比特币：InsurAce协议的DeFi保险之探索_BLOCK

保险协议是DeFi不可或缺的乐高

The insurance agreement is DeFi's indispensable Lego.

DeFi被攻击的事件已经累见不鲜了，未来还会继续发生，这一点无需赘述。保险会是DeFi领域的持续存在的重要需求。

There is no need to dwell on the fact that the attacks on DeFi have become so numerous that they will continue to occur in the future. Insurance will be an important and continuing need in the area of DeFi.

按照目前的市值看，整体DeFi的市值大约近1000亿美元，锁定资产超600亿美元，这个规模已经不小了,即便DeFi保险需求市场达到锁定资产量的10%，也有60亿美元的市场规模。这意味着未来DeFi保险的市场需求不小，且会随着DeFi的增长而增长。

In terms of current market value, the overall market value of DeFi is close to $100 billion, with assets locked above $60 billion, which is no less than a $6 billion market size, even if the DeFi demand market reaches 10% of the targeted asset volume. This means that the market demand for DeFi will grow in the future, as DeFi grows.

目前的DeFi处于发展的初级阶段，DeFi的目标远不止是千亿美元级别。不过，要想真正扩大DeFi的规模，保险是必不可少的乐高。因为安全的需求始终是资金的最重要需求。

The current DeFi is in the early stages of development, and its goal is much more than a trillion dollars. But insurance is essential if the DeFi is to be truly scaled up. Because the need for security has always been the most important requirement for funding.

阻碍DeFi保险发展的主要障碍

Major obstacles to the development of the DeFi insurance system

高费用

High cost

阻碍DeFi保险发展的最主要障碍之一是保险费用。当前，不少DeFi保险的费用是比较高的。本来参与DeFi的资金大多是偏好高风险的，如果保险费用过高，很多资金可能就不太愿意购买保险。这不利于DeFi保险需求的释放。

One of the most important obstacles to the development of the DeFi insurance system is the cost of insurance. At present, many of the DeFi insurance costs are higher. Most of the funds that would have been involved in DeFi would have been high-risk.

如果保险需求无法释放，那么DeFi保险市场就无法扩展。因此，高费用是阻碍DeFi保险发展的最主要的障碍之一。高费用，除了gas费用之外，更主要的是保险费用本身，这一点目前很少有DeFi保险有比较完美的解决方案。

If the demand for insurance cannot be released, the DeFi insurance market cannot expand. Thus, high costs are one of the most important obstacles to DeFi’s development.

需要许可

Permission required

像NexusMutual的用户获得保险服务需要完成KYC验证，且全球有很多国家是不具备获得其服务资格的，目前有日本、印度、墨西哥等17个国家无法获得其服务。这把很大部分的DeFi用户挡在门外。

Users like NexusMutual have access to insurance services that require KYC certification, and many countries around the world do not qualify for their services, and 17 countries, such as Japan, India, and Mexico, do not currently have access to their services. This keeps a large proportion of DeFi users out of the door.

保险容量低

Low insured capacity

如果我们去Cover或NexusMutual上看，有很多协议的保险容量很低，也就是说，它能够提供保险服务的资金很低，在Cover上有很多协议连100万美元的保险容量都不到。这很难为有需求的用户提供服务，不利于DeFi保险市场的扩展。

If we go to Cover or NexusMutual, there are a lot of agreements with very low insurance capacity, that is to say, it has very low funding to provide insurance services, and a lot of agreements on Cover have less than $1 million in insurance capacity. This makes it difficult to provide services to users in need and is not conducive to the expansion of the DeFi insurance market.

Axie Infinity 上线Origins Season 4: Epic Era:5月24日消息，链游 Axie Infinity 官方宣布 Origins Season 4: Epic Era已正式上线，奖池超 3.9 万枚 AXS（约 26 万美元），占总奖池的 35%，此外还有额外奖金激励。Origins Season 4: Epic Era将带来多项平衡性更新，以实现更具战略性和公平性的游戏玩法，此外还对游戏内文本进行了优化以增强可读性。[2023/5/25 10:38:06]

Axie Infinity Online Origans Season 4: Epic Era: May 24, news from Axie Infinity, official announcement that Organins Season 4: Epic Era is officially online, with over 3.9 million AXSs (approximately $260,000), representing 35% of the general prize pool, plus an additional incentive. Origans Season 4: Epic Era will bring a number of balanced updates to achieve a more strategic and equitable play method, in addition to optimizing the inner version of the game to enhance readability. [2023/5/25 10:38:06]

新项目无法获得保险服务

New projects do not have access to insurance services

很多新的DeFi协议有保险服务的需求，但其用户往往无法获得保险服务。这也不利于DeFi的发展，也不利于保险市场规模的扩大。

Many of the new DeFi agreements have a demand for insurance services, but their users often do not have access to insurance services. This is detrimental to the development of DeFi and to the expansion of the insurance market.

