InsureDAO community!
Finally, InsureDAO testnet is out on Rinkeby testnet today, 6th August at 4:00 PM (UTC) !! You can now test our protocol without actual money 😊
You can read the testnet tutorial below!
Tutorial: InsureDAO testnet guide
InsureDAO smart contracts are currently being audited by Quantstamp and Solidified. Besides that, we need your help to test the platform through the testnet trial.
We expect to get feedbacks and will incorporate them into our mainnet release. Let us know if you find something unintuitive or difficult when you use InsureDAO!
TL;DR
・InsureDAO testnet is live on Rinkeby testnet on 6th August, 4:00 PM (UTC).
・Mission Bingo Challenge for INSURE token incentive.
・Testnet consists of 3 phases: Pre-Hacking, Hacking and Post-Hacking.
・Some missions need to be completed in the Pre-Hacking phase.
InsureDAO
For someone who is not familiar with InsureDAO, let us explain the protocol briefly.
InsureDAO is a peer to pool insurance market protocol on Ethereum.
On InsureDAO, anyone can create, purchase, and underwrite any insurance without KYC.
InsureDAO has following distinctive functionalities.
・Insurance pool creation
InsureDAO allows users to create any insurance pool like anyone can create any liquidity pool on Uniswap. Any insurances, including even risky protocol insurance, will be available to buy and sell on InsureDAO.
This functionality is not available on the testnet since we want to guide testnet participants to InsureDAO through the insurance pool we have set up.
・Dynamic pricing
InsureDAO uses an algorithm to measure risks and the pricing of premiums based on the market’s supply and demand. InsureDAO aims to ensure that insurance is always available by dynamically adjusting insurance prices based on market demand and supply.
・Custom Risk Index
Custom risk Index consists of different insurance pools. Liquidity provider can select any index to deposit their funds based on their risk appetite. Furthermore, every index pool leverages its staked liquidity and provide them to their underlying pools, increasing the underwriter’s fee earnings while lowering insurance premiums.
Leveraged rate and liquidity allocation among underlying pools will be determined by DAO.
・Liquidity Mining & boost
InsureDAO has a liquidity mining program with a reward of our native token “INSURE”. You can participate in the program by providing liquidity into insurance pool as an underwriter. Moreover, you can boost your INSURE reward up to a maximum of 2.5x by locking INSURE for the period you choose (Min: 1 week, Max: 4 years). The longer you lock your INSURE for, the more boosting power you have.
・Credit Default Swap pool (CDS pool)
Credit Default Swap pool is the functionality for solvency problem. As staked liquidity into index pool is leveraged, we could have solvency problem if multiple protocols got hacked at once. In the case that staked liquidity is not enough to pay out, we introduce CDS pool as a reserve fund. A portion of Index fee goes into this pool.
Although you can try providing liquidity directly to this pool, we will not simulate the insolvency case on the te