How To: Buy Cover with InsurAce for Hubble Protocol

Hubble has partnered with InsurAce to bring our users coverage for their assets. Learn about how you can cover your positions on Hubble with InsurAce.

Hubble Protocol is proud to announce that it has teamed up with InsurAce to provide users with smart contract vulnerability coverage. Hubble is extremely focused on securing its users' funds, and cover policies from InsurAce give users the opportunity to recoup their losses in the event of an exploit.

With this partnership, InsurAce and Hubble are making coverage against smart contract vulnerabilities even more affordable. You can save 10% when purchasing cover from InsurAce for your 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. Of course, we very much hope that Hubble's users will never need to file a claim, but by partnering with InsurAce, we're giving users the opportunity to protect themselves nonetheless.

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 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 your wallet. Although InsurAce covers Hubble, which is hosted on Solana, it does not currently accept deposits from the Solana chain. Instead, you will need to deposit funds from Ethereum, BSC, Polygon, or Avalanche.
  • Search for Hubble and press "Select" to add this coverage to your cart.
  • Click "View Cart" to begin setting up your coverage. If you want to purchase coverage for other protocols, you can do so by selecting them before you move on to your cart.
  • Enter your Solana address associated with your Hubble account.
  • You can choose to cover your position on Hubble with four different assets: ETH, USDC, USDT, or DAI. Choose the cover currency you want to make your payment in, your cover amount, and the cover period.
  • Your 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 you're happy with this policy, then you can begin payment by clicking you 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 in your wallet.  

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. We've also instituted safeguards like net outflow caps to ensure any kind of exploit is limited in scope–we also recognize that this is DeFi, and anything can happen!

The idea that bad actors could find a way to exploit Hubble's smart contracts keeps Hubble's devs awake at night, even though the code has been tested and audited extensively. As long as there is a non-zero chance of a hack, we are working with InsurAce to protect users against the fallout of this nightmare coming true.

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