Note: This article is not financial advice. Hubble Protocol does not endorse any tokens or platforms mentioned in this article.
Key Takeaways
- Hubble has partnered with InsurAce to offer users coverage.
- Users can elect for smart contract cover against hacks or exploits.
Hubble Protocol is proud to announce that it has partnered with InsurAce to provide users with smart contract vulnerability coverage. Cover policies from InsurAce can provide users with a safety net in the event of an exploit.
With this partnership, InsurAce and Hubble are making coverage against smart contract vulnerabilities even more affordable. Users can save 5% when purchasing cover from InsurAce for their positions on Hubble using this link:
How InsurAce Helps DeFi Users Cover Their Positions
InsurAce currently covers over $340 million worth of assets in DeFi, and the protocol has paid out over $11 million in claims to date.
There are several coverage policies that users can obtain from InsurAce that offer protection against:
In the event that a user needs to exercise a claim on their cover, they can begin the claim assessment process to recoup lost funds.
As a decentralized cover protocol, users can earn APY on InsurAce by depositing tokens to participate in underwriting mining. Since these tokens help pay for claims, anyone who participates in underwriting mining is exposed to the risk of helping pay a claim in return for mining rewards during the duration of their deposit.
How to Buy Smart Contract Vulnerability Coverage for Hubble
Users can currently purchase smart contract cover for Hubble at a monthly cost of 0.37% of their coverage amount. To begin, first navigate to the Buy Covers page on InsurAce.
- Then, connect to a wallet. Although InsurAce covers Hubble, which is hosted on Solana, it does not currently accept deposits from the Solana chain. Instead, users will need to deposit funds from Ethereum, BSC, Polygon, or Avalanche.
- Search for Hubble and press "Select" to add this coverage to the cart.
- Click "View Cart" to begin setting up coverage. Users who want to purchase coverage for other protocols can do so by selecting them before moving on to the cart.
- Enter the Solana address associated with a Hubble account.
- Users can choose to cover their position on Hubble with four different assets: ETH, USDC, USDT, or DAI. Choose the cover currency to make a payment, the cover amount, and the cover period.
- The payment will be automatically calculated for the cover amount and cover period. In this example, a 90-day policy covering 5,000 USDC will require a cover payment of 55.44 USDC.
- If happy with this policy, users can begin payment by clicking on agree to terms and conditions.
- Click "Approve" to allow a payment to the InsurAce smart contract. Next, approve the transaction in your wallet.
- Click "Confirm" to finalize payment. Then, approve the transaction.
Never Too Safe as DeFi Hacks Grow More Common in 2022
According to Chainalysis, nearly $2 billion has been stolen through decentralized finance (DeFi) hacks this year alone. In addition, every week, there is a major news story about another major hack, often for millions of dollars stolen at a time.
Hubble has been audited multiple times and has put a bug bounty in place to reduce the chances of facing an exploit. The protocol has also instituted safeguards like net outflow caps to ensure any kind of exploit is limited in scope, recognizing that this is DeFi, and anything can happen!
The idea that bad actors could find a way to exploit Hubble's smart contracts is a reality, even though the code has been tested and audited extensively. As long as there is a non-zero chance of a hack, Hubble will work with InsurAce to protect users against the fallout of this nightmare coming true.
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