A LOT has happened: from new team hires to the launch of our DAO and the burning of 25% of all tokens and much more. Let’s dive in!
Newly Covered Protocols
In the months of November and December Armor has added a fair amount of popular protocols that are now eligible for coverage through arCore or arNFTs, they include:
- Premia Finance
- Notional Finance v2
- Popsicle Finance
- Ribbon Finance v2
- Pool Together v4
- Trader Joe
Armor Expands the Team
In November Armor was fortunate enough to welcome 3 exceptional new members to the core team. Each of them has a wealth of experience and qualifications that already have been a boon to the Armor team in the last couple of months.
In addition to this, co-founder Robert Forster made a post on our forum with each team member’s linkedin profiles, as well as a post about the founder wallets and updated token allocations.
The forum is the place to discuss new DAO proposals as well, so do join and let your voice be heard!
The DAO and vArmor launch
Armor is proud to present its latest product launch and a big step towards decentralisation of the project: vArmor.
vARMOR is a yield bearing ERC-20 token that is used for governance. It will be used to vote and put forward proposals to the Decentralized Autonomous Organization (DAO).
This step marks a new and important phase in the transition to the Armor DAO as vArmor token holders can discuss, start and vote on proposals:
- A new discussion forum has been started, where pre-proposals can be discussed and even put to an informal vote. One does not need any vArmor for this, just an Armor Forum account.
- Once there is clear support for a proposal and multiple options to vote for, a detailed proposal can be made via the WithTally.com on-chain voting platform.
- vArmor users can then vote for any option connected to the proposal or delegate their votes to someone else.
- Once the quorum is reached, the proposal will be executed.
For more information on the staking process, including a how-to guide please visit the detailed blog post here.
Proposal [ARP-001] — 250MM: Token Burn from Treasury
Shortly after the DAOs official launch, the first proposal was put forth:
a large token burn of about 250MM Armor tokens, or 25% of the total supply. The response from the community was overwhelmingly positive.
- Early November Armor founder Robert started two connected discussions on the Armor forum about a possible burning of tokens and a restructuring of the founders’ tokens.
- The first proposal was launched on WithTally a few days after: #ARP-001, about burning 250m Armor tokens (25% of total supply)
- The vote passed quorum, was accepted unanimously and was executed automatically!
- Armor has offered to refund gas fees related to the voting as gas costs should not stop our community from participating.
The content of the proposal:
- Burn 250MM of previously allocated tokens from the multisig treasury reducing the total supply of $Armor by ~25% to 750MM
The goal of this proposal:
- Improve the tokenomics of the governance token, provide peace of mind to our current holders, and generate marketing buzz about Armor.
The result of this proposal:
- There was over 95% total engagement from our vArmor delegates and 100% of that engagement was in favour of the proposal.
It was a resounding success to complement the launch of the DAO, and now 25% of the total supply (that was previously allocated) of Armor has been burned forever.
For more information, the full blog post can be read here.
Armor Team AMAs
To increase engagement and transparency with the community the Armor team has begun to host AMAs to provide project updates and take questions and collect feedback from community members.
The first of these AMAs was hosted within the Crypto Talkz community, in which we awarded 2 users for the best questions and another random user with Armor tokens. The complete transcript of that event is located here.
A second AMA was conducted on 12/19, hosted on our discord. The team provided an update on the protocol’s progress. Highlights of which included:
- RCA audits scheduled for January, which should launch in February
- Education presentation of coverage models submitted to a graphic designer
- Multichain DAO progress
- CMC and CG total supply updates
- Market Maker finalization
Speaking about RCA’s, Robert said:
RCA development is coming along great! We’ve actually had a couple design changes recently in terms of liquidating tokens and the tokenomics strategy related to them.
Regarding tokenomics, we’ve seen the recent happenings of pure governance tokens and felt a utility strategy was needed, so we’ve designed a system in which risk rating is determined by protocols staking ARMOR, with the protocol risks ranked by amount of ARMOR staked.
This provides tokenomics similar to Curve that we’re very excited about the potential of… Audits are scheduled for January (gotta schedule those kinda far out) so February is planned for launch.
For more alpha and the full transcript please see the #AMA-Answers channel in the discord, located here!
Armor soft launches Grant Program
The team is working to implement a broad grant program that will reward our active users for participating in various projects: community & support tasks, graphic design, or even tech development.
The team has already utilized the program, supporting an educational presentation piece that is planned to launch in January. It contains community-sourced content and graphic design!
If you wish to participate, please fill out the sign-up form for our grant program here:
Thank you to all of our community members who have already filled out the form. We plan to use the discord to implement project assignments to all participating users. This will begin early January so stay tuned!
Armor Alliance Continues to make DeFi Safer, with Harvest Finance
Earlier in the year, Harvest Finance joined the Armor Alliance Bug Bounty Program which increased the reward for a critical bug bounty for the protocol to $200,000.
Following an exploit reported by a whitehat hacker through Immunefi, Harvest Finance awarded the highest payout of $100,000 USDC, with Armor matching it in equivalent Armor tokens.
The Armor Alliance continues to promote a DeFi Ecosystem that is safer for all! Read more about the specific bounty here and about the Armor Alliance Big Bug Bounty Challenge here.
Market Maker Proposal (in progress)
To help increase liquidity and trading volume of the $Armor token, the team plans to enlist the help of a seasoned market maker, as a result from feedback from investors and community members alike.
To keep the control of the protocol’s future in the hands of the DAO, the ongoing discussions and refinements of the proposal from the market maker has been posted to the forums here. Once finalised, the proposal will be put to a DAO vote before moving forward in January.
Meanwhile, On Crypto Twitter
- Boardroom.info adds ArmorFi to it’s DAO discovery platform: Tweet here
- @JCFreaksLive tweet’s how “Every wallet [email protected]”
- @swagtastic2020 calling “@ArmorFi the biggest underdog success story in #DeFi”
- @mousse_crypto listing Armor as one of his 4 undervalued crypto investments
And last but not least, @armorfi’s co-founder Robert Forster shared a photo of his leg. Why? Because he personally started a founder’s bounty to prevent DeFi hacks and kept his promise to let every white-hat hacker that wins the award also choose a tattoo.
Now think of this: how many other DeFi founders you know are so dedicated to their project and so focused on protecting the ecosystem that they literally have skin in the game?
Overall, these have been an incredibly exciting and productive two months for the project. We will also post a 2021 overview Soon™ to show the constant progress of the project and the team during all of 2021.
We are looking forward to 2022 as we are already excited for what lies ahead with RCA’s arriving in Q1, a new website, marketing and community efforts and a re-branding!
We wish every #ArmorKnight a Happy New Year; remember to #DeFiSafely and #CoverYourAssets