目前DeFi市场超过200多个项目，而在NexusMutual上提供保险服务的大约有70多个DeFi协议。也就是说，剩余大约70%左右的DeFi协议用户无法获得其保险服务。

Currently, there are more than 200 projects in the DeFi market, and there are about 70 DeFi agreements providing insurance services on the Nexus Mutual. That is, about 70% of the remaining users of the DeFi agreement do not have access to their insurance services.

无跨链的保险

Unchained insurance

目前保险往往只是为一条链上的主流DeFi项目提供服务，暂时还无法提供跨链的DeFi保险。随着波卡、阿童木等多链生态的崛起，跨链保险的需求会越来越多，但没有得到满足。

At present, insurance often serves only the mainstream DeFi project in a chain, and for the time being it is not possible to provide a cross-chain DeFi insurance. With the rise of multi-chain ecology, such as Poca, Amud, etc., the demand for cross-chain insurance is increasing, but it is not being met.

保险产品单一

Single insurance product

目前DeFi保险主要是关于合约安全方面的保险，而用户的资产安全需求有很多，未来可以开拓更多的保险产品。

Currently, the DeFi insurance is mainly about contract security, while the asset security needs of users are numerous and more insurance products can be developed in the future.

风险管理欠缺

Lack of risk management

比如如何应对保险平台自身被攻击？资金过于集中到几个大的协议中，如何分散风险？如何通过专业的评估来管理索赔？

How, for example, to deal with an attack on the platform itself? Too much money in a few large agreements, how to spread risk? How can claims be managed through professional assessments?

资本利用效率不高

Inefficient use of capital

一些DeFi保险产品的资本利用效率不高。注入资金池的资金并没有得到充分利用，闲置率过高。此外，还需要充分考虑承保方的收益可持续性。对承保方来说，他们提供了承保资金，如果其收益不如其他DeFi协议的质押收入，那么，这种模式很难持续。

The capital use of some DeFi insurance products is inefficient. Funds injected into the pool are underutilized and the rate of idleness is too high. In addition, full consideration needs to be given to the sustainability of the insurer’s earnings. For insurers, they provide insurance funds, which are difficult to sustain if the benefits are less than pledged income from other DeFi agreements.

从上述看，DeFi保险市场远不完美，还有很多可以改进的空间，这意味着，保险协议还会不断迭代。而我们今天提到的InsurAce也是一家DeFi保险协议，它最核心的不同点在于其“组合保险”模式以及投资和保险的协同。

From this point of view, the DeFi insurance market is far from perfect, and there is much room for improvement, which means that insurance agreements will continue to evolve. And the InsurAce that we are talking about today is also a DeFi insurance agreement, the most central difference being its “portfolio” model and the synergy of investment and insurance.

CoinShares：上周数字资产投资产品净流入830万美元:9月26日消息，据CoinShares周报数据，上周数字资产投资产品净流入 830 万美元，其中比特币与以太坊投资产品分别净流入 260 万美元与 690 万美元，做空比特币的投资产品净流出 510 万美元，出现了连续 7 周以来的首次净流出。此外，上周首次推出的做空以太坊产品流入 110 万美元。[2022/9/26 5:51:36]

CoinShares: Net inflows of digital asset investment products were $8.3 million last week: on 26 September, according to CoinShares weekly report, net inflows of digital asset investment products were $8.3 million last week, of which $2.6 million and $6.9 million, respectively, in Bitcoin and Etheria investment products, and $5.1 million, net outflows of investment products for spacebitcoins, the first in a row in seven weeks. In addition, the first-ever launch of the past week was an inflow of Pacific products was $1.1 million. [2022/9/26:51:36]

InsurAce的DeFi“组合保险”探索

InsurAce's DeFi “combined insurance” exploration

在当前的多数DeFi保险市场，当用户购买保险时，都是按单个协议进行购买。比如当用户进入NexusMutual，用户选择其中的一个协议，输入自己投保额度和期间等，之后可以获得报价并进行购买，还有一个前提是需要完成KYC验证。而在InsurAce，从它的测试dApp来看，用户可以按照自己的需求，无须KYC，可一次性选择多个DeFi协议进行投保。

In most of the current DeFi insurance markets, when the user purchases insurance, it is purchased on a single agreement basis. For example, when the user enters the Nexus Mutual, the user selects one of the agreements, inputs its own insurance amount and periods, etc., then obtains a price offer and buys it, subject to completion of the KYC certification.

