Squirrel Weekly (20/10) 🐿️
The sixth weekly recap & brief news about Squirrel.Finance
Welcome back to another weekly project update, thanks to everyone who gave feedback on the previous weeks 👍
Insure Product Progress 👷
Again this week has been mostly focused on the Insure product, the smart contract was pretty much done last week and now the UI is pretty much done. Next week will be working on hooking them up together & testing contracts to ensure it is solid for our beta launch. By next tuesday’s week post i’ll have a date for you all! 🚀
Here’s some first insight into the Insure beta product:
(Note: likely for beta farm will not be CRV, that’s just a placeholder/option)
As you can see from screenshots above, Insure is pretty simple to understand. You deposit into a farm via Insure which offers you compensation should you not get your initial deposit back when you try to withdraw (stop farming). This ‘emergency’ compensation comes from a second pool of farmers (Insurers) who earn a % of all yield for backing the farm with collateral. Obviously the idea is the supported farms are all safe anyway, but Insure offers extra peace of mind for those who want it (e.g. people new to DeFi). I hope you like the concept and can see the potential behind it. In future there will be multiple collaterals supported (any token with sufficient Uniswap liquidity, such as NUTS 🌰) allowing you to earn gains on tokens which may not otherwise have APR! 💸🚀
Thanks for reading the sixth Squirrel Weekly. Let me know your thoughts -see you next time!📆
