IIP-5 Launching InsureDAO on Optimism

This document is proposing to launch InsureDAO on Optimism.

As our multichain strategy, we are now planning to launch InsureDAO on Optimism, the Ethereum L2 network, in July.

So far, we’ve launched the protocol on the Ethereum mainnet and announced to launch on Astar Network, which we passed the proposal already. We’ve been considering which L2 chain to launch first, and now we would like to expand the InsureDAO ecosystem to Optimism.

What is Optimism

Optimism is a low-cost and lightning-fast Ethereum L2 blockchain. There have been launched more than 50 DeFi protocols, including native protocols such as Lyra. Also, many major DeFi protocols from the Ethereum Mainnet, such as Synthetix, have already come to Optimism. Launching its native token, OP, the Optimism ecosystem now keeps expanding.

Website: https://www.optimism.io/ Twitter: https://twitter.com/optimismPBC

Why We Choose Optimism

We expect that we could appeal our protocol to new users and provide better UX by launching Optimism.

• Optimism is one of the most popular Ethereum L2 networks.
• Optimism now has a TVL of about 300M.
• Gas fee is low and reduces the entry barrier for users

Moreover, there is yet no DeFi insurance protocol on Optimism. InsureDAO would be the first protocol to provide a safety net for protocols and users in the Optimism ecosystem.

Launch Schedule on Optimism

1. "Release the insurance purchase function with partnered protocols" The InsureDAO team will provide underwriting liquidity to insurance pools covering partnered protocols. Users from partnered protocols will be able to purchase insurance up to the liquidity and cover their funds against smart contract risks.

2. "Open the underwriting function and start the underwriting farming" Once INSURE token is deployed to Optimism, we are planning to open the underwriting function to anyone, and start the rewards farming for underwriters.

3. "Expand InsureDAO ecosystem on Optimism" Although we will launch InsureDAO with a few selected protocols first, we would like to increase insurance pools for as many protocols as possible and build a robust security layer on Optimism.

Voting power

• 1vlINSURE -> 1 veINSURE
• 1veINSURE -> 1 veINSURE

A quorum of at least 35k veINSURE is required for snapshot voting.