According to the official news, Soteria insurance function on PancakeSwap is officially started on January 19th and users can use SOTE tokens to purchase insurance, stake SOTE for rewards, or stake SOTE for claims evaluation.
Within 5 hours, the staked SOTE volume has exceeded the 500,000, with the exact number of 510,779.39. In addition, Soteria will launch Pancake at 4 pm (UTC+8, Singapore time) on January 21 and start IFO with PancakeSwap, using CAKE-BNB pool tokens to purchase SOTE tokens.
As the only insurance platform that runs on BSC and uses BNB as guarantee and claims assets, Soteria’s IFO plan undoubtedly proves its potential and influence in the DeFi ecological construction on BSC.
Soteria is a DeFi mutual insurance based on the Binance smart chain that is consists of four parts: risk protection fund pool, risk assessment, claim assessment and governance. As a mutual insurance platform, Soteria can protect losses caused by vulnerabilities and hacker attacks of smart contracts, and even the theft of escrow funds of centralized exchanges. Users can insure a specific smart contract for a period of 30 to 365 days. Each insurance is priced in the platform token SOTE and allows BNB to be paid. By staking SOTE tokens, users can conduct risk assessments on specific smart contracts and become profit winners and risk bearers. The benefits come from the user’s purchase of insurance policies, but if the claim evaluation is more than the user’s staked tokens, they will also be destroyed to compensate the contractor. At the same time, token holders can participate in claims assessment by pledging SOTE tokens, and need to reach a consensus of over 70% to decide whether to claim or not, and thus obtain certain claim assessment rewards.
PancakeSwap uses an automatic market maker (“AMM”) mechanism, which can be exchanged on the Binance Smart Chain. It is fast, low cost, and allows anyone to participate. PancakeSwap’s goal is to become the first liquidity provider on the Binance smart chain and the birthplace of innovative gamified mechanisms, and to promote its mechanism to integrate into other chains and other fields.
Soteria’s coming launch on Pancake proves its potential for future development. As an insurance leader, Nexus Mutua has been online since May 19, and as of January 18, the number of independent addresses (members) was 3181. After Soteria launch the market on the 13th, within five days, it already had 440 members. It is worth mentioning that there is a higher threshold to become a Soteria member. Unlike other projects that only require money transfer, users need to read the membership agreement and pay a fee of 0.1BNB to become a member; therefore, the number of 440 is of high value. Currently, the capital pool size has exceeded 10, 0000 BNB, with the specific number of 10,962.01 BNB, which is equivalent to 492,906.09 US dollars.
At the IFO on January 21st, Pancake Swap will open 1,500,000 wSOTE and plans to raise US$525,000. The specific fundraising method is as follows: Before the event starts, users need to purchase CAKE and BNB tokens, and obtain CAKE-BNB LP tokens by adding CAKE and BNB liquidity to the pool; during the event, users can go through this page https://pancakeswap.finance/ifo to submit CAKE-LP tokens to purchase SOTE tokens. After the event ends, users can receive wSOTE tokens and unspent funds.
Based on BSC, Soteria and Pancake have joined together to create a better Binance ecosystem. Starting from launching Pancake, Soteria will deeply integrate with the Binance Smart Chain ecosystem, which will greatly stimulate the application scenarios of BNB and accelerate the rapid development of Binance’s DeFi ecosystem.
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