How Ascent Works

Features — Benefits — Risks

Unlike other insurance protocols Ascent Insure not only allows DeFi users to be protected against the risks of price fluctuations, but also allows them to be protected against code attacks.

Ascent Insure developed on Binance Smart Chain can provide price fluctuations and code attack risk insurance products.

Types of insurance policies depend on token suppliers and holders.

Token suppliers can make a profit in a variety of ways, one way is to lock their ASCENT tokens in the platform smart contracts , based on which the necessary financial support for creating insurance policies for DeFi users can be made.

DeFi users have to pay a fee to create an insurance policy since Ascent Insure is a decentralized platform , the profit from insurance policy sales goes to those who staked their token on our platform.

To ensure that owners can claim insurance, suppliers are required to deposit the asset. When a supplier issues a policy, the assets attributed to the smart contract will be locked, at the same time, Ascent Insure creates a short token for the supplier and a long token to the market.

Policy supplier can publish an insurance policy for sale by deposit their asset and get our short token. we encourage token holders and project team members to join the token suppliers to show users a reasonable token price for users.

Features

1. Option tokens do not rely on the Oracle or the Admin, but operate independently as a smart contract.
2. Market-oriented without complex mathematics. Types of insurance are designed by policy suppliers, allowing them to flexibly assemble the parameters of insurance policy. Anyone can participate in this market and earn rewards by simply depositing an underlying token asset.
3. Each policy (option) is endorsed at the nominal value held by users, which eliminates counterparty’s risk and ensures that the option holder can always purchase the underlying token;
4. Add the mining part in hedging price violation risks. SHORT Token (get by supplying policy) and Ascent can be used in mining Ascent.
5. Open to all DeFi protocols. Partners of Ascent could share users traffic in the whole ecosystem.
6. Lock some of Ascent profits in a address to cover the damages if anything happens to the protocol

Suppliers benefits

Cover Up :

1. Provide insurance for LPs, encourage more people provide liquidity
2. Earn premium
3. Participates in SHORT Token mining by staking the Short Token

Cover Off :

1. Provide a bottom price of Token for users
2. Avoid the underlying assets(object be insured)liquidity provider’s impermanent loss
3. Earn premium
4. Participates in SHORT Token mining by staking the Short Token
5. Another way to buy insured assets at a reasonable price with earning premium when the token’s liquidity is low.

Holders benefits and risks

Benefits :

1. The insured asset’s price will be protected in policy time period
2. When the price of insured assets higher or lower than the policy set price, holders could activate the policy to claim.

Risks :

If holders do not activate the policy, they would lose the premium