Many highlights for Armor in April 2021
It has been only a month since our last round up, and it has been another busy one with several highlights:
- Armor whitelisted for C.R.E.A.M. & helps them fix an urgent DeFi security situation
- Perpetual Protocol covers user assets with Armor
- New protocols join the Armor Big Bug Bounty Challenge Armor Alliance, including Synthetix, Alpha Homora and Harvest Finance.
- Armor and Nexus Mutual upgrade all existing & future cover, & start BSC coverage
- Website front-end and backend overhaul and updates
- Final chance to win 8888 Armor! (Details below!)
Let’s dive into details on some of the things that happened this month!
Press Roundup
More and more #DeFi users discover the Armor ecosystem and its benefits.
- DeFi risk and asset coverage in a Forkast News OpEd: DeFi insurance: Why buy coverage for your digital assets?
- Defi Dad already looked ahead to the new Protocol Cover
- Ian Balina has been very positive about Armor in several of his videos and tweets
- C.R.E.A.M. and Armor’s Bug Bounty were mentioned on CoinTelegraph
Armor Whitelisted on C.R.E.A.M
And Helps Them with Security Issue!
The C.R.E.A.M. community voted with overwhelming majority to whitelist both the Armor and arNXM tokens. This means that once the collateral factor is voted upon, both tokens can be added as collateral to the C.R.E.A.M. dapp.
Armor also stepped in to help C.R.E.A.M. fix an urgent DeFi security situation: https://twitter.com/CreamdotFinance/status/1371495501464547329?s=20
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.
Perpetual Protocol has purchased $2.5M in protocol-level coverage as an arNFT for 12 months to protect their users, which may grow as needs expand. 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.
Perpetual Protocol also received a grant of ARMOR tokens, equalling the USD value of the coverage secured in the first cover purchase.
Having also joined Armor’s Big Bug Bounty Challenge in partnership with Immunefi, Perpetual Protocol will add another layer of protection to the protocol’s smart contracts.
The Armor Alliance Big Bug Bounty Challenge is Gaining Taction
Bug bounties are an effective way to properly reward white-hat hackers who disclose vulnerabilities as well as incentivize would-be black-hat hackers to act ethically.
In the quest to make crypto a safer place, Armor is pleased to announce the Big Bug Bounty Challenge in partnership with Immunefi, who will host and manage the program for participants, to pioneer a more proactive and thorough approach to securing protocols and addressing vulnerabilities.
The following projects joined the AABBC in April:
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 announcements and further details of the program such as the application form can be found here on the blog.
Armor & Nexus Mutual Now Offer Protocol Cover; Add BSC Protocols
Armor and its underwriter Nexus Mutual have upgraded all existing and future cover! The arNFT and Smart Covers already covered Smart Contract bugs, but will now also be covering the following scenarios:
- Oracle attacks
- Severe economic attacks
- Governance attacks
- Protocols on any chain
- Layer two components.
The cover is now available for the following protocols, several of which are on the Binance Smart Chain:
- THOR Chain
- Anchor Protocol
- Pancake Swap
- Venus Protocol
- Pancake Bunny
- FTX Custodian
Protocol Cover now also covers any chain that a #DeFi project looks to explore. So if $SUSHI is available in multiple chains, as long as you buy cover for Sushi, you will be safe.
The same logic applies to $ETH L2 as well. With projects like Matic and Optimism maturing, this layer-2 coverage is going to protect you as your tokens migrate from L1 to L2.
Existing Cover gets a free upgrade as well: all existing arNFT’s and arCore Smart Cover will be retroactively upgraded to the new Protocol cover at no additional costs. (Except any purchased before Proof of Loss implementation).
Read all further details here.
Armor.fi V2 Website Updates
Armor has recently made a bunch of updates to its smart cover system and website after listening to user feedback and to prepare for the execution of the 2021 roadmap.
Many small and some larger bugs were fixed, the User Experience and Interface (UX/UI) has been improved, a lot of requested functionality was added and all pages have now switched from hard white to soothing blue.
More details here; this completes the V2 version of the website, but the work V3 has already started.
The 8888 $ARMOR Giveaway- Still LIVE!
Armor came with a surprise! While the airdrop details are being designed and built, an additional 8888 $ARMOR giveaway has started. You only have to like and retweet the above tweet, add your address and follow @ArmorFi and you could be the winner of this prize!
The winner will be announced next week!
Upcoming
A lot is happening behind the scenes to prepare for the May and June audits and launches. The team has continued to work around the clock to prepare for upcoming product releases, decentralization, new partnerships and community development.