In recent months the TVL (total value locked) inside Ethereum DeFi has skyrocketed due to an endless variety of token-incentivised adoption boosters (known as Yield Farming) such as COMP, YFI & YAM. The problem introduced is some of these are experimental or unaudited projects, which can leave unsavvy farmers exposed if something were to go wrong. Because of the crazy APR % some of these can offer in the first few days, many users completely neglect to account for the possible risks introduced (Yolo-farming).
Squirrel aims to resolve this problem by developing a trusted ecosystem to empower, secure & simplify DeFi for end users. The project begins with two phases:
🔐 Phase 0 — Secure
The first product planned for Squirrel is Stash, a streamlined & simple interface for Squirrels (acorn-y name for our users) to securely stash their assets. With the rise of DeFi an increasing number of users are keeping large amounts of assets in hot-wallets such as MetaMask, leaving them exposed to multiple risks. Even those with hardware wallets can fall victim to attacks (via wrench or seed backup unknowingly exposed). Stash aims to be the complete air-gapped solution to protecting your assets using smart contracts, the DeFi equivalent of a physical cold-wallet.
📃 Phase 1— Insure
The second & flagship product planned for Squirrel is Insure, the evolution of Yield Farming. This product will allow Squirrels to farm suitable DeFi projects confidently, knowing their assets are safely-backed in the event of unfortunate events such as smart contract issues. In return Insure users pay a % of their yields to NUTS token. We’re still tinkering on the details for Phase 1, so stay tuned for more info in the near future.
Estimated timeline for Phase 0 beta— September
Estimated timeline for Phase 1 beta — October