Uno Re (UNO), the world’s first DeFi insurance protection program, just announced (February 17, 2022) that they will be the preferred insurance provider for projects building on the Telos (TLOS) platform and assets held by nodes operating on the Telos EVM (tEVM). Uno Re’s launch of their pioneering DeFi insurance protection program for end users on the World’s fastest Ethereum Virtual Machine, the tEVM by Telos Blockchain is fantastic news for crypto investors, Telos dApps developers, and projects built on the tEVM alike.
In the crypto space, the need for InsurTech companies and DeFi Insurance has been growing rapidly. The end user must be protected against risks and threats. In general, decentralized insurance acts as a safety net for the DeFi ecosystem. From wallet insurance to smart contract insurance, crypto investors can have peace of mind when they know their assets are protected in the event of a bug or hack.
Source: Uno Re/ Twitter
With this, Uno Re is expanding their horizons by planting their flag in an up and coming Solidity based ecosystem, the tEVM by Telos. In that regard, setting sail into the Telos blockchain landscape is very exciting for the Uno Re team. Telos is a ceilingless ecosystem that is starting to host many exciting projects and it is exactly the synergistic atmosphere that Uno Re has been looking for. The Telos EVM is the most scalable solution for Solidity-based applications and is built with the intent of revolutionizing the DeFi landscape as we know it.
We believe that the high speed, scalability, and the low fees of the TelosEVM platform will make great contributions to the mainstream adoption of DeFi. This is why Uno Re is keen on helping Telos users stay protected against smart contract-related risks. This is a much needed layer of insulation for Defi and NFTs.
“We’re incredibly excited to see the volume of new dApps coming to build on the Telos EVM. The Uno Re insurance platform is the first of its kind on tEVM and brings new user functionality, protection and value to the ecosystem. We look forward to seeing how users will leverage this new offering across the platform.”
— AJ Dinger, Head of Business Development, Telos Foundation
Unlike other scalable EVMs, Telos’ tEVM is not just a fork of the original Go Ethereum code. It’s an entirely new EVM redesigned from the ground up to take full advantage of the power of the Telos technology. Telos is insulating Defi end users from front-running and Uno Re is insulating end users from the other pitfalls of DeFi (Example: theft). These offerings combined together offer a real safe haven for DeFi users.
What Does Uno Re Have to Offer to Telos Users?
Engaging in DeFi and NFT marketplaces is considered risky for the users given the potential vulnerabilities that might be exploited by malicious actors. Uno Re provides reassurance to users and trust in projects that would be typically seen as risky.
By providing insurance coverage to Telos’ ecosystem UNO aims to minimize the potential risks associated with smart contract vulnerabilities.
They are looking into providing insurance coverage for the following parties of the Telos ecosystem:
- Assets held by nodes operating on Telos
- The network’s native coin – TLOS used as proof of stake will be insured
- Projects built on or integrated on Telos
- Hundreds of projects already integrated on Telos, including NFT marketplaces, exchanges, wallets, DeFi tools and dApps built on Telos EVM
- Telos’ network
Ongoing incidents in crypto continue to prove that smart contract or network vulnerabilities could be a big threat to any platform that utilizes blockchain technology. To improve the overall security of the Telos network, the Uno Re team is ready to step up to the plate and help insulate all end users while being their preferred insurance provider.
“Uno Re’s founding purpose is to help DeFi platforms stay secure, consequently enabling them to access more users. A partnership of two Defi platforms with mutual goals will only benefit users. We are looking forward to providing insurance coverage to platforms integrated with Telos’ EVM.”
— Jaskanwar Singh, CEO, and Co-Founder of Uno Re
Uno Re: DeFi Re-Insurance Democratized
Uno Re is the world’s first decentralised insurance and re-insurance platform, allowing the community to invest and trade in ‘risk’ and receive sizable returns on their investments in one of the safest asset classes in the world. The platform will break barriers to entry for the retail investor by doing away with the historic pre-requisite of absurdly high capital generally needed to invest into the market while also introducing much-needed transparency into the industry as a whole.
Uno Re’s Manifesto: Accelerating The DeFi Revolution
“The world is changing at an accelerated pace – the jig is up, and the new world-order is more inclined to follow the truth of cold-hard facts borne of world-experience rather than the force-fed propaganda of organised conglomerates. Our economy is experiencing a fundamental shift from centralized to distributed systems – individual consumers are taking back power and not only decentralizing decisions and processes but are in-turn molding the overall societal mindset to be more in-line with the principles of freedom, fairness, and equal opportunity that these newer technological models were built on.
This shift is causing a huge boom in the value of crypto-based assets within the world economy – in fact, the Total Value Locked (TVL) in crypto-based assets has exponentially risen to a mammoth $1.7 trillion in just the first quarter of 2021. However, along with this rise there has also been an alarming upsurge in the amount of capital lost to exploitative malpractices in the space; the total value of this loss amounts to $4.8 billion – that’s roughly 0.3% of the TVL, an altogether colossal piece of the pie.” – Uno Re (UNO)
Uno Re will also allow the community to propose innovative insurance products to the DeFi space, thus propelling a new generation of Insurtech companies powered by the Uno Re ecosystem.
Telos: The World’s Fastest & Most Scalable Layer-1 EVM
Telos Blockchain (TLOS) is a 3rd generation smart contract platform that offers compatibility with Solidity, Vyper and Native C++ smart contracts, providing full EVM/Solidity support as well as a fee-less native smart contract layer upon which the EVM is built. Telos performance is unrivaled in the industry and was purpose-built to offer speed, scalability, cost-effectiveness, decentralization and end-user fairness. The network can sustainably support hundreds of millions of transactions per day, produces blocks in 0.5 second intervals on a first-in-first-out basis (eliminating frontrunning on the network), offers a fee-less native and low per transaction cost EVM (<$0.10), and a fully decentralized block producer network.
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