Community Voting: Transitioning to Contribution Phase — SURE Supply Shock
➤ inSure DeFi project has been in the Distribution Phase for almost 2 years.
➤ inSure DeFi has been created to have two different phases in order to make sure that the community members have enough time to contribute to the project and enable the fair distribution of SURE tokens.
➤ During the Distribution Phase, members had to hold SURE in their own private wallets in order to enable the insurance policy. (With a 7-day maturity rule)
➤ The Contribution Phase requires sending the Ethereum-based SURE tokens from the private wallet to the Gnosis Safe in order to enable the insurance plan.
How this will work from the members’ perspective:
1. Acquiring SURE from CEXs or DEXs (Using existing SURE tokens)
2. Sending SURE to the Community Vault — Click a button on the Dashboard — “Enable Insurance” (Choosing the Network and approving the transaction to be sent to the community vault.)
3. The Insurance Policy will be activated on the 7th day after contributing SURE to the community-controlled Safe.
4. The Enabled Insurance Policy and its validity will be displayed on the Dashboard.
Information for Voters and Stakers:
➤ Staking SURE will insure only the funds in the approved LPs and DEXs. I.e. by providing LP insurance, the policy will no longer be valid across all crypto portfolios of the member. All members must enable the coverage by contributing to the community vault (see above 3 steps).
➤Voting will still require SURE funds being on the wallet and enabling an Insurance policy doesn’t enable the right to vote. The members have to hold SURE tokens in order to be able to vote on Snapshot. (SURE must be on Ethereum Network)
Information on the Gnosis Safe — Community Vault
Information on how the funds are released from the community vaults:
1. A Snapshot is created and an announcement is made in the community groups to see the proposal and vote.
2. After voting is complete, the decision is made by a majority of voters. The transaction will be created for approval on Gnosis Safe.
3. The transaction must be approved by a majority of Community Safe Signers.
(Currently, at least 11 members out of 20 need to approve the transaction).
In order to become a signer across the community vaults, the member must hold enough SURE (combined from the different chains) to be in the Top 20 holders list and create a Snapshot Proposal for the community to approve or reject.
- Members’ removal and addition to the Community Vault transaction signer can be completed on a monthly basis.
Approve the transition to the Contribution Phase where:
1. SURE tokens become more scarce.
2. The community generates revenue by providing risk distribution.
3. Community decides how to use funds and improve the Ecosystem.
The transition to the Contribution Phase is scheduled for the month of December 2021, once all of the development is completed and tested.
Vote on Snapshot (Don’t forget to Join our Snapshot Page!): https://snapshot.org/#/insuretoken.eth/proposal/0x7b81c40ba2c2f05c95390bed7eb5d60200880a2300063fa7b9d15f0692b10867
About inSure DeFi
inSure DeFi is a Decentralized Insurance Ecosystem, trusted by thousands of community members to protect their crypto portfolios from scams, exchange closures, and drastic devaluations. inSure DeFi provides insurance solutions for the crypto space to stabilize and secure Crypto & DeFi portfolios.
Fast. Transparent. Future.