Home » News » The Armor Shield Vault Beta Is Live — Join the Immunefi Bug Bounty for up to $50k Rewards Today

The Armor Shield Vault Beta Is Live — Join the Immunefi Bug Bounty for up to $50k Rewards Today

Deposit your Yearn Yield-bearing tokens and turn them into yield- and coverage-bearing ones.

Today Armor is proud to announce our latest product launch: Armor Shield Vaults are in beta! With Shield Vaults, Armor users can wrap underlying tokens to receive coverage-bearing tokens, which automatically provide coverage without ever needing any maintenance or renewals. It’s also cheaper than other cover options!

Shield Vaults utilize pooled coverage per protocol (for example Yearn Vaults, Curve Vaults, etc.) across a variety of products for those protocols (for example the Yearn DAI, 1Inch, and YFI vaults).

This lowers the percentage of coverage that investors need to pay while maintaining the benefits of full coverage for the first 50% of the Vault’s value.

Launching with 5 Yearn Yield Vault Shields

The first 5 Shield Vaulyts are live, all of them based on Yearn vaults:

  • DAI (the newly migrated yVault)
  • SNX
  • sUSD
  • YFI
  • 1Inch

During this beta launch, the deposits will be limited to the equivalent of $50k USD per Shield, so about 50k DAI, 1.8 YFI etc

When depositing DAI, SNX etc in the Yearn vaults for yield, you have received Yearn tokens in return. These tokens (yvDAI, yvSNX, yvsUSD, yvYFI & yv1inch; later we will add more) can be deposited in their respective Shield.

A small fee will be used to pay for 1 week of arCore cover, and the rest of the cover will be paid by periodically selling small amounts of tokens from the Shield Vault. This way, no additional cover policies need to be taken out, no ETH deposits to pay for cover have to be made, and the tokens can be withdrawn at any moment.

We will be constantly adding more shields. More Yearn-based shields and shields based on other protocols will be released soon and at a steady rate. Our goal is to protect as much of the DeFi ecosystem as possible with our coverage-bearing tokens.

For more details about how the arShields work and some examples, please refer to the Armor Gitbook.

Try arShield here >> https://armor.fi/arshield

Bug Bounty with ImmuneFi

While the Shield Vaults are in beta, the amount of funds investors can deposit is limited. We will compensate any user losses during this period to encourage you to help us test and verify! Additionally, today marks the launch of our bug bounty with ImmuneFi for Armor Shield Vaults. Here are the details:

  • Rewards of $1000-$50k USDC, depending on the severity level
  • Focused on the Smart Contracts

Mostly concerned with

  • Any loss of user funds
  • Ability to withdraw more Ether than should be owed after a payout
  • Ability to game the system so that they get an unfair percentage of payouts

See further details and join the Bug Bounty with ImmuneFi here >> https://immunefi.com/bounty/arshield/

Why Armor Shield Vaults?

Armor’s focus has always been to increase the adoption of DeFi coverage and security with great UX and low cost cover. When creating arCore, we realized we could take the 1-click coverage concept one step further and eliminate the need for any interaction at all with a coverage-provider, therefore creating 0-click coverage.

Furthermore, it is anticipated that (the first) 50% cover would cover most hacks, given they do not drain a larger amount of TVL compared to total cover sold (source).

So, even if a protocol Shield has a 50% collateral ratio, as long as the claimed amounts are less than or equal to the total cover available, all claims will be 100% paid. Please refer to the Armor Gitbook for details.

We believe the Shield Vault’s built-in coverage tokens are the future of DeFi cover, and we’re here to make DeFi safer.

Try the Shield Vault beta and join the Bug Bounty today!

Scroll to Top