例如，用户可以自由选择Uniswap、Compound、Alpha等进行投保，输入保额、期间，InsurAce协议的dApp会给出保费报价，如果用户觉得合适，进行购买即可。此外，InsurAce的组合保险也可以根据两个维度进行选择：可以根据协议的业务类型进行，例如借贷、DEX、预言机、衍生品等；也可以根据协议的风险级别进行选择，不同的协议具有不同的风险级别，也有不同的保费级别。

For example, users are free to choose between Uniswap, Compound, Alpha, etc., and enter the premium, during which the dApp of the InsurAce agreement offers a premium price, if the user feels fit to do so. In addition, InsurAce's combination insurance can be selected according to two dimensions: it can be based on the type of business of the agreement, such as borrowing, DEX, pro forma machines, derivatives, etc.; it can also be selected according to the risk level of the agreement, with different agreements having different risk levels and different premium levels.

InsurAce的“组合保险”模式，有三个好处：

InsurAce's “combined insurance” model has three advantages:

分散化风险

Decentralized risk

InsurAce协议中的承保资金池并不是针对单个协议，而是面向整体的多个协议。通过提供“组合保险”，可以为承保的投资者分散化风险。

The insurance pool in the InsurAce agreement is not for individual agreements, but for multiple agreements as a whole. By providing “portfolio insurance”, the risk can be decentralized for insured investors.

降低保费

Reduction of premiums

根据InsurAce的白皮书，它会开发出独有的保险定价模式，以降低保费。此外，它还计划通过投资收益来降低保费。

According to the InsurAce White Paper, it develops a unique insurance pricing model to reduce premiums. In addition, it plans to reduce premiums through investment returns.

方便操作

Easy to operate

InsurAce可以让用户获得打包的DeFi协议保险服务，而无须一个个地进行投保。

InsurAce gives users access to packaged DeFi insurance services without having to be insured on a one-by-one basis.

CoinShares：实物ETP产品及其发行方不受FTX破产影响:金色财经报道， 数字资产管理公司CoinShares在社交媒体发布声明称，旗下实物交易所交易产品CoinShares Physical ETP及其发行方CoinShares Digital Securities Limited均不会直接受到FTX破产或控制权变更的影响，也没有相关风险，FTX没有参与相关产品的运营。CoinShares补充称，基础代币仍然是可行的投资，尽管FTX事件正在对FTT和Solana价格造成下行压力，但FTX并不能决定CoinShares如何管理自己的投资产品。此前消息称，CoinShares披露其对FTX的风险敞口约占其总资产净值的11%，包括约2590万美元的USDC、190枚比特币、1000枚以太坊。[2022/11/12 12:55:41]

CoinShures: The physical ETP products and their issuers are not affected by the FTX bankruptcy. CoinShares adds that the underlying token remains a viable investment and that despite the downward pressure that the FTX incident is putting on the prices of FTT and Solana, the FTX does not determine how CoinShares manages their investment products. As previously reported, CoinShares disclosed that their exposure to FTX represented approximately 11 per cent of its total net asset value, including about USDC, US$ 259.9 million, 190 specials, and 1,000 in too far. [2022/1112:55:41]

也就是说，InsurAce的“组合保险”模式，试图解决供应方和需求方的关切问题，降低承保方的资金风险，降低购买保险方的费用。

In other words, the InsurAce “combined insurance” model seeks to address supply-side and demand-side concerns, reduce the financial risk to the insurers and reduce the cost to the purchasers.

根据InsurAce项目方的测算，由于其采用了“组合保险”模式，根据其购买的组合保险协议的不同，跟NexusMutual相比，大约可以节省20-50%左右的保费。如果未来落地实践后，能达到这种级别的节省，意味着两个事情：一是有机会扩大DeFi保险市场规模，因为更多的用户用得起；二是会对NexusMutual产生压力，促使其迭代升级，从而推动DeFi保险市场的整体发展。

According to InsurAce's calculations, as a result of its use of the “portfolio insurance” model, it can save around 20-50% of the premiums compared to the Nexis Mutual, depending on the combination of insurance agreements it purchases. If this level of savings is achieved after future landings, it means two things: the opportunity to expand the size of the DeFi insurance market, because more users can afford it; and the pressure on Nexis Mutual to upgrade it, thus contributing to the overall development of the DeFi insurance market.

