Perpetual Protocol Covers User Assets With Armor
Armor now covers user assets as part of a new partnership with Perpetual Protocol in the mission to make DeFi safer.
Perpetual Protocol makes on-chain leveraged trading simple — connect your wallet, deposit USDC, and start trading. Every trade is recorded on-chain and you can start trading without the need for any counterparty.
⭐️ It only takes three steps for you to do leveraged trades on Perpetual Protocol — connect your wallet, deposit USDC, and then begin trading.
⭐️ Traders always control their assets when trading on the protocol, even when the site is down.
⭐️ Starting from blue-chip DeFi tokens like YFI, SUSHI, and COMP, more markets will be added on the protocol through governance.
If you haven’t tried it yet, visit https://perp.fi/ to start now.
Perpetual Protocol has purchased $2.5M in protocol-level coverage as an arNFT (underwritten by Nexus Mutual) for 12 months to protect their users, which may grow as needs expand.
This coverage currently protects Perpetual Protocol assets against smart contract risks. Starting April 26, 2021 thanks to Nexus Mutual the cover will extend to the full spectrum of protection against oracle attacks, severe economic attacks, and governance attacks.
This way, the Perpetual Protocol team gives traders the confidence that their funds are protected because users don’t have to cover their own positions separately.
The developers behind Perpetual Protocol also receive a grant of ARMOR tokens, equalling the USD value of the coverage secured in the first cover purchase.
Having joined Armor’s Big Bug Bounty Challenge in partnership with Immunefi, Perpetual Protocol will also add a further layer of protection to the protocol smart contracts with whitehat hackers economically incentivized to secure the system instead of acting against it.
Armor seeks to truly innovate on crypto-native coverage for DeFi assets by creating symbiotic, collaborative, composable relationships with complementary protocols. Further innovations are on the way and Armor will continue to scale up and seek to serve Perpetual Protocol even better.
Armor makes investing in DeFi as safe as possible with crypto-native, dynamic smart insurance 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.