LI.FI And InsurAce Announce Bridge Insurance Launch on Jumper.Exchange

On April 18th, it was announced that cross chain transaction aggregator LI.FI announced a partnership with DeFi insurance agreement InsurAce to launch Bridge Insurance. Bridge Insurance has been launched on Jumper.Exchange, with bridge insurance fees typically ranging from 0.1 to 0.5%.

LI.FI collaborates with DeFi Insurance Agreement InsurAce to launch bridge insurance products

Introduction

On April 18th, cross chain transaction aggregator LI.FI announced its partnership with DeFi insurance agreement InsurAce, which led to the creation of Bridge Insurance. Bridge Insurance is a new DeFi insurance solution that has been launched on Jumper.Exchange, with fees typically ranging from 0.1 to 0.5%. In this article, we’ll take a detailed look at the partnership between LI.FI and InsurAce and how it has led to the creation of Bridge Insurance. We’ll also discuss how it works, and its benefits for users.

The Partnership

LI.FI is a cross chain transaction aggregator that specializes in linking various blockchain networks using its proprietary technology. The partnership between LI.FI and InsurAce aims to provide a comprehensive DeFi insurance solution for users. InsurAce, on the other hand, is a DeFi insurance agreement that provides a range of insurance services for DeFi users. By partnering with LI.FI, InsurAce expands its insurance services to cover cross-chain transactions. This partnership allows both companies to tap into each other’s resources and expertise, which results in greater value for users.

Bridge Insurance

Bridge insurance is a new DeFi insurance solution that has been launched on Jumper.Exchange. It provides coverage for users who wish to transfer value across different blockchain networks. Bridge insurance fees range from 0.1 to 0.5%, depending on the value of the transaction. With Bridge insurance, users can protect their assets from losses due to network errors, transaction errors, and other risks that can arise during cross-chain transactions. This eliminates the need for users to hold multiple wallets for different blockchain networks, thereby reducing the complexities of cross-chain transactions.

How It Works

Bridge insurance is a fairly straightforward solution. Users who wish to transfer value across different blockchain networks simply need to purchase bridge insurance from InsurAce. This insurance provides coverage for the duration of the cross-chain transaction. In the event of any losses or errors that occur during the transaction, users can file a claim with InsurAce to receive compensation. Once the claim is validated, InsurAce pays the user for the loss incurred.

Benefits For Users

Bridge insurance provides several benefits for users. Firstly, it eliminates the need for users to hold multiple wallets for different blockchain networks. This saves time and effort. Secondly, it provides peace of mind by protecting users’ assets from losses due to network or transaction errors. Lastly, it reduces the overall complexities of cross-chain transactions, thereby increasing the adoption of DeFi solutions.

Conclusion

The partnership between LI.FI and InsurAce has culminated in the launch of Bridge insurance. This new DeFi insurance solution provides coverage for cross-chain transactions and reduces the complexities associated with it. Bridge insurance is an important step towards increasing the adoption of DeFi solutions. With the support of LI.FI and InsurAce, users can transfer value across different blockchain networks with ease and confidence.

FAQs

Q. What is LI.FI?

A. LI.FI is a cross chain transaction aggregator that specializes in linking various blockchain networks using its proprietary technology.

Q. What is InsurAce?

A. InsurAce is a DeFi insurance agreement that provides a range of insurance services for DeFi users.

Q. What are the benefits of Bridge insurance?

A. Bridge insurance eliminates the need for users to hold multiple wallets for different blockchain networks, provides peace of mind, and reduces the overall complexities of cross-chain transactions.