按照InsurAce的“组合保险”模式，后续甚至可以考虑跨链的“组合保险”，可以在一个应用上挑选不同链不同协议的保险，也就是说，可以一键式地为以太坊、波卡、阿童木等链上资产提供保险服务。这对于用户的资产管理来说，可能是一个很大的方便。同时，随着DeFi资产管理服务的兴起，这些资产管理服务协议，也有极大的DeFi保险需求，如果存在这样的跨链的DeFi保险服务，那么，对于它们来说，也利于提升其资产管理服务的质量。

Under the InsurAce “combined insurance” model, it may even be possible to consider a cross-chain “combined insurance” in which different chains of insurance can be selected in one application, i.e. one-key coverage can be provided for assets in the ether, Poca, Amino, etc. This may be a great convenience for users in terms of asset management. At the same time, with the advent of the DeFi asset management service, these asset management service agreements also have a great demand for deFi insurance, and if there is such a cross-chain deFi insurance service, it would also be beneficial for them to improve the quality of their asset management services.

InsurAce的DeFi保险“协同”

InsurAce's DeFi Insurance “Synergy”

在InsurAce的模式中，不仅有传统保险用户和承保用户，还有投资者用户。投资者用户通过其投资的入口，可以选择不同风险级别的产品。这些投资产品会得到InsurAce上的保险服务。不仅有保险服务，还会获得投资收益和INSUR代币的激励。

In the InsurAce model, there are not only traditional and insured users, but also investors. Investors can choose their products at different risk levels through the entry of their investments. These investment products will receive insurance services on InsurAce.

动态 | DeFi 应用 Instadapp 锁定资产达 2600 万美元，无第三方审计引发质疑:去中心化金融应用 Instadapp 智能合约中锁定资产超过 2600 万美元，但因一直未接受任何第三方的审计而引发推特用户质疑。Instadapp 的开发者表示，因为他们使用了 MakerDAO 代理合约的克隆版，因此不需要审计。但推特用户 Chris Blec 发推质疑称，“对于一个不懂代码的终端用户来说，是否使用了 MakerDAO 代理合约的克隆版，在没有第三方审计或信誉良好的 Solidity 开发人员的佐证下也无从得知”。针对 Chris Blec 的质疑，Instadapp 方面表示，将在大约 3 周后发布一个完整的审计报告。[2019/8/11]

DeFi application Instadapp targeted assets amounting to $26 million, and no third-party audit raised questions: “For a user who does not understand the code, a cloned version of the MakerDAO proxy contract has been used, and has not been supported by a third-party audit or a well-reputed Solidity developer, has been called into question by Twitter users. Instadapp developers have indicated that they do not need an audit because they used the clone version of the MakerDAO proxy contract. However, Twitter users Chris Blec questioned that “for a user who does not understand the code, a clone of the MakerDAO proxy contract has been used, and has not been informed of it without the support of a third-party audit or of a reputable Solidity developer.” With regard to Chris Blec, Instadapp indicated that a full audit report will be issued about three weeks later. [2019/8/11]

此外，“保险资金池”中可利用资金也会投入到“投资资金池”中，这部分闲置资金可用来赚取更高的收益。与此同时，保险资金池还可以为投资资金池提供保险服务，从而实现协同。

In addition, the funds available in the “insurance pool” will be invested in the “investment pool,” where idle funds can be used to generate higher returns. At the same time, the insurance pool can also provide insurance services for the investment pool and thus create synergies.

通过这样的方式，投资池的资金带来的收益，可以提供补贴，可以进一步降低保费。而为资金池提供保险，也可以为保险池增大保险的业务，增加保费收益。

In this way, the benefits of the investment pool’s funds can be subsidized and the premiums can be further reduced. In turn, insurance for the pools can be increased and the premiums increased.

通过这种共生协同的模式，让保险和投资产生一种相互支持的关系。而这种模式的核心在于，它可以通过降低保费，吸引更多的保险需求方参与进来，同时，它也激励用户参与投资服务，而该投资可以自带保险功能，可以在保证相对收益的情况下，获得更大的资金安全。

Through this symbiotic model, insurance and investment create a mutually supportive relationship. At the heart of this model is that it can attract more insurance demand-side participation by lowering premiums, while at the same time it motivates users to participate in investment services, which can carry its own insurance function and gain greater financial security with relative returns.

