Armor Round-Up: March 2021
Armor’s progress in March 2021 has several highlights:
- Total coverage acquired by users surpassed $1 billion USD.
- The arCore Smart Cover System was launched!
- Coverage for 10 more protocols was added.
- The first R-bounty was awarded.
- The Armor Alliance Big Bug Bounty challenge started.
- $ARMOR and $arNXM are whitelisted on Bancor.
- Armor shared a new V2 draft whitepaper.
- Armor was featured by several respected researchers and publications.
Let’s dive into some details!
Smart Cover System Launch
The Smart Cover System was launched following multiple audits. This allows DeFi users to get Pay As You Grow smart coverage.
Visit https://armor.fi/protect, connect a wallet and the integrated Zapper.fi API will detect all assets in the wallet that can be covered. The cover is perpetual, and can be adjusted or even canceled at any moment without penalty. The user pays per second; the costs are taken from a refundable deposit.
Once a users assets have changed in composition or amount, the system will propose a change to have assets fully covered again.
To read more about benefits and the difference between Smart Cover and the arNFT coverage products, please refer to this Medium post.
Armor Alliance Big Bug Bounty Challenge
In the quest to make DeFi safer, Armor announced the Big Bug Bounty Challenge in partnership with Immunefi, who hosts and manages the program for participants, to pioneer a more proactive and thorough approach to securing protocols and addressing vulnerabilities.
How Does The Big Bug Bounty Challenge Work?
- The partner protocol launches a bug bounty program with Immunefi and establishes $50,000 as the minimum base reward value for critical bugs according to Immunefi’s Severity Classification System.
- Armor will match the maximum critical bug bounty reward up to a total base maximum payout of $250,000, bringing the final maximum payout up to $500,000. All payouts higher than the base maximum payout would have the extra payment be paid by Armor in $ARMOR with a vesting schedule of up to 24 months.
- Armor will provide matching rewards only if Armor has confirmed the protocol is an accepted partner in the Armor Alliance and the bug fits the predetermined criteria.
The full announcement and further details of the program such as the application form can be found here on the blog.
Armor is now whitelisted on Bancor
Bancor offers their liquidity providers protection against impermanent loss.
Armor and arNXM providers can earn trading fees without the risk of impermanent loss. Once you deposit the impermanent loss ‘timer’ starts.
Armor V2 Draft WhitePaper Reveal
Based on insights from contributors and active community members, Armor shared its draft V2 whitepaper!
The initial Armor ecosystem launch 2 months ago has been a great success. Armor has sold over 1 Billion in cover and over 11,500 DeFi users are now Armor holders.
The DeFi space is growing exponentially and Armor is innovating to lead the path for coverage solutions. Armor is also constantly refining and redefining the current and upcoming products to further increase utility for DeFi.
What started as a roadmap and rewards restructuring discussion has turned into a full V2 Draft WhitePaper based on community feedback and data collected since launch.
Armor invites the community to read the full details of the proposed V2 of the ecosystem and the proposed changes, roadmap and new products and to share their feedback on these here on the new governance forum.
Features and Reviews
More and more #DeFi users discover the Armor ecosystem and its benefits.
- Armor was featured by Defi_Dad, who has worked hard to improve the growth and accessibility of DeFi with extensive manuals and videos.
- CryptoDaily gave a very positive review of Armor’s February Round Up and Gabriel Haines made a great video about coverage purchase and rewards staking.
- CoinGecko, created the Decentralized Insurance — A Deep Dive, a comprehensive overview of the current DeFi Cover landscape. Armor emerges as a leader here.
- Respected Crypto Research Publication The Palm Beach Confidential Report featured Armor. The full 25-page report is only available to paid subscribers, however here is a short excerpt:
“Armor is already miles ahead of the competition. And I’m not talking about just DeFi competitors. Its model is putting the traditional brokers you already use to shame. This tells me when real-world assets get tokenized in the near future, Armor will gobble up market share left and right (…) With Armor being the best insurance aggregator in the space, we expect it to capture the most market share”.
The 8888 $ARMOR giveaway is live!
While the airlock drop details are being designed and built, an 8888 $ARMOR giveaway has started.
The team has continued to work around the clock to prepare for upcoming product releases, new partnerships and community development.
The community itself has also grown. Here is an excellent Tweetstorm about the Armor ecosystem from #ArmorKnight @TradingApe4!
Armor makes investing in DeFi as safe as possible with crypto-native, dynamic smart coverage aggregation. As a decentralized brokerage, Armor’s innovations provide on-demand, real-time coverage and non-custodial security solutions for user assets.
Armor’s focus is on building an ecosystem of interoperable protocols and products to secure and scale mass adoption of DeFi both with institutions and individuals. With innovative products and programs geared towards enhancing security, Armor aims to become a thought and market leader in Defi Asset Security.