Questions asked by our community are a great way to give everyone an insight into what can be achieved with UnoRe. There are some questions that we are asked very frequently, so we have decided to create a blog post to cover the most common ones.
This document will be updated as new questions are submitted. If you have a question, please post it in the comments on this post:
UnoRe V2 migration is the change regarding our risk-providing pools on CoverPortal. The concept behind UnoRe V2 migration is to provide the efficiency of our risk pools.
Additionally, if you're migrating from V1, make sure you read this article, and if you still have questions, please reach us on Twitter, Telegram, or Discord!
The rewards are calculated by blocks (i.e. they are block rewards).
The amount a staker earns in a particular block depends on the percentage of capital they stake compared to the total pool. So if there are 100 USD worth of UNO tokens staked and the investor's stake is 10%, when the total reward by block is $10, then they'll earn $1 in that block.
Since rewards are distributed depending on investors' share of the pool, by staking more, they can increase their share of the pool and get more portion of the reward which is distributed for the pool.
APRs shown on the CoverPortal are an estimation of the current APR depending on the total reward for the pool/total amount staked annualized; while the reward rate for a pool can change depending on the demand for that particular pool, this number gives investors an idea of what their rewards might be.
Insurance Capacity is provided for our CoverPortal by our risk providers, and premiums are collected from our policy sales. We basically have two pools, SSIPs & SSRPs.
The SSIPs, also known as the UNO risk pool offering high APRs, are serving as the bedrock for policies sold on our platform. Users stake their UNO or ETH and contribute to providing insurance capacity to our cover portal and receive block rewards in $UNO.
The SSRP, on the other hand, is DeFi’s very first reinsurance pool. This staking pool was introduced to reinsure the SSIP pool in case of Black Swan events and is offering stakers amazing APRs of up to 56%
Uno Re’s staking pools are designed to be safe and secure for any staker that wants to “participate.
Alongside offering satisfying staking rewards, our pools also allow stakers to contribute to safeguarding the crypto space.
Even if a hack does take place and Uno Re is responsible for the claim payout — your APRs are barely affected.
For example, during the Umbrella hack — The claim payout was processed from the protocol’s premium pool, ensuring zero capital erosion from the protocol’s staking pool.
We have also taken the time to strategize on how to efficiently manage the capital of all stakers for future circumstances — allowing users who like to enjoy passive income to rest assured.
We created a more detailed post on this topic: https://medium.com/uno-re/uno-res-staking-pool-model-explained-a79925072ed7
We are proud that we have sold approximately $4,983,328.59 worth of retail coverage to date. This helped us generate more premiums and simultaneously made the DeFi ecosystem safer for our community!
We have partnered with UnMarshal to create a dashboard that tracks our retail coverage and the progress of UNO rewards; by using this dashboard, you can check metrics such as; our remaining insurance capacity, total coverage sold, active coverage amount, and more.
Check out our dashboard for live updates: https://analysis.prod.unmarshal.com/public/dashboard/2e107a0a-a9ba-4f8f-a0af-2a786fbb47ea?eth_price_in_usd=1300&uno_price_in_usd=0.039
We started our KuCoin staking pool on November 1st and will continue to offer staking pools available on Kucoin in the future as well. https://www.kucoin.com/earn
Since UnoRe is already a revenue-producing protocol with a proven product and market fit, we are less dependent on the bull market.
During ''Crypto Winter,'' hacking and exploiting DeFi spaces has not slowed down—in fact, it's increased. This market condition increases the demand for our product security solutions will continue to be in high demand as companies look for ways to protect their communities.
We see bear markets as an opportunity to improve our product, expand our services and attract talent for our project with new job openings, there is no time better than now to build.
We already provide coverage for some optimism-based protocols, and we will continue expanding our layer 2 solutions. The updated roadmap, including the details of our strategy on layer2 coverage, will be released soon.
We are working on a new roadmap to better communicate with our community. An update will be shared on Twitter as soon as it's ready, and it will also be available on our website.
We have conducted several $UNO token burns, which total more than 1.428.000, and follow a simple principle: we sell covers and generate premiums with them; some portion of the premium is used to conduct token burns.
- 1,021,269 - 4 August 2022 - https://bscscan.com/tx/0x6bf8c3312f785340a72f06c15baef864cd66eb338fb9bcb814dc7accd62df3a6
- 166,028 - 28 March 2022 - https://etherscan.io/tx/0xe92dee88ff75b06a76d2df1980f51f8ecb6ead0e683ab1cd774ef596671db25d
- 152,052 - 30 November 2021 - https://etherscan.io/tx/0x39feff0d7a920b0c037c24b0055c207ee6ffd6359e0c685279789afd20d7647b
- 89.001 - 10 November 2021 - https://etherscan.io/tx/0xafcda1b16bb9177b6682a95c758228cdfbc5886fbbc6e2626c5db806a7f794f7
We are excited about the coverage sales we have achieved during this quarter but want to keep our burn rate a secret until the final numbers are in. Follow us on Twitter and stay tuned for details!
We will update this sheet regularly, so if you have a question in mind that you would like us to answer, share it with us here:
We have already secured serious venture capital from serious companies such as KCLabs, Moonrock Capital, AU21 Capital, Sky Ventures, and more.
Also, we are considering opening a second round of investment in the future, and if you have any suggestions and would like to connect with us, please feel free to reach out via Telegram or Discord.
Defillama has a list of the players in the decentralized insurance industry, and as we are listed with other protocols that operate within this field, it can be seen as one of our competitors. However, despite being directly comparable to most of these projects on paper, as they share similar goals, there are actually a number way in which we offer superior service:
- Gasless covers for policy sales,
- More customized options with our bundled covers,
- Most affordable premiums in the industry standard,
- Insurance + reinsurance method we follow to make sure our protocol stays safe for any black swan events.
We share live data on our total coverage sales with other important metrics on our dashboard that we have created through a partnership with Unmarshal.
Adopting new technologies will take time, but with the current state of DeFi, with new hacks and exploits happening so rapidly, it seems inevitable that this adoption will occur more quickly than many expect.
Our technical team will investigate this suggestion and determine whether it should be included in the next update. We will share a revised roadmap with you soon to stay up to date on any new updates.
At Uno Platform, we always look for ways to better our product and serve our users. If you have any questions, comments, suggestions, or even complaints about a particular feature, please do not hesitate to contact us on our official Telegram channel or via other channels. We will be more than happy to assist you on your journey as a part of the UnoRe community.
Uno Re is building a fully secure decentralized insurance ecosystem to serve our institutional and individual clients. Despite daily heavy losses incurred by DeFi exploits, our clients can rest easy with our customisable, affordable, and convenient coverage.
Our insurance platform has sold over $10 million in coverage across various crypto protocols and has more than $4.4 million in an active capacity, with risk underwritten for over 85 different protocols and 6 stablecoins on our B2C Insurance Sales dApp - The Cover Portal.