A Mixture of DeFi, Insurance and NFT Mining?

2020-10-06 09:50:00 · 70 views · 4 min read


You might have seen a lot of DeFi NFT projects these days and learnt some new ways to play with and earn from NFTs. Today we’re going to introduce you to what happens when NFT meets DeFi and insurance.




Buy DeFi Insurance, Get NFTs


yInsure, also referred as Cover, is a new product function under yearn.finance. It is a pooled insurance coverage underwritten by Nexus Mutual and a new kind of tokenized insurance. Whether it’s a base asset such as DAI, or a composite asset such as aDAI or yDAI, you can simply ensure your assets here.



It currently supports the following DeFi protocols: yearn.finance, Aave, Balancer, Compound, Curve, dForce, mStable, opyn, Synthenix, UMA, Uniswap V2.



Simply fill in the days and amount of crypto asset you want to cover, you’ll get your insurance policy.



The insurance policies are tokenized in the form of NFTs. Your insurance policy as a unique NFT, also called yNFT, can be transferred, bought or sold.



Trade Insurance NFTs


The yInsure smart contract insurance is available as tradable yNFTs on Rarible.



So yNFTs on Rarible create a secondary market. You can buy smart contract coverage without directly going to any DeFi protocol.



For example, this is an yNFT on Rarible. If you purchase it, you’ll also get an insurance that covers Balancer smart contract risks worth 25 ETH.



And there are more insurance policies to choose.



Rarible also provide users with rewards in RARI tokens, the marketplace’s native governance token, for buying or selling NFTs on their platform. More information about Rarible, read this article: What’s Next After the DeFi Booming? NFT!



Mine SAFE Tokens


Want to earn more with your yNFTs? Stake insurance yNFTs in Cover Protocol and mine SAFE tokens.



You can now stake your yNFT(ETH, DAI, SAFE-DAI, wNXM) and farm SAFE tokens.



The SAFE token price all-time-high hit $551.4, and its all-time-low price is $219.8 according to Coingecko. Track the dapp statistics and SAFE token price at: https://www.dapp.com/app/cover-protocol-safe.



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