The team has been very busy and like Q1 ’22, the second quarter of 2022 has marked many milestones for Ease. The main milestone reached is the official launch of our Uninsurance ecosystem and the accompanying App! The team also met in person at DevConnect Amsterdam where to our CEO Robert Forster represented ease at various discussion panels. All details of Ease’s Q2 2022 can be found below!
Launch and expansion of Uninsurance
Q2 started with a tongue-in-cheek April Fools’ joke claiming Ease would replace one of the World’s largest Insurers (Allianz) as a sponsor of FC Barcelona. It was only a flash Sponsorship though. But in the meantime the real shake-up in the Coverage scene was already being finalized:
Soon after, on 13th April 2022 Ease successfully launched its Uninsurance platform! The initial 17 vaults represent the most important DeFi protocols: Aave, Convex, Sushi and Yearn.
DeFi users can now enjoy full coverage of stacked risk on their DeFi assets, at no upfront charge to them. The only time a payment is made is when a hack occurs. See the detailed launch announcement here.
Since the launch the team at ease has added 6 more vaults to the system, including Compound and additional Yearn vaults, bringing the ecosystem to 23 vaults. If your favourite DeFi vault is not yet available, let the team know on the forum or through our social channels!
It’s important to remember as of the end of July 2022, Uninsurance users have paid 0% for full stacked risk coverage of their assets. No hacks of our covered vaults? No premiums paid. That is the power of Uninsurance.
Execution of arp-002
The DAO voted unanimously to pass arp-002, which passed control of the Uninsurance vault system to the DAO. For new vaults to be initialized to the ecosystem, they must pass DAO voting procedures.
With this DAO ownership come submission standards for new assets into the Uninsurance ecosystem. Due to the risk-sharing nature of the system, it’s important to maintain a level of rigour with the process so the ecosystem is not exposed to any unnecessary risk. The full nature of those standards can be found here, and users and other community members that propose new vaults that get added might get rewards.
If a user wishes to suggest protocols to be added but does not wish to do the leg work themselves, there is also a protocol requests form here. This submits protocols to be reviewed directly by the team so they can turn it into a proposal. This will not bypass the procedures required by the DAO.
Robert Speaks at DevConnect
April was very busy as the team at ease attended DevConnect Amsterdam getting much work done in the many excellent available WorkSpaces.
Executive Lead Robert was invited to speak at two security panels: Coverage in DeFi at Secureum’s TrustX and Securing DeFi at DeFi Day. Many interesting points were brought up in both panel discussions. See the full Ease @ Amsterdam DevConnect article here for highlights, photos and links to the VoD of each panel.
ArCore and ArShield reach Product EOL
The team at ease announced that with the launch of Uninsurance two of the older products from the Armor brand were to be sunset. While arCore and arShield did bring innovation into the space, Uninsurance further innovates upon their original design goals.
This milestone marked the full commitment Ease has to the uninsurance system and how it represents the future of the DeFi coverage sector.
To make deliver low-cost coverage to users without the need for long-term contract commitments. The products were officially sunset as of 31st May 2022. If you still have assets locked up in either product the front-end pages are still available on armor.fi (now redirecting to https://armor.ease.org) for users to withdraw their assets from, as they are no longer receiving active coverage in either system.
Ease launches Bug Bounty program with Immunefi
With the launch of Uninsurance comes the launch of another bug bounty program. Our long-term partner ImmuneFi, who helped us from the Armor Bug Bounty Alliance, has once again partnered with us to form a new program for the Uninsurance Smart Contracts!
Looking Forward: Ease Token Launch and further Uninsurance expansion
As Q3 is already in progress, a question on many minds is the current progress of the Ease token. Development is going very well, with the token contracts officially submitted to our auditors in July!
The team is currently finishing up a final whitepaper on the “gv-tokenomics” which will be shared with the community soon ™. These tokenomics are the culmination of many months of hard work by our developers.
AND REMEMBER. Armor and vARMOR tokens will be swappable to the new ease token. With vArmor holders receiving an equivalent boost in their voting power for already contributing to the previous vArmor system. Hang tight, the launch is almost here
The team at Ease shares a common vision:
- Blockchain technology and decentralization are a giant step forward and DeFi is a game-changer.
- Access to and usage of DeFi must be as easy and safe as possible. We do this by using the benefits of blockchain technology to bypass the negatives of TradFi.
- By covering Crypto risks easily and affordably, we can onboard many more crypto users.
- Crypto is just getting started, but the more users we can help get aboard, the faster the revolution will be.
In 2020, Armor.fi revolutionized DeFi coverage by making it flexible, automatic and not connected to memberships.
Since then, the team has been thinking about how to cover all of crypto. This is how Ease.org and the model of Uninsurance came to be.