Launch of YieldFarming.Insure

I don't know why my Medium post was flagged for violating their rules, so below is the overview of the protocol.

Right now, the total value locked in DeFi protocols is $7.8B, with only around $66M insured through Nexus Mutual (around 0.85% of DeFi is protected). With numerous smart contract vulnerabilities discovered in recent months, protecting one’s assets and yield is becoming a more pressing issue.

With the launch of YieldFarming.Insure, we are introducing a new type of farming, Insurance Mining.

We are incentivizing farmers to buy cover on their staked assets and stake the yNFTs (given to them through on our platform. In return, stakers will receive $SAFE. Since yInsure offers two types of cover currency (ETH & DAI), there will be 2 pools, one for yNFT(ETH) and one for yNFT(DAI).

Your reward rate for the yNFT pools is calculated by the “adjusted cover value”. This value is calculated (when you stake) by taking the original cover amount and multiplying it by the percent of time remaining before expiration. For example: if you bought a 40-day 1000 ETH cover 10 days ago, then your adjusted cover value is 1000 ETH*(30 days remaining / 40 days total cover) = 750 ETH. (yNFTs that expire in 1 day or have already expired are not eligible to be staked since their adjusted cover value is minimal).

The protocol will also have 2 more pools (4 total), $WNXM, and $DAI-$SAFE (98/2 Balancer Pool). The $WNXM pool is to reward supporters of Nexus Mutual, the underwriter of yInsure products. The DAI-SAFE pool is to incentivize liquidity for SAFE.
$SAFE is a governance token with no value.

I am currently working with some community members to implement ERC20 cover tokens, where each token represents 1 DAI/ETH of cover. These will be free to trade and buy and the token's price will depreciate as the time approaches the cover expiration date. Each token will be redeemable for 1 DAI/ETH if the contract is exploited and the claim is successful.

Twitter: @InsuranceMining
Creator: @chefinsurance

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