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9 min readAug 17, 2021

InsureDAO Testnet is live today with Mission Bingo Challenge!

Insuredao team

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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 testnet trial.

Testnet Overview

On InsureDAO testnet, we set 3 insurance pools for imaginary protocols, 1 for Index, and 1 for CDS. Also, we set 2x leverage and equal allocation respectively.

Through the testnet, we expect that you will understand how InsureDAO works, and the significance of an insurance protocol in the DeFi space.

On the testnet, you can try and learn the fuctionalities of Dynamic Pricing and Custom Risk Index by buying & selling insurance. Also, you can simulate Liquidity Mining of INSURE. Moreover, participants will experience the whole reporting process through a pseudo-hacking event.

We aim to achieve the following goals through the testnet:

・Test and ensure the protocol security
・Get anyone ready for the mainnet launch
・Get feedback
・Grow InsureDAO community

We set the#testnet channel on Discord. So feel free to post any comment and feedback. We believe that we can develop more secure and sophisticated protocol with passionate community users!!

Any token on the testnet has no real-world value.

InsureDAO Mission Bingo

We set the InsureDAO missions for testnet participants as an InsureDAO Bingo Challenge! You will be airdropped with INSURE after the mainnet launch.

You don’t have to mark all the lines to be airdropped.
However, the more lines you mark by completing the missions, the more INSURE you will acquire as an airdrop 😆

Missions are the followings.

Mission — 1. Tweet with #InsureDAO and your ETH address

The first mission must be completed if you want to get airdrop!
Post designated tweet about InsureDAO testnet with #InsureDAO to spread the protocol to other DeFi users. Your address, connecting InsureDAO testnet, will be encrypted automatically for the designated tweet.

As anyone can create as many ETH address as they want, we ask you to complete this mission for identification.
Twitter account for the mission must be created at least a month before the testnet launch.

You can post a designated tweet from InsureDAO front-end!

Mission — 2. Buy insurances

Pick up and buy any insurance listed on InsureDAO. You can buy a certain insurance with your desire period (Min: 7days, Max: 365days). Also, you need to select pool of the target protocol to be insured (e.g. 3pool of Curve.fi).

To complete mission 6, you need to claim your insurance pay out. Therefore, we recommend you to buy all of the insurances.

(Page loading may take few seconds, we will try to improve it!)

Mission — 3. Sell insurance by providing liquidity

Provide liquidity into any insurance pool/index that you want to sell insurance. You can simulates how you get premium as an insurance underwriter.

You can provide liquidity on the left card

Mission — 4. Liquidity mining

Stake your LP token of insurance pool into Mining contract so as to get rewarded with INSURE. Liquidity Mining on the testnet simulates the token distribution schedule planned to be executed on the mainnet.

The rewarded token on the testnet is just “Monopoly Money” and you will not earn any actual INSURE no matter how much you gain token on the testnet.

You can participate in liquidity mining on the right card

Mission — 5. Lock INSURE & boost your liquidity mining

InsureDAO liquidity mining can be boosted by Locking INSURE . The longer period you lock INSURE, the more boosting power you get (Min: 7days, Max: 4 years).

This mission is challenging, and it might be a bit hard since we don’t provide UI for this mission on the testnet. Therefore, you need to use etherscan to complete this mission.

First of all, you need to approve Insure token below.
INSURE token contract

After approving, you can lock INSURE below.
hint: you need to use “create_lock” function

Voting escrow contract

Mission — 6. Redeem

Once a payment decision pertaining to the incident is approved, insurance holders can redeem their insurance.

During the testnet, a pseudo-hacking on one of the listed protocols will occur. You can experience the reporting process through the event.

You need to claim your insurance pay out within 7 days of the hacking event. Since the pseudo-hacking event occurs on 25th August, this mission is only available from 25th August to 1st September.

Mission — 7. Follow & Quoted RT our tweet for testnet announcement on Twitter

Follow InsureDAO account and quoted RT the tweet below.

Tweet link

Mission — 8. Idea for Custom Risk Index

As introduced above, Custom Risk Index, which consists of different insurance pools, is one of our distinctive functionalities. We’re happy to hear your idea of what kind of Custom Risk Index should be listed at the mainnet launch.

The Indices in the below image are examples.

Please write your idea in the application form!

Mission — 9. Make contents to spread InsureDAO

InsureDAO would like to reach out to more DeFi users.
The mission is to make content to spread InsureDAO over DeFi space, such as Medium articles, Youtube videos or any kind of content!
You can make any content that shows off the good points of InsureDAO to DeFi users.
(e.g. ELI5: What is InsureDAO?)

Congratulations 🎉
If you complete all the missions 1 to 8, you should get 8 bingo lines!!!
There remains the last mission to get airdrop reward 😊

Mission — 10. Apply for airdrop via the form

The last mission is to apply for airdrop via form below.
Application form

You need to fill following points:

・Your wallet address
・Your twitter account
・Tweet link for Missions(1,7)
・Idea for Mission 8
・Medium link for Mission 9

You can see the application status here.

Phases

The InsureDAO testnet consists of 3 phases: Pre-Hacking phase, Hacking phase and Post-Hacking phase.

Pre-Hacking phase (8/6~8/24)

Before pseudo-hacking occurs, you can complete missions other than mission 6(Redeem).

To complete all the missions, you need to buy all the insurances listed in this phase.

Hacking phase (8/25)

One of the 3 protocols we set will be the victim of our pseudo-hacking event.
The event and the victim pool will be something related to Japanese historical incident!
If you have knowledge of Japanese history, you can guess what protocol will be hacked ;)

We will show you how the reporting process works in this phase.

Post-Hacking phase(8/25~)

If you bought the target insurance before the hacking event, you can complete Mission 6 in this phase by claiming pay out for the insurance you hold. You need to complete mission by 1st September.

Finally, you have to complete Mission 10 (application) to get your airdrop allocation!

Getting started

1 — Connect to Rinkeby testnet

To tune into Rinkeby, click on the network switch button at the top of the Metamask and select Rinkeby Test Network.

2 — Get Ether on Rinkeby

The next step is to obtain test ETH to use on the Rinkeby Test Network.
You can obtain test ETH from Rinkeby Faucet.

You need to post on SNS to request test ETH. Click on the tweet link in the page. Before posting, you need to change ”0x0000000000000000000000000000000000000000"
to your ETH address.

Once you have copied the tweets URL, paste it into the input box on Rinkeby Faucet. All you have to do now is select the amount of ETH you need from the ‘Give me Ether’ button!