The Armor-EPNS partnership, meme contests, and more.
September has been another eventful month for Armor.
Here is a quick overview:
- The Armor-EPNS and Umbrella partnerships.
- New protocols covered
- Updates to arCore rewards management
- New arShield oracle audited and ready to launch
- Armor co-founder Robert Forster wrote an article on DeFi Coverage for BeinCrypto.
- Robert also spoke at ITC 2021 to the traditional insurance community
- “CAMPAGNA” (@firstcampagna) identified Armor as a hidden gem.
- According to Sophie Parker (@SophieParrker), Armor is one of the projects she is keeping an eye out on.
- Gems Radar (@Gems_Radar) has identified Armor as the most valuable project under $30 million.
- $ARMOR is one of the top low-cap ERC-20 tokens that Alameda has invested in. Thank you Ethereum Daily (@ETH_Daily)!
- Accord to Cryptolaxy (@Cryptolaxy), Armor is the second most undervalued project, going by the TVL ratio.
- Stealth (@Stealthcrypted) has identified Armor’s NFT-as-insurance model for arNFTs as one of the most “criminally underrated use cases.”
Armor and EPNS announce strategic Partnership
In September, Armor finalized a partnership with EPNS (Ethereum Push Notification Service), to build a proper communication channel that reduces friction between the protocol and our users. EPNS is a decentralized notification protocol that enables users (wallet addresses) to receive notifications.
Using the protocol, any dApp, service, or smart contract can send notifications to users in a platform-agnostic fashion.
Our users can now subscribe to the notification service and receive updates whenever:
- Any of the protocols they have arCore smart cover for has been hacked.
- Any of the protocols they have an arNFT for has been hacked.
- Their arNFT is about to expire.
- Their Smart Cover is below or above x% of the actual wallet value and should be updated.
These are just the first 4 out of a few dozen useful notifications we have identified with the EPNS team. We aim that the EPNS service becomes an integral part of the Armor service and trust that the notifications help improve the user experience as a whole.
Armor Partners With Umbrella Network — A Decentralized Layer-2 Oracle Service
Armor is partnering with Umbrella Network, a decentralized layer-2 data oracle service. Umbrella provides blockchain applications access to rich and comprehensive data at the lowest price point and at a massive scale, something other oracles in the market cannot do.
Umbrella does so by aggregating all of its data before committing it to the blockchain, allowing it to function at faster speeds.
Armor’s flexible DeFi coverage and vaults require quick and easy access to complex data feeds. As such, this is the perfect fit for what Umbrella has to offer with its oracle services.
The unique data demands that Armor has will help push Umbrella to develop custom data feeds and diversify its offerings. Many New Shield Vaults Are possible with Umbrella
Armor Finance recently announced Shield Vaults, an innovative new product that offers coverage-and-yield-bearing tokens, which automatically provide cheaper coverage for yield-bearing tokens without ever needing any maintenance or renewals.
However, the complex and demanding data requirements for these products were difficult for other oracles to handle effectively, which blocked the addition of many new vaults.
Via a partnership with Umbrella Network, Armor Finance will be able to fulfill their data needs — comprehensive, low-cost, secure, and up-to-date!
Umbrella Updates Ready to Launch!
In addition to this partnership, we’ve updated and audited our oracle contracts to use the Umbrella system. This means that Shield Vaults will be ready to launch as soon as Umbrella updates their feeds. Then we can continue to launch quickly as more tokens can be added to Umbrella. Locked and loaded.
Armor Core Rewards Updates
We’ve updated the arCore Reward distribution to distribute based on the use of the staked NFT rather than spreading rewards to all stakers as was decided upon the initial launch. This system will more accurately reward the people that should be rewarded and incentivize the staking of needed protocols.
ARMOR rewards for stakers will continue to be distributed evenly across all protocols but the Ether payments by users will now be distributed based on the use of your staked arNFTs.
Armor Meme Contest Winner
Congratulations to beepo (@adri67400) for winning our September Meme Contest. He won both prizes, for the best tweet and the best meme.
Check out his reaction to winning here.
New additions to the Armor ecosystem
You can now get arNFT cover for these DeFi protocols, in addition to the nearly 100 DeFi protocols that already were covered by Armor.
- Alpaca Finance
- Balancer V2
Robert Forster’s Article For BeinCrypto
Our co-founder Robert Forster wrote an article for BeinCrypto about the importance of DeFi coverage. As DeFi grows, it is important to lower barriers to entry. This includes both personal and asset security measures against smart contract failure and exchange hacks. In August alone, we saw two major hacks with Poly Network and Liquid. This more than ever solidifies the case for a flexible and robust DeFi coverage protocol like Armor.
Read the article here.
Panel at ITC 2021
Early October, Robert Forster spoke at the InsureTech 2021 conference in Las Vegas. He spoke to the insurance community about the future of DeFi coverage, why it’s necessary for traditional companies to look into it, and where the industry may be headed.
Looking Ahead To October
- The new Umbrella-powered Shield Vault oracle system fully launch soon! As they add more tokens to their feed we can continue to launch more vaults.
- The first steps towards the Armor DAO will be taken
- The Armor team has listened to the community and we will be re-evaluating the current tokenomics.
In fact, if you read this far, let’s do an experiment together: Social Burning:
Please retweet and like this. Every like on the tweets in the tweetstorm about this September Roundup will burn 100 Armor tokens, every retweet or quote tweet 1000. We’ll check in a week, count and will burn up to 10% of the circulating supply. If we don’t reach that right away, then we’ll repeat it until we do!