当用户在保险资金池中存入承保资金，除了保费收益，还可以获得INSUR代币的激励以及可能的投资收益。同时，当一位保险的需求用户购买InsurAce的保险之后，虽然支付了保费，但可以获得INSUR代币激励，如果INSUR代币价值提升，会降低其购买保险的成本，尤其是早期参与者。此外，一旦出现理赔事件，也可以通过程序获得相应赔偿。

At the same time, when an insurance user pays a premium for InsurAce’s insurance, it can obtain incentives in addition to premiums and potential investment returns. At the same time, when an insurance user who needs it pays a premium, it can obtain an INSUR incentive, which would reduce the cost of insurance coverage, especially for early participants, if the value of INSUR is raised.

InsurAce对于DeFi保险市场可持续性的考量

InsurAce's consideration of the sustainability of the DeFi insurance market

DeFi保险市场最终能不能发展起来，除了不断增加的DeFi资产有天然的安全需求之外，还有很重要的是，承保方能不能获得其资本的较高收益率，保险用户能不能承担起保费费用。这里需要一个均衡。

The ultimate viability of the DeFi insurance market, in addition to the natural security needs of the growing DeFi assets, is that it is important that insurers have access to a higher rate of return on their capital and that insurance users are able to cover the cost of the premiums. Here, a balance is needed.

行情 | TokenInsight：BTC 全网交易额五日连续上升 转账数继续高位运行:据 TokenInsight 数据显示，反映区块链行业整体表现的 TI 指数北京时间 11 月 07 日 8 时报 625.75 点，较昨日同期上涨 19.94 点，涨幅为 3.29%。此外，在TokenInsight 密切关注的 28 个细分行业板块中，24 小时内涨幅最高的为特殊支付通证版块，涨幅为 9.65%；24 小时内跌幅最高的为其它应用版块，跌幅为 1.82%。

TokenInsight: BTC's total net turnover has risen for five consecutive days The number of transfers continues to run at a high level: according to TokenInsight data, the TI index reflecting the overall performance of the block chain industry in Beijing on November 07, 8 Times No. 625.75 points, an increase of 19.94 points, or 3.29 per cent, compared to the same period yesterday. In addition, of the 28 industry segments closely followed by TokenInsight, the highest increase in 24 hours was the special payment pass block, an increase of 9.65 per cent; and the highest drop in 24 hours was the other application block, a decline of 1.82 per cent.

?另据监测显示，BTC 全网交易额连续第五日上升，转账数维持近半年高位运行。BCtrend 分析师 Jeffrey 认为，BTC 链上活跃度持续回暖，轮动上涨行情有待延续。[2018/11/7]

Also, it is monitored that BTC's total net turnover has risen for the fifth consecutive day and that the number of transfers has been running at a high level for almost six months. According to BCtrend analyst Jeffrey, the BTC's chain of activity continues to warm, and rotational upturns have yet to continue.[2018/11/7]

一个可持续的保险市场，必须照顾双方的利益。如果不考虑承保人的利益，单纯降低保费，即便能够吸引更多的保险用户购买保险，但如果长期的收益率得不到保证，例如长期低于Compound、Aave、Yearn、Alpha等协议的收益，那么，承保人的意愿会逐步降低，进而使得保险容量降低，让保险市场不可持续。同样，如果保费过高，保险需求用户也会考虑其承受能力，也会降低购买保险的需求，这种情况下，保险市场也无法持续。

A sustainable insurance market must take into account the interests of both parties. If the interests of the insurer are not taken into account, simply reducing the premiums, even if it attracts more insurance users, the insurance market will not be sustainable if the long-term rate of return is not assured, such as the long-term below the benefits of the Compound, Aave, Yarn, Alpha agreements, etc. If the insurance capacity is reduced and the insurance market is not sustainable. Similarly, if the premiums are too high, users of the insurance demand will consider their affordability and will reduce the need for insurance, which is not sustainable.

InsurAce的解决方案是：通过INSUR代币的补贴，为保险用户和承保方提供一定的补偿；通过将保险资金池中的自由资本进行投资为承保方提供收益，并降低保费；通过“保险”服务吸引投资者资金，通过投资进一步为双方提供更多的收益机会。

InsurAce's solution is to provide insurance users and insurers with a certain amount of compensation through INSUR subsidies; to provide benefits to insurers and lower premiums by investing free capital in insurance pools; and to attract investors' funds through “insurance” services, further offering both parties greater opportunities for returns through investment.

