Proposal to Whitelist Etherisc DIP Token (DIP) with 200K BNT Co-investment

BancorDAO Whitelist Proposal for Etherisc’s DIP Token

This proposal is expected to appear on Snapshot for voting on Sunday, 17th October 2021 at 12:00 pm UTC

TL;DR

  • Proposal to whitelist Etherisc’s DIP Token.
  • Proposed co-investment is 100,000 200.000 BNT.
  • There are no apparent security concerns that would prohibit whitelist status.
  • There is no reason to doubt the legitimacy of the Etherisc project.
  • The benefit to Bancor is clear.

DIP token address: 0xc719d010B63E5bbF2C0551872CD5316ED26AcD83

Project Website: https://etherisc.com

Token Security

DIP does not have an elastic supply, or rebase mechanism. The DIP token supply is fixed at 1,000,000,000, of which 191,854,113 are in current circulation. The token and TGE contracts do not have permissions that grant administrators any special capabilities. The contracts and addresses with the highest concentration of DIP tokens are the treasury wallet and team token wallet of the Decentralized Insurance Foundation, holding about 691 million and 20 million tokens respectively, and the founders wallets with about 33 million tokens each. While not technically locked, the wallets of the Decentralized Insurance Foundation are legally restricted. Tokens from these wallets are only distributed in the context of Etherisc’s grant program or to team members in recognition of special contributions to the project. The Decentralized Insurance Foundation is a swiss foundation regulated and audited by the Swiss Foundation Authority.

Project

Etherisc is building a platform for decentralized insurance applications. Corporates, large and small, not-for-profit groups and insurtech startups can all come together to provide better products and services. We aim to use blockchain technology to help make the purchase and sale of insurance more efficient, enable lower operational costs, provide greater transparency into the industry and democratize access to reinsurance investments.

The projects main deliverable is the open source GIF (Generic Insurance Framework) which enables teams to independently develop and deploy insurance products. The GIF acts as the operating system while product developers may implement any business logic appropriate to represent the insurance product.

Oracle providers can offer data services which can be utilized by the insurance products.
Risk Pool Keepers can launch risk pools as collateral for insurance products. The DIP token acts as a utility token for both staking and governance.

The project is active both in the DeFi space and in the traditional insurance business, especially in the microinsurance ecosystem. The largest deployment of an insurance product is a weather-index based crop insurance product with over 18,000 farmers onboarded.

The project has won numerous awards and received funding by reputable blockchain projects, notably the Ethereum Foundation and Chainlink.

Some more aspects:

  • Among the roughly 20 projects listed in the “insurance” category on Coingecko Top Insurance Coins by Market Capitalization - CoinGecko , we are the only project dealing with real world risks
  • We have a working product with > 18.000 policies in Africa, which is the largest insurance product on blockchain by numbers
  • This product runs on our open GIF platform - we are not a “product company” but a platform
  • We have received support from large players in the blockchain space, most notably by Ethereum Foundation and Chainlink, and also from NGOs like Climate Ledger Initiative
  • We have a strong network in the traditional insurance business and in the microinsurance ecosystem
  • Community grew by 100% in the last 9 months

Tokenomics

Etherisc’s native token, DIP (ERC20), is required to participate in risk pools which cover the insurance risks. Investors stake DIP tokens in these risk pools and receive rewards from the premiums of policies sold. DIP is also the governance token for DAOs which run the different GIF instances on the major blockchains. Therefore, the DIP token is a utility token, and not merely a symbolic representation of the project.

Community and Communication

Etherisc is active on Telegram (> 4K members), Twitter (> 10K followers), Youtube and LinkedIn. The project maintains a discourse forum and a blog. All code is open sourced and available on the Github repos. The team members are presented on the team section on the Etherisc website. Christoph Mussenbrock, the co-founder of the project and CEO of Etherisc GmbH, is the project’s main spokesperson. The team can be contacted via email contact@etherisc.com

Available Audits

The Token contract has been audited by three reputable auditors:

  • Christoph Jentzsch, Slock.it
  • Sebastian Bürgel, Validity Labs
  • Eugen Lechner, inacta AG

Market and Trading Data

  • DIP price at the time of writing is $0.076161
  • All-time high: $0.46 (Mar 29, 2021)
  • All-time low: $0.00227 (Jul 11, 2020)
  • Price 90 days ago: $0.0908
  • 191,854,113 tokens in circulation
  • 1,000,000,000 maximum supply.
  • The current market capitalization is $14,611,744.
  • The DIP token is available on Uniswap, 1inch and Honeyswap.
    Uniswap has a liquidity of > 10 Million DIP tokens and a bandwidth (+/- 2%)
    of > USD 20K.

Benefits for Bancor:

We believe that a listing on Bancor will attract traders and liquidity providers to the Bancor platform due to the unique properties of the Bancor Protocol, e.g. single sided staking and IL protection. A listing on Bancor has been on the top priority list for many community members. In turn, Etherisc will actively promote the Bancor platform for trading. We also expect synergies between the two protocols as we are exploring to integrate our insurance products and risk pools with the Bancor Protocol.

2 Likes

Hi @christoph2806,

Thanks for posting this proposal and welcome to our community. Proposal is excellent except that the co-investments could be higher given the $DIP liquidity on Uniswap V2:

which is roughly 1.1m at the time of writing. ~100K in $BNT co-investment will get us a pool that’s roughly 800K in size if it fills up completely. I think this will be a popular token since a lot of members in the community have requested its inclusion and I expect that to fill up easily. I think the community will easily support this proposal with a 200K $BNT co-investment which will also make us the deepest source of liquidity.

Awesome! I can’t wait to see what type of integrations might be planned.

1 Like

I’m in favor of this prop - hope to be able to welcome DIP aboard.