Uno Re DAO
Last updated
Last updated
The crypto world can sometimes feel like the Wild West, with hacks and vulnerabilities lurking around every digital corner. Not anymore, because Scallop and are on a mission to change that narrative.
Scallop, a prominent and user-friendly banking solution for the DeFi, and our trusted partner Uno Re DAO, the security powerhouse, are set to revolutionize how you perceive safety in the crypto space. Uno Re is DeFi’s first risk-based insurance and reinsurance protocol.
Let’s dive into the incredible synergy set to boost DeFi security and protect investor funds.
Scallop believes that security is paramount. Our decision to is rooted in a commitment to providing unmatched protection to its community. Uno WatchDog, offered by Uno Re DAO, combines ongoing smart contract audits, insurance, active monitoring, and supplementary security features, creating an all-encompassing security shield. Here’s why this partnership is a game-changer:
1. Bridge Protection: Scallop will deploy Uno WatchDog to protect its cross-chain bridge. This entails active monitoring, ongoing smart contract audits, and bridge insurance, ensuring the safety of assets transiting through Scallop’s ecosystem.
2. Defending Against Bridge Exploits: With DeFi having suffered over $2 billion in losses due to bridge exploits, Scallop’s fortified bridge, backed by Uno WatchDog, is a reassuring step towards mitigating such risks.
3. Insurance for Peace of Mind: Scallop’s bridge will be insured, protecting users against unforeseen incidents. Continued smart contract audits will maintain the bridge’s security, while Active Monitoring will promptly alert the team to potential threats, potentially avoiding losses.
4. Protecting the Scallop Discord Server: To counter the growing wave of Discord exploits, Uno Re will audit the Scallop Discord server, enhancing its security to deter scammers and protect the community.
The partnership with Uno Re DAO brings forth a multitude of benefits for Scallop and its community:
1. Increased Trust and Liquidity: Enhanced security instills trust among users and attracts liquidity to the Scallop ecosystem, a critical factor in today’s DeFi landscape.
2. Sustainability: Scallop’s focus on security allows it to sidestep the pitfalls faced by other DeFi ecosystems, fostering long-term sustainability.
3. Incentives for Developers and Users: Uno WatchDog’s heightened security standard incentivizes developers and users to participate in the Scallop ecosystem.
4. On-Chain Active Monitoring: Scallop pioneers implementing the first on-chain Active Monitoring solution within its chain, fortifying its defenses.
5. Lower Premium Rates: Scallop’s robust KYC standard results in lower premium rates for insurance policies, making protection more accessible to all users.
6. Customized Policies: Uno Re will tailor insurance policies to cater to Scallop’s unique needs, ensuring comprehensive coverage.
7. Mitigating Risks: Active Monitoring empowers Scallop to proactively mitigate multi-sig-related risks, prevent attacks before they cause losses, and halt oracle attacks before financial harm occurs.
As the DeFi ecosystem grows, so does the need for enhanced security measures to protect users and businesses. Scallop and Uno Re DAO’s partnership comes at a crucial time, as the collaboration focuses on fortifying Scallop’s already robust infrastructure with the extensive protective services offered by Uno WatchDog.
The Scallop community now stands on the brink of a more secure future. Scallop’s partnership with Uno Re DAO and the implementation of Uno WatchDog signifies a relentless commitment to fortifying the ecosystem, instilling trust, and offering comprehensive protection in the ever-evolving cryptocurrency world. Scallop and Uno Re DAO pave the way for a safer, more resilient DeFi landscape.
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 customizable, affordable, and convenient coverage.
, the CEO and Founder of Scallop, expressed his enthusiasm for our partners, “The collaboration with Uno Re DAO is a strategic step towards enhanced protection for our users and ecosystem. By leveraging Uno Re’s comprehensive security solutions, we aim to provide a more secure and trusted environment for our biometric bridge users.”
Uno Re’s CEO, , echoed Raj’s sentiments, highlighting the importance of collaboration in an industry plagued by recurrent hacks and vulnerabilities. “With over $2 billion lost due to DeFi bridge exploits, the time is ripe for organizations to adopt stronger security measures. Implementing Uno Re within Scallop’s ecosystem is a step towards safeguarding user assets and providing increased trust in our services.”
Our insurance platform has sold more than $10 million in coverage across various crypto protocols and has more than $4.4 million in an active on-chain capacity, with risk underwritten for over 85 different protocols and six stablecoins on our B2C Insurance Sales dApp — .
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