这意味着，在InsurAce上存入资产承保，相比于传统DeFi理财，它还有两重激励：INSUR代币和投资收益；在InsurAce上获得保险服务，除了支付常规保费之外，还可以获得代币补贴，从而降低保费。

This means that there is a two-fold incentive to insure assets on InsurAce, compared to traditional DeFi finance: INSUR tokens and investment returns; and insurance services on InsurAce, which, in addition to the payment of regular premiums, can be subsidized in currencies, thereby reducing premiums.

InsurAce的落地框架

InsurAce's landing framework

在InsurAce的整个落地框架中，主要组成包括了保险产品、承保资金、投资、SCR挖矿、保险定价、风险管理、理赔评估、DAO治理等。

In the overall landing framework of InsurAce, the main components include insurance products, insurance funds, investments, SCR mining, insurance pricing, risk management, compensation assessment, DAO governance, etc.

技术架构设计

Design of technical architecture

首先是它的前端界面，直接面向保险用户、承保人、投资者、社区成员、咨询委员会等参与者。这些参与者可以购买保险、提供保险资金、投资、赎回、投票、索赔等。在这些操作的背后是协议机制，它由各种机制组成，如保险池资金模型、定价模型、风险模型、投资模型、代币模型等。协议的机制是基于以太坊构建。此外，它需要预言机的喂价服务以及跨链基础设施等。

The first is its front-end interface, which directly targets participants such as insurance users, insurers, investors, community members, advisory boards, etc. These participants can buy insurance, provide insurance funds, invest, foreclosure, vote, claim, etc. Behind these operations are protocols, consisting of mechanisms such as a pool fund model, pricing model, risk model, investment model, token model, etc.

资本模型

Capital model

InsurAce的资本模型采用了“EIOPA的可偿付II”模型，也是欧盟采用的保险和再保险制度，它对保险业务有一个规范的要求，以确保对保单持有人和收益人有足够的保护。这种模型会通过定量和定性的方法来评估保险业务的“整体偿付能力”，它要求企业进行合适的风险管理。

The capital model of InsurAce, which uses the “EIOPA's reimbursable II” model and is also the insurance and reinsurance system adopted by the EU, has a regulatory requirement for insurance operations to ensure adequate protection for policy holders and beneficiaries. The model assesses the “collective solvency” of insurance operations by means of quantitative and qualitative methods, which require appropriate risk management by enterprises.

它有两个关键指标，一个是SCR以及MCR。SCR确保保险公司可以在未来12个月内有能力履行其义务所需资本的至少99.5%，而MCR则代表未来12个月内85%的资本充足率的阀值。

It has two key indicators, the SCR and the MCR. The SCR ensures that insurance companies will be able to meet at least 99.5 per cent of the capital required to meet their obligations within the next 12 months, while the CMR represents the threshold of 85 per cent of capital adequacy over the next 12 months.

定价模型

Pricing Model

定价模型是保险产品的核心。当前DeFi保险很大程度上根据其特定协议的质押资产量来确定其保费。这不利于保险业务的发展，因为它无法做到充分的风险评估。InsurAce则采用基于精算师的定价模型。其风险评估在“组合保险”的级别上进行，它参考精算中的“总损失分布”模型思想以及组合级别的预期损失，在给每个协议的风险进行评分的同时，也得出整个组合的精算定价。在给定的时间窗口内，它会考虑索赔数量、风险暴露数量等，这些数据会用于模型训练，如频率模型和严重性模型。频率模型主要关注给定时间内发生特定数量损失的概率，而严重性模型则关注损失金额的分布、承保金额限制等。

The risk assessment is carried out at the level of “portfolio insurance” and takes into account the actuarial “total loss distribution” model idea and the expected loss at the level of the portfolio. At the same time that the risk of each agreement is rated, the actuarial pricing of the entire portfolio is derived. Within the given time window, it considers the number of claims, the number of exposures, etc., which are used for model training, such as frequency models and severity models. The frequency model focuses mainly on the probability of a given amount of loss occurring over a given period of time, while the severity model is concerned with the distribution of the amount of the loss, the limitation of the insured amount, etc.

通过这两个模型的成长，将其组合起来以形成对“总损失”问题的正确评估，然后将其纳入风险考量，并最终得出保费的范围。当然，在启动时，会采用自定义的参数，不过随着数据的积累，会不断完善模型，甚至可以采用机器学习的方式来不断优化模型和参数。

Through the growth of the two models, they are combined to form a proper assessment of the question of “total loss” and then incorporate it into the risk factor and eventually to derive the range of premiums. Of course, at the start-up, custom parameters are used, but as data accumulate, models are constantly refined and even machine-learning methods are used to optimize models and parameters.

