Athena Ins Unveils Decentralized Insurance for DeFi Risks, According to Chainwire

PARIS, France, July 2nd, 2024

Athena Ins is revolutionizing the decentralized insurance industry with its cutting-edge protocol, enabling users to insure their decentralized finance (DeFi) investments against various risks. This pioneering platform allows individuals to obtain insurance coverage that protects against threats such as hacking, vulnerabilities in smart contracts, and the instability of stablecoins.

In contrast to traditional insurance models, Athena Ins leverages smart contracts, removing the need for centralized intermediaries and ensuring transparency and decentralization. Users can secure their deposits on DeFi platforms and receive compensation in case of covered incidents, representing a significant leap forward in enhancing safety and sophistication within the DeFi space.

Key Features of Athena Ins

Athena Ins offers several notable features that set it apart in the decentralized insurance market:

• Competitive Premiums: Rates are powered by algorithms to keep them affordable.
• Investment Freedom: Users can choose their risk pools according to personal preferences.
• Leverage on Guarantees: Insurers can increase their exposure for the potential of higher returns.
• Sustainable Yields: Coverage fees are redistributed, and guarantee funds earn interest.

Strategic Partnership with Angle

Athena Ins has entered a strategic partnership with Angle, a DeFi protocol supported by prominent investors, to enhance security for investors. This collaboration allows Angle users access to innovative insurance solutions from Athena Ins, protecting against the risk of depegging associated with Angle’s stablecoin, USDA.

ATEN: The Core Token of Athena Ins

Central to the Athena Ins ecosystem is ATEN, a versatile native token that plays a crucial role in the operation and evolution of the protocol. Beyond being a cryptocurrency, ATEN empowers its holders with decision-making capabilities and significant influence on the platform.

ATEN holders are integral to the governance of Athena Ins. Through an open voting system, they can shape the future of the protocol by participating in key strategic decisions, from modifying technical parameters to managing reserve funds and implementing major updates.

Role in the Insurance Lifecycle

ATEN is vital for the creation of new insurance contracts on the platform. Additionally, ATEN holders take part in managing claims, evaluating and verifying compensation requests to ensure a fair and transparent process.

Deflationary Economics for Sustaining Value

The Athena Ins protocol employs a unique burning mechanism that manages the supply of ATEN. During incident settlements, a deductible is collected from each refund to buy back tokens, which are then permanently removed from circulation. This creates a deflationary effect on the overall supply, which is intended to enhance the long-term value of ATEN and align holder interests with the platform’s growth.

The economic model for ATEN is carefully crafted to promote sustainable development within the Athena Ins ecosystem. A total of 3 billion tokens will be gradually introduced, with strategic allocations to various stakeholders including the team, ecosystem participants, liquidity providers, advisors, and investors.

Deployment on the Arbitrum Blockchain

Although Athena Ins plans to adopt a multi-chain strategy, it was initially launched on the Arbitrum blockchain. This choice leverages one of the most established and developed DeFi ecosystems, facilitating the adoption and accessibility of the protocol. Users can take advantage of Athena Ins insurance coverage while their assets remain on this leading blockchain, with future integrations planned for other major blockchains like BNB Chain and Polygon.

Successful Presale and Future Initiatives

Athena Ins recently concluded a public presale, raising $375,000, with plans for a second public token sale on the horizon. While ATEN has yet to be listed on any exchanges, future listings are in development.

Conclusion

With its intelligent decentralized insurance model and the versatile ATEN token, Athena Ins is poised to become a key player in the DeFi sector. Its innovative approach aims to enhance the safety of crypto investments while democratizing access to on-chain insurance offerings.

About Athena Ins

Athena Ins is a decentralized insurance protocol designed to safeguard DeFi investments against various threats, including hacking, stablecoin depegging, and smart contract vulnerabilities. Operating on the EVM blockchain, Athena Ins eliminates the need for intermediaries and automates claims management through smart contracts, providing a comprehensive solution to the challenges of DeFi security. With dynamic pricing, flexibility for liquidity providers, and robust risk management features, Athena Ins stands as an essential participant in the DeFi ecosystem.