🎥History

Agio is a rebranding of backed, a beta project that was launched by the founders discreetly in order to be able to test and refine the product to deliver the most accurate and innovative mechanics once it was ready. We have indeed developed the project for more than a year and a half, testing it with our partners. The project nevertheless took on a much larger scale than we wanted for this phase, with in particular the biggest French YouTuber "Hasheur" who mentioned us during our launch.

Despite the fact we did not wanted any publicity, we have already insured about 150k usd worth of assets. During this “beta” period, we were able to observe many interactions with the protocol; whether it is the type of users interacting with the protocol, the feedback given by the users or the various interests of use with the protocol. However, we quickly realized during this period what "issues" needed to be fixed and how we would create the platform in order to achieve true mainstream reach :

Illiquidity issues

Illiquidity is the worst ennemy in DeFI. Liquidity is what makes protocols work and therefore scale their users. A protocol can be innovative and amazing but if he does not have enough liquidity for people to use it, scaling it will be impossible. Backed was innovative and provided a new concept to the space but because the contracts were too much customizable and were not directly liquid (as another user needed to accept the contract for the benefits to start being realized) we had problems to scale backed and onboard more users.

Excessively dynamic and elastic contracts

All the parameters on the contract were set by the insurers individually. This means that an insurer could set the daily fee he wanted, the % of losses that he would cover and the length of the contract. This leads to complex contracts that are too precise for many users to be interested in and conduct therefore to low demand.

We realized what steps needed to be redefined for the platform to be live and out of the beta phase while sticking to our motto :

“Where people can protect up to 100% of their losses in crypto while benefiting from their upside potential”.