风险管理

Risk management

InsurAce在风险管理方面，引入了三步评估的方法。首先是专家评估，InsurAce有一个咨询委员会，主要负责对新协议进行专业的风险评估，其中包括协议审计、代码分析、创始团队背景、历史记录、跟现有黑客事件的相关性等。此外，也会跟专业安全审计公司合作。其次是社区评估，由社区的自愿者在咨询委员会评估的基础上进一步评估，参与的用户会获得INSUR代币奖励。最后是持续的更新，会根据收集的数据和信息不断评估并调整其风险等级。

InsurAce has introduced a three-step approach to risk management. First, an expert assessment, insurAce, has an advisory committee that is primarily responsible for conducting professional risk assessments of new agreements, including agreement audits, code analysis, the background of the start-up team, historical records, and relevance to existing hacker events. In addition, it will work with professional safety audit firms. Second, community assessments, which are further assessed by community volunteers on the basis of the advisory committee's assessment, will result in participating users receiving INSUR tokens. Finally, it will be continuously updated and its risk levels will be continuously assessed and adjusted on the basis of collected data and information.

投资

Investments

InsurAce的客户可以通过两个方式获得投资收益，一是直接从投资入口投资，一是通过为保险池提供资金，这部分资金中的一部分可能会成为自由资金，在可偿付的前提下，可以将闲置资金用于投资，从而获得收益。InsurAce的投资会根据用户的风险偏好投入到不同的DeFi产品中，比如可以建立类似于Yearn的流动性挖矿，也可以进入借贷协议以获得相对稳定的收益等。

InsurAce’s clients can earn the return on investment in two ways: by investing directly from the entry point of the investment, or by financing the pool, a portion of which may become free money and, if reimbursable, by investing idle funds. InsurAce’s investments can be invested in different DeFi products depending on the user’s risk preferences, for example, by creating liquid mining similar to Yearn, or by entering into loan agreements to obtain relatively stable returns.

其资本的充足率是根据SCR来定义，SCR挖矿根据保险池中资金充足状态进行动态调整代币激励的数量，从而利于降低风险或降低保费。

Its capital adequacy rate is defined on the basis of SCR, which dynamically adjusts the amount of the indentation incentive according to the financial adequacy of the pool, thereby contributing to the reduction of risk or premium.

SCR挖矿

SCR Mining

SCR挖矿不仅是InsurAce的代币发行模式，也是引导出其系统流动性，并将保险用户、承保人、投资人跟InsurAce生态绑定在一起的重要机制。

SCR mining is not only a token issuance model for InsurAce, but also an important mechanism to channel its system liquidity and bind insurance users, insurers, investors and InsurAce ecology.

参与者将其资金质押进入资金池，即可获得INSUR代币的奖励。所有注入的资产会有风控管理，它会动态调整SCR，同时，将剩余的自由资产用于投资，以提升收益并降低保费，从而扩大市场规模。

Participants are rewarded with INSUR tokens by pledging their funds into the pool. All injected assets are managed by wind, which dynamically adjusts the SCR, while at the same time investing the remaining free assets in order to increase returns and reduce premiums, thereby increasing the market size.

InsurAce通过INSUR代币来调节其质押资金的流向，当保险资金池的资金不足时，会提高保费，并增加INSUR的奖励数量，同时降低投资方面的INSUR代币奖励，这两者之间有一个常数，是此消彼长的关系，从而形成一种均衡。当保险资金池资金充足，则可以给投资方面更多的代币奖励，以吸引资金流向投资。

InsurAce regulates the flow of its pledged funds through INSUR currencies, increasing premiums and increasing the number of INSUR incentives when the pool is under-funded, while reducing the INSUR incentives for investment, which is a constant correlation between this and the other. When the pool is well-funded, it can create a balance.

索赔

Claim

索赔依赖于评估，而评估主要依靠咨询委员会和社区评估者。社区评估者需要质押资金，以防止其作恶。当然社区质押者也会因为其贡献而获得代币奖励。

Claims rely on assessments, which rely mainly on advisory committees and community evaluators. Community assessors need pledged funds to prevent their misdeeds.

InsurAce引入定量方法进行索赔处理。具体来说，咨询委员会会对索赔事件进行调查并提出索赔金额。索赔金额从0-100%之间，0%表示拒绝，100%表示全额赔偿，两者之间则表示部分赔偿。

InsurAce introduces a quantitative approach to the processing of claims. Specifically, the Advisory Committee investigates the claim and makes a claim amount.

