We’re Immortal, and 80,000 Reasons To Be Security Experts
It’s been quite the year for Ease.
We’ve completely transitioned from Armor to Ease, rebranded, and built a new website and apps. We’ve brought Uninsurance and gvTokens to life.
We’ve provided stacked risk coverage to users for 9 months at 0% cost. We’ve created the ultimate set-and-forget DeFi ecosystem and we’ve gotten it to a point where it can live on forever.
The primary objective is to keep the team together while upgrading and expanding.
In the Reciprocally-Covered Assets (Uninsurance) whitepaper I wrote that I believe the idea will likely take a couple of years to catch on.
Similar to the concept of index funds, which took 7 years for anyone to take seriously, Uninsurance flips the idea of insurance on its head.
The problem is that insurance isn’t an industry where people want to jump into an unproven model. We need time to prove the model before our growth can skyrocket.
Fighting the bears
The crypto markets haven’t been great for anyone, and we’re definitely included in that. We were looking into raising another round but realized at current token prices it would require giving away an outrageous amount of tokens. So what are we doing to stay together and to be able to keep on building and expanding?
Well, we’re taking advantage of what we know: security. Besides building the best DeFi coverage system out there, we are also hunting bug bounties and are preparing for a leading role in the upcoming Nexus Mutual V2.
We’re focusing on activities that will bring in revenue immediately to allow us to weather the markets. Uninsurance is, of course, what Ease is all about, but to support its development we must expand into more areas.
The Lucrative Hunt for Bugs
In the past month and a half, while the rest of the team has focused on optimizing and expanding the rest of the protocol, I’ve spent the majority of my time hunting for bugs with our lead smart contract developer.
It’s turned out well so far.
Within one month of active hunting, we’ve received $80,000 from bugs found in numerous protocols such as Curve, GMX, ENS, Frax, Hop, and more.
Another $1,000,000 bounty I found was a duplicate 🙁
While bounty hunting is not a sure way to make money, I’m confident it can keep the team together during the bear market along with a new focus on being the top Nexus Mutual syndicate.
Ease and Nexus Mutual V2
Using our DeFi security expertise, we’re currently working on full risk rubrics and assessments to cement ourselves as an expert Nexus Mutual syndicate.
- We will be offering multiple vaults depending on the risk tolerance of users.
- We will continue to offer arNXM and transition it into Nexus Mutual V2 coverage with allocations in each vault.
We plan to continue this and bounty hunting indefinitely and use them as a source of income to support the team; possibly instead of income from Uninsurance.
Uninsurance’s next steps
What we’re not going to be doing, for now, is creating Uninsurance V2 and expanding to more chains. We’re completely focused on expanding V1 and cementing its product-market fit.
- adding more protocols,
- adding more vaults,
- upgrading UI and UX,
- business development,
- and getting the protocol running perfectly smoothly.
When we feel comfortable with funding and start to see increased use we will begin on V2.
We stay at Ease
One thing you can be absolutely sure of is that Ease will not die before its time. We will either succeed or prove that the concept will fail. Our DAO is live for the community to control the ecosystem, and the team is full steam ahead on helping to expand it.
No bear market will stop us, even if it takes all of 2023 & 2024 for the bulls to win. We always planned to continue working on it until either we covered the majority of DeFi or the idea was proven to not have a product-market fit.
This isn’t about money for us. If it were, we would have quit long ago to follow a trend. We’re bringing an idea to life that has the potential to revolutionize the DeFi landscape, and we will not stop until we’ve reached a conclusion.