Providing Up to 100% Coverage for Figment ETH Stakers: Ethereum Slashing Cover with InsurAce

August 30, 2023

We are thrilled to announce that we have come together with InsurAce, to offer Ethereum Slashing Cover, an offering designed to protect Figment ETH stakers from validator double-sign slashing losses.

Helping customers access affordable coverage highlights the commitment of both organizations to enhance the security and integrity of the Proof-of-Stake ecosystem and to strengthen new and existing stakers’ confidence in the Ethereum network, catalyzing further adoption of staking.

We invite ourETH stakers to take advantage of this InsurAce offering and safeguard against double-sign slashing risks by clicking here. 

What is Ethereum Slashing Cover? 

Slashing is often a concern for participants in proof-of-stake (PoS) blockchains like Ethereum. In PoS systems, stakers are required to lock up a certain amount of digital assets as collateral to participate in the network’s consensus mechanism as a validator. If a validator behaves maliciously or negligently, such as by double-signing, they can be penalized through “slashing” – resulting in the loss of a portion of their staked digital assets.

The Ethereum Slashing Cover offered by InsurAce to ETH stakers aims to help mitigate the potential impact of double-sign slashing events, providing peace of mind and encouraging broader participation in securing the Ethereum network. 

Product Highlights 

With InsurAce’s Ethereum Slashing Cover, ETH stakers are able to buy up to 32 ETH of cover per validator, for premiums as low as 0.025 ETH per 1 ETH of coverage

“We want to give our customers optionality. Through InsurAce, Figment’s Ethereum customers can purchase 1 to 32 ETH of cover per validator, giving them the flexibility to choose an amount of coverage that’s right for them,” – Joshua Faier, Senior Product Manager at Figment 

Cover buyers are protected from any of the following slashable offences: 

  • Proposing and signing two different blocks for the same slot 
  • Attesting to a block that surrounds another one (effectively changing history) 
  • Double voting by attesting to two candidates for the same block 

For a detailed walkthrough on how to buy cover, please click here

Claims Procedure 

Claims are submitted via the claims portal at https://www.insurace.io/ and will be investigated by InsurAce’s Advisory Board, which consists of insurance, blockchain, and security experts. A report that includes the details and results of the investigation and cover payout proposal is voted on by claim assessors from the InsurAce community. Voting results are public and recorded on-chain. In the event of poor voter turnout, the Advisory Board holds the right to decide on claim validity. 

For more details on how to submit a claim, please click here.

About Figment:

Figment is the leading provider of staking infrastructure. Figment provides the complete staking solution for over 250 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets. On Ethereum, Figment is the largest non-custodial staking provider with nearly 5% of staked ETH on Figment validators. Figment’s institutional staking service offers seamless point-and-click staking, portfolio reward tracking, API integrations, audited infrastructure, and slashing protection. This all leads Figment’s mission to support the adoption, growth, and long-term success of the digital asset ecosystem. To learn more about Figment, please visit figment.io.

About InsurAce Protocol: 

InsurAce, a decentralized global risk cover protocol, offers protection for digital assets against risks such as hacking, smart contract bugs, and stablecoin de-pegging. The platform features 

two membership-governed mutual pools and uses the $INSUR token for membership rights. With smart contracts issuing covers and a seamless user experience, the need for intermediaries is eliminated. The platform’s unique selling points include Low Fee Portfolio Cover, a Wide Product Range, SCR Mining, and Reliable Transparent Payouts. 

InsurAce’s innovative approach includes portfolio-based coverage for a diversified risk management tool, support for DeFi protocols across multiple blockchains, and permissionless access for users. InsurAce is committed to continuous evolution, working on fair claims handling, adaptable coverage options, and collaboration with other DeFi protocols. 

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