当咨询委员会将其提案提交给社区之后，需要经过如下流程：

When the Advisory Committee submits its proposal to the community, the following process is required:

1.提案需要社区评估者的投票通过，这里需要设定达成共识的门槛。

1. The proposal needs to be adopted by a vote of community assessors, where a threshold of consensus needs to be set.

2.如果提案未能通过，该提案会由INSUR代币持有人进行投票。这里也需要达成共识才能通过。

If the proposal is not adopted, the holder of INSUR shall vote. Consensus is also required here for adoption.

3.如果INSUR代币持有人投票仍然未能通过，则由咨询委员会提供最终结果。

3. If the INSUR currency holder's vote continues to fail, the final result shall be provided by the Advisory Committee.

如果提案通过，产生理赔，则InsurAce会向理赔申请人发放索赔金额，并进行公示。

If the proposal is adopted and the claim is settled, InsurAce will issue the claim amount to the claimant for settlement and make it public.

DAO治理

DAO Governance

跟所有DeFi项目一样，InsurAce也有DAO治理。在InsurAce的DAO治理中，其关于用户资产的使用最终由社区来决定；社区会参与到InsurAce协议的升级迭代中来，包括功能升级、产品路线图、底层机制的优化等。

Like all DeFi projects, InsurAce also has DAO governance. In In InsurAce's DAO governance, the use of user assets is ultimately decided by the community; the community is involved in the upgrading of the InsurAce agreement, including functional upgrading, product road maps, bottom mechanism optimization, etc.

InsurAce的DAO治理包括社区治理和咨询委员会的治理。社区由INSUR代币持有人组成，社区可以对任何提案进行投票赞成或反对。咨询委员会则由InsurAce核心开发者和第三方组成，他们在技术、保险、合规性等方面具有专业知识。咨询委员会由于其专业性，可以进行提议，并对提案进行专业性的分析和执行相应计划。

InsurAce’s DAO governance includes the governance of community governance and advisory committees. Communities are comprised of INSUR token holders, and communities can vote in favour of or object to any proposal. The advisory boards are composed of core InsurAce developers and third parties with expertise in technology, insurance, and compliance.

在InsurAce的DAO治理中，持有INSUR代币代表投票权，投票结果会考虑法定人数、投票权重、多数票等因素。一般社区提案由InsurAce协议的参与者提出，由咨询委员会进行初步审核，并提出专业意见供社区参考，然后进行成员投票，并得出明确的结论。根据结论，InsurAce项目团队会进行实施并披露。

In the administration of the DAO in InsurAce, representatives of INSUR have the right to vote, and the results take into account quorum, voting weight, and a majority vote. The general community proposal is submitted by the participants in the InsurAce agreement, with a preliminary review by an advisory committee and a professional opinion for the community, followed by a vote of the members and a clear conclusion. InsurAce will be implemented and disclosed by the InsurAce team.

InsurAce协议的价值捕获

Value capture under the InsurAce agreement

INSUR是InsurAce协议的治理代币，会用于生态引流和保险理赔等场景：

INSUR is the governing currency of the InsurAce agreement and will be used in such scenarios as ecological currents and insurance claims:

对保险用户、承保方、投资者用户的行为给予一定的代币奖励，以此引导出保险市场。

The insurance market is guided by the granting of a token incentive for the behaviour of insurance users, insurers and investors.

在索赔事件中进行投票。

Vote in the claim event.

索赔评估者质押。

The assessor of the claim pledged.

对InsurAce的协议提案进行投票。

A vote was taken on the InsurAce proposal for agreement.

社区激励。

Community Incentives.

InsurAce协议可以捕获部分保费、部分投资收益。协议捕获的价值将用于支持开发、代币回购与销毁、社区激励或生态协作等。

The InsurAce agreement captures part of the premium, part of the return on investment.

DeFi保险的探索不会停止

DeFi's search for insurance won't stop.

由于DeFi在不断发展，而DeFi保险是DeFi发展的必不可少的乐高。DeFi保险会随着DeFi的探索而不断升级迭代，未来还会有更多的DeFi协议不断迭代升级。InsurAce的“组合保险”的模式探索之路值得关注。

As DeFi continues to evolve, and DeFi is the indispensable Lego of DeFi’s development. DeFi will be upgraded as DeFi explores, and more DeFi agreements will be upgraded in the future.

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