BSC Rising Star Soteria Starts Insurance Service on Blink, Broadening BSC Ecosystem & Empowering BNB

Soteria, a decentralized mutual insurance platform on the Binance Smart Chain (BSC), officially started the insurance service on Blink on January 27. With the new service, registered users can purchase insurance services for Blink on the platform via SOTE, and stake SOTE to obtain risk assessment rewards.

Following the launch of PancakeSwap and Barkery insurance services on January 20th and 25th, Soteria started the cooperation with Blink to further expand its influence on BSC and enrich the ecosystem. Blink is an entertainment platform that is regarded as the BSC version of WINK, and also the first large-scale dapp on BSC.

Soteria is a mutual insurance platform, which can provide insurance for losses caused by vulnerabilities in smart contracts, and hacker attacks, and then provide risk protection for DeFi products. On Soteria, as a community-based insurance platform, through pledged tokens, users are both gainers and risk bearers. Token holders can determine how much insurance coverage a project can have, and decide whether to approve claims.

After a user logs into the Soteria official website and pays a membership fee of 0.1BNB, Blink will show up on the Stake page, and insure the transaction after selection. On the premise of not losing the liquidity of their own assets, users pay a small amount of premiums to ensure the security of their own transactions.

In essence, Soteria is adapting a liquidity pool model. Community members can provide Soteria with BNB funds and obtain SOTE tokens in return. In other words, after users provide liquidity, they will receive liquidity tokens — SOTE.

Soteria officially launched on the market on January 13. On January 18, the membership number reached 440 within 5 days. At 18:00 on January 19, the Soteria platform officially began to provide insurance services to PancakeSwap. Within 5 hours, users pledged over 500,000 SOTE, and the number of membership increased to 590. On January 21, Soteria started its IFO, with the fund over-raising by 22.7 times as soon as the event started, setting a new record in PancakeSwap’s history. Subsequently, on January 25, Soteria began to provide insurance services to BakerySwap. As of January 26, Soteria has 1,317 members (independent addresses).

After launch, Soteria quickly covered the insurance business of various high-quality projects on the BSC. While protecting the safety of the BSC project, Soteria is constantly laying the foundation for its own ecosystem growth, while also stimulating adoption of BSC. In the future, the growth of the Soteria ecosystem will undoubtedly further enrich the BSC, empower BNB, and have a great impact on BNB trading.

With BSC, Soteria, which is full of potential, will continue to expand, continuously enriching the BSC ecosystem and leading the DeFi trend.