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Armor Round Up: May 2021

/ Round Up

May was another busy month at Armor.

Table of Contents

There were several highlights:

Let’s dive into the details of some of the things that happened this month!

Press Roundup

Armor CTO Robert Forster has been interviewed this month on:

  • The D-CORE podcast, exploring #DeFi coverage, smart contract risks, and how users can protect their assets on-chain.
  • With Viable Systems exploring the current state of the #blockchain industry and the direction it is heading towards in the future.

ConsenSys Codefi & Armor Team Up

–  to Make DeFi Safer with Improved Risk Scoring & Safety DAO Plans

In May, ConsenSys Codefi and Armor announced that together, we are updating Codefi’s DeFi Score rating in an effort to invite the community to help build the future of DeFi safety. The move is the first step in a larger initiative to create a collaborative DeFi Defense DAO to increase safety and transparency for DeFi through a community-driven product risk history and scoring resource.

This initiative will also use the new Coordinape tool built by the Yearn team which enables the decentralized and transparent distribution of rewards autonomously allocated by the community of contributors doing the work. This will provide insights on what the community finds most valuable, and who the key contributors are in different areas. The aim is to make the experience of contributors more dynamic, rewarding, fair and transparent.

Read the full announcement on our blog. You can also review the DeFi Defense DAO resources here, and join the DeFi Defense DAO Telegram group .

$ARMOR is Listed as Collateral on Ruler Protocol

Ruler Protocol has partnered with Armor.fi to list $ARMOR as collateral. 17549 $ARMOR and 25 $RULER per week have been allocated as rewards for Liquidity Providers.

With Ruler Protocol, users can:

  • Borrow stablecoins by using other assets as collateral.
  • Leverage an ecosystem that has a supply & demand-driven interest rate which is not dependent on bonding curves.
  • Be sure their position will not be liquidated as long as they follow the rules and repay back their loan on time.

Rewards started on May 7th and will continue through the end of June. See the full announcement on our blog.

$ARMOR & $arNXM Listed on C.R.E.A.M. Finance

The Armor and arNXM tokens can now be deposited and borrowed on the C.R.E.A.M. platform. The next step is a vote to determine the collateral factor, which will likely be 60%. Once that vote has been passed, $Armor tokens can then also be used as collateral.

With C.R.E.A.M. Finance, users can:

  • Lend and borrow DeFi assets.
  • Lock up tokens and earn yield.
  • Focus on longtail assets to increase capital efficiency for all assets in crypto markets.

C.R.E.A.M. Finance has already partnered with Armor.fi and Immunefi to join the Armor Alliance Big Bug Bounty Challenge. Joining the challenge provides C.R.E.A.M. with matching bounty rewards to help improve the quantity and quality of their bounties to attract high-quality whitehat hackers to look for vulnerabilities in C.R.E.A.M.’s overall attack surface.

arNXM Vault Updates & Success Guide

Recently there have been incidents of the arNXM price being discounted on exchanges. In order to help educate the community, we shared Armor’s planned approach for maintaining arNXM’s liquidity and price stability in May. We also thought it would be helpful to give a guided overview on arNXM’s staking options, yields, and future planned updates. Learn about the strategy and upcoming changes on our blog.

The 8888 $ARMOR Giveaway winner

After a lengthy process, we were able to draw a winner for the 8888 giveaway! @kona2 has received the 8888 Armor.

Armor Covers 88 DeFi Protocols:

2021 Staking Trends & Upcoming Changes

The Armor ecosystem launched in January 2021 with the mission to make DeFi safer. Within just 4 months, over 1.5 billion USD worth of DeFi assets across 88 protocols have been covered!

In an extensive post on our blog, we looked at current staking stats for where we’ve been and where we’re headed. We also analysed trends and some of the most popular protocols covered by Armor, and what we’ve learned from the data around staking for Armor’s most popular product, arNFT Tokenized Coverage. Read it here.

Upcoming

A lot is happening behind the scenes to prepare for June audits and launches. The arNXM updates will be live later this week. The arShield contracts have been finished, and much more will come this summer!

The team continues to work on product releases, decentralization, new partnerships, and community development.

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