New RCA whitepaper, new forums, #burnaways and more!
October has been a very active month for Armor.
Here is a quick overview:
- Armor launches new whitepaper.
- Armor’s social burn experiment.
- New Forums are live
- Coverage from C.R.E.A.M. hack.
Armor Launches New Whitepaper
Armor has launched a whitepaper to showcase Reciprocally-Covered Assets (RCA) — a peer-to-peer coverage model designed for DeFi assets. The new model innovates on the current industry standard by using the assets being covered as the underwriting funds. This allows users to cover each other.
RCAs act similarly to reciprocal inter-insurance exchanges in which users essentially cover each other against risk and use assessable policies with no premiums paid upfront and no capital in reserve.
Payments are only made when a loss occurs in one of the vaults of the ecosystem. When that happens, a small percentage of every vault is liquidated to compensate for the affected vault. This makes the entire decentralized coverage system a lot more simple and streamlines the overall user experience.
Armor Social Burn Experiment
This month, Armor did two social burn experiments.
The first was on October 12 when we released our September roundup. For every “like” we received on our roundup announcement, we committed to burning 100 $ARMOR tokens. For every retweet or quote tweet, we committed to burning 1000 $ARMOR tokens. Overall, we received:
- 379 retweets and quote tweets.
- 878 likes.
This resulted in a total of 466800 $ARMOR tokens burnt out of the ecosystem.
Following that, Armor did the second burn on October 28 while releasing the RCA whitepaper and we burnt an additional 260,000 $Armor tokens!
Would you like to see more of these burns? Or rather not? Let us know on the new forums! –>
Armor starts new DAO forums
As the new DAO and voting contracts are about to go live, Armor.Fi has set up our official forums and we have a few topics that we would love to get community feedback on!
We have some initial proposal ideas for the DAO and a topic on current Governance variables. We also would like suggestions on community involvement and projects that would be eligible for rewards through our upcoming Grant program!
You can find the forums here: https://forum.armor.fi/
Coverage From C.R.E.A.M. Hack
As you know, unfortunately, C.R.E.A.M. was cleaned with a $130 million hack on October 27. If you were a victim of the hack and owned an active arNFT or Smart Cover for C.R.E.A.M, please go to https://armor.fi/proof-of-loss to start the Proof Of Loss part of the claims process.
We got your back!
Also, read our tweetstorm with some more details about the hack itself:
- Swagtastic2020 (@swagtastic2020) called Armor their 100x potential crypto investment and called our roadmap “excellent.”
- CryptoDiffer (@CryptoDiffer) ranks Armor as one of the top 15 projects between $30M and $40M market cap.
- Mike G (@ITzMiZzle) rated Armor as a great option for DeFi coverage in the aftermath of the C.R.E.A.M. hack.
- MPH (@MPHTrades) called $ARMOR a “really huge value proposition.”
- Bacon Sats (@Bacon_Sats) pointed out that $ARMOR is on the verge of a potential breakout.
- CAMPAGNA (@firstcampagna) believes that $ARMOR’s near-term target is at $0.55.
- Golden Monkey (@mousse_crypto) called Armor the best DeFi Coverage Aggregator.
- Cryptogics (@cryptogics) rated Armor as one of the top 5 most underrated crypto projects.
- DeFi News (@Definews_Info) rated Armor as the project with the most potential when it comes to the MC/TVL ratio.
- Wherever You Find mΞ (@whereverufindme) also gave a shout-out to Armor.
Thank you, everyone, for your kind words!!
Meanwhile Token Metrics has listed Armor as the best low cap crypto project of 2021. You can read the article here:
That’s it for now. Please share this update and let us know your comments and drop by on the new Forums where your voice and vote counts!
We are looking ahead to November, when the DAO & vArmor will be launched and our new CTO & Community Manager will strengthen the Armor team.