Abstract This proposal encapsulates the aspiration to extend the functionality and accessibility of the INSURE token, which serves as the quintessential governance token of InsureDAO, by registering it on the Arbitrum token bridge gateway. Currently, the INSURE token is operational exclusively on the Ethereum mainnet. By facilitating a bridge and initiating a mining program on Arbitrum, we anticipate accelerating underwriting activities on the Arbitrum network, thereby broadening the horizon of InsureDAO's decentralized insurance ecosystem.
About Protocol
InsureDAO is an insurance market protocol built on Ethereum. The operation and management of the protocol are controlled by a DAO, and anyone with access to Ethereum can create, purchase, and underwrite any insurance without KYC.
Website: https://www.insuredao.fi/
Docs: https://insuredao.gitbook.io/insuredao/
Objective:
The prime objective of this bridging initiative is to enhance the liquidity, accessibility, and utility of the INSURE token. This proposal comes with two developments • Registering the INSURE token on the Arbitrum token bridge gateway. • Kick-starting a mining program on the Arbitrum network.
Benefits to Arbitrum: • Boosted Liquidity: Bridging the INSURE token to Arbitrum can significantly augment the liquidity of the underwriting pool • Augmented safety: The more insurance liquidity on Arbitrum, the more security on Arbitrum. The bridge of INSURE token benefits to the entire Arbitrum ecosystem.
Specifications & Steps to Implement Follows the specification of Arbitrum custom gateway. https://docs.arbitrum.io/devs-how-tos/bridge-tokens/how-to-bridge-tokens-custom-gateway#step-5-register-the-custom-token-to-your-custom-gateway
Timeline After this proposal is approved, we will start implementation.
Overall Cost No cost is required.
Abstract This proposal encapsulates the aspiration to extend the functionality and accessibility of the INSURE token, which serves as the quintessential governance token of InsureDAO, by registering it on the Arbitrum token bridge gateway. Currently, the INSURE token is operational exclusively on the Ethereum mainnet. By facilitating a bridge and initiating a mining program on Arbitrum, we anticipate accelerating underwriting activities on the Arbitrum network, thereby broadening the horizon of InsureDAO's decentralized insurance ecosystem.
About Protocol
InsureDAO is an insurance market protocol built on Ethereum. The operation and management of the protocol are controlled by a DAO, and anyone with access to Ethereum can create, purchase, and underwrite any insurance without KYC.
Website: https://www.insuredao.fi/
Docs: https://insuredao.gitbook.io/insuredao/
Objective:
The prime objective of this bridging initiative is to enhance the liquidity, accessibility, and utility of the INSURE token. This proposal comes with two developments • Registering the INSURE token on the Arbitrum token bridge gateway. • Kick-starting a mining program on the Arbitrum network.
Benefits to Arbitrum: • Boosted Liquidity: Bridging the INSURE token to Arbitrum can significantly augment the liquidity of the underwriting pool • Augmented safety: The more insurance liquidity on Arbitrum, the more security on Arbitrum. The bridge of INSURE token benefits to the entire Arbitrum ecosystem.
Specifications & Steps to Implement Follows the specification of Arbitrum custom gateway. https://docs.arbitrum.io/devs-how-tos/bridge-tokens/how-to-bridge-tokens-custom-gateway#step-5-register-the-custom-token-to-your-custom-gateway
Timeline After this proposal is approved, we will start implementation.
Overall Cost No cost is required.
Jumping in to provide a bit of context, the token bridge smart contracts are controlled by the Arbitrum DAO's upgrade executor. Before the protocol got decentralized, the mapping in the bridge was set to block this token from being bridged as the team was preparing to go Live in Arbitrum.
Since then, control of the token bridge was transferred to the DAO and to unblock the team, a governance action is needed. There are also other tokens in this state which teams might be interested in unblocking.
Jumping in to provide a bit of context, the token bridge smart contracts are controlled by the Arbitrum DAO's upgrade executor. Before the protocol got decentralized, the mapping in the bridge was set to block this token from being bridged as the team was preparing to go Live in Arbitrum.
Since then, control of the token bridge was transferred to the DAO and to unblock the team, a governance action is needed. There are also other tokens in this state which teams might be interested in unblocking.
