Press roundup, arNXM vaults part 2, ETHCV and Armor’s newest product arShield is live!
June and July have been two busy months for Armor! We have new product and audit updates to share, and event attendance.
Check out our 2-month roundup:
- Armor.Fi Co-Founder Az’s Podcast with Bitcoin.com
- arNXM Vault Updates & Success Guide Part 2
- arShield Beta Goes Live
- Armor’s Azeem Ahmed Finds a Critical Vulnerability in Cream Finance
- Armor CTO Robert Foster Attends the “DeFi insurance” AMA with InsurACE and Nexus Mutual.
- Armor Team Attends EthCC
- Armor.Fi co-founder AZ was a guest on the Bitcoin.com podcast.
Listen to the episode to learn #crypto things like:
- What demand there is for #DeFi #cover?
- What is #yieldfarming?
- Where did Az get his knowledge and ideas?
- The advantages of #buidling and #learning vs a limited trading mindset.
- Tips for #entrepreneurs.
- Turning frustration into motivation;
- Capacity vs demand vs yield vs UX.
- “The Best Low Cap Crypto Projects of 2021” by Token Metrics
- “Is the Armor Crypto the Most Underrated Small Altcoin?” by Jonathan Ploransky
- “Market scan of DeFi Risk Coverage platforms” by Bright Union.
arNXM Vault Updates & Success Guide Part 2
In the previous Round-Up, we discussed the upcoming arNXM vault updates, which were detailed in this blog post. Meanwhile Armor finished the changes as outlined in early June, Armor released part 2 of this arNXM Vault Updates & Success Guide.
In this guide, Armor answers several FAQs about its different components and vaults such as:
- What Is the relationship between arNXM and wNXM?
- What are the arNXM yields and benefits?
- How do I swap wNXM for arNXM?
- What is the relationship between arNXM, arNFT, and arCore?
Check out the answers to these questions here.
Azeem Finds A Critical Vulnerability In Cream Finance
Armor co-founder Azeem Ahmed became aware of a vulnerability in Cream Finance circulating in the wild and promptly reported it to Immunefi on June 13.
The vulnerability was rated as “critical” because it allowed a malicious user to drain Cream’s liquidity mining rewards contract of approximately $100,000 in CREAM tokens, even though it had been discontinued and was not issuing new rewards.
You can check out the entire vulnerability report and post-mortem here.
Robert Foster AMA — Armor X Nexus Mutual X InsurAce
Armor CTO, Robert Foster, did an AMA on “DeFi insurance” with InsurACE’s Oliver Xie and Nexus Mutual’s Hugh Karp. InsurAce Marketing Lead Dan Thomas hosted the event on July 8th on the InsurAce Telegram channel.
The arShield Beta Is Live
The Armor team is very excited about and proud of this one:
In mid-July, our latest product, arShield was launched in beta! With arShield, Armor users can wrap underlying tokens to receive coverage-bearing tokens, which automatically provide coverage without ever needing any maintenance or renewals. It’s also cheaper than other cover options!
arShield utilizes pooled coverage per protocol (for example Yearn Vaults, Curve Vaults, etc.) across a variety of products. In the initial stages, arShield will be launched across 5 Yearn Yield vaults — DAI, SNX, sUSD, YFI, and 1Inch.
During this beta launch, the deposits are limited to the equivalent of $50k USD per arShield, so about 50k DAI, 1.8 YFI, etc. We will compensate for any user losses during this period to encourage you to help us test and verify!
Plus, we have launched a bug bounty with ImmuneFi for arShield. Here are the details:
- Rewards of $1000-$50k USDC, depending on the severity level
- Focused on the Smart Contracts
Mostly concerned with
- Any loss of user funds
- Ability to withdraw more Ether than should be owed after a payout
- Ability to game the system so that they get an unfair percentage of payouts
We believe arShield’s built-in coverage tokens are the future of DeFi cover, and we’re here to make DeFi safer.
Check out the details in the Medium post here.
Armor Attends EthCC!
Of course, one of the most significant events last month was the EthCC4 conference in Paris headlined by Vitalik Buterin, but it was a week with many other inspiring talks, workshops and even a hackathon!
Vitalik’s message was to not focus on DeFi alone, but also to use the power and synergy of the Ethereum platform and its community to widen and deepen the scope.
The Armor core team attended the conference and had great talks with the MakerDao team, Julien Bouteloup, Ledger and many more! Expect some more news soon.
Of course, the team also were present at the many afterparties, wearing this sweet merch ⬇️
Did you spot us? Tell us on Twitter!