Uno Re, launches their pioneering Defi insurance protection program for end-users on the World’s fastest Ethereum Virtual Machine, the tEVM by Telos Blockchain.
Uno Re is expanding its horizons by planting its flag in an up-and-coming Solidity-based ecosystem, the tEVM by Telos. In that regard, setting sail into the Telos landscape is very exciting for the Uno Re team. Telos is a ceilingless ecosystem that is starting to host many exciting projects and it is exactly the synergistic atmosphere that Uno Re has been looking for. The Telos EVM is the most scalable solution for Solidity-based applications and is built with the intent of revolutionizing the DeFi landscape as we know it.
We believe that the high speed, scalability, and low fees of the TelosEVM platform will make great contributions to the mainstream adoption of DeFi. This is why Uno Re is keen on helping Telos users stay protected against smart contract-related risks. This is a much-needed layer of insulation for Defi and NFTs.
“We’re incredibly excited to see the volume of new dApps coming to build on the Telos EVM. The Uno Re insurance platform is the first of its kind on tEVM and brings new user functionality, protection, and value to the ecosystem. We look forward to seeing how users will leverage this new offering across the platform.”
— AJ Dinger, Head of Business Development, Telos Foundation
Unlike other scalable EVMs, Telos’ tEVM is not just a fork of the original Go Ethereum code. It’s an entirely new EVM redesigned from the ground up to take full advantage of the power of the Telos technology. Telos is insulating Defi end-users for Front running and Uno Re is insulating end users from the other pitfalls of DeFi (example: theft). These offerings combined together offer a real safe haven for Defi users.
What Uno Re Has to Offer to Telos Users?
Engaging in DeFi and NFT marketplaces are considered risky for the users given the potential vulnerabilities that might be exploited by malicious actors. Uno Re provides reassurance to users and trust in projects that would be typically seen as risky.
By providing insurance coverage to Telos’ ecosystem we aim to minimize the potential risks associated with smart contract vulnerabilities.
We are looking into providing insurance coverage for the following parties of the Telos ecosystem:
- Assets held by nodes operating on Telos
- The network’s native coin- TLOS used as proof of stake will be insured.
- Projects built on or integrated Telos
- Hundreds of projects already integrated Telos, including NFT marketplaces, exchanges, wallets, and DeFi tools.
- Telos network
Ongoing incidents in crypto continue to prove that smart contract or network vulnerabilities could be a big threat to any platform that utilizes blockchain technology. To improve the overall security of the Telos network, the Uno Re team is ready to step up to the plate and help insulate all end users while being their preferred insurance provider.
“Uno Re’s founding purpose is to help DeFi platforms stay secure, consequently enabling them to access more users. A partnership of two Defi platforms with mutual goals will only benefit users. We are looking forward to providing insurance coverage to platforms integrated with Telos’ EVM.”
— Jaskanwar Singh, CEO, and Co-founder of Uno Re
About Uno Re
Uno Re is the world’s first decentralized insurance and reinsurance platform, allowing the community to invest and trade in ‘risk’ and receive sizable returns on their investments in one of the safest asset classes in the world. The platform will break barriers to entry for the retail investor by doing away with the historic pre-requisite of absurdly high capital generally needed to invest in the market while also introducing much-needed transparency into the industry as a whole. Uno Re will also allow the community to propose innovative insurance products to the space, thus propelling a new generation of Insurtech companies powered by the Uno Re ecosystem.
Telos Blockchain (Tlos) is a 3rd generation smart contract platform that offers compatibility with Solidity, Vyper, and Native C++ smart contracts, providing full EVM/Solidity support as well as a fee-less native smart contract layer upon which the EVM is built. Telos performance is unrivaled in the industry and was purpose-built to offer speed, scalability, cost-effectiveness, decentralization, and end-user fairness. The network can sustainably support hundreds of millions of transactions per day, produces blocks in 0.5-second intervals on a first-in-first-out basis (eliminating frontrunning on the network), offers a fee-less native, and low per transaction cost EVM (<$0.10), and a fully decentralized block producer network.