Armor Achievements: Token ARMOR #1 on Dextools and Impressive Numbers

Armor, an insurance project that expands on the recent Nexus Mutual, summarizes what has been achieved.

This article will give you an overview of Armor’s successes and next steps.

These achievements

From what Armor has to offer…

arNXM Vault accounts for over 45% of NXM stakes on Nexus Mutual. Within 2 days of launch, Armor expanded Nexus Mutual’s coverage by $250M and sold $185M worth of coverage for a total premium (Premium Paid) of $1.2M.

Due to this critical need, the team developed, audited and launched arNXMV2 Vault early to expand Staking so that more protocols can be insured. In addition to the 10 existing protocols, a group of 10 other protocols can now be added. Specifically, Two additional pools have been added and arNXM Vault is currently providing coverage for 30 protocols.

In addition, Armor’s “heat resistance” was tested when Yearn.finance, one of the largest platforms in DeFi, experienced a major attack. As a result, 30,273 NXM was burned from the arNXM profit vault. Armor considers Yearn’s loss to be their debt and insurance to insurance providers that have protected arNXM vault stakers.

Meanwhile, arNFT holders have claimed over $228,000 as a result of the hack. If you don’t already know, arNFTs provide some coverage improvements for DeFi users because they provide permissionless coverage access.

Read more: NFTs: New Artistic Trends?

In terms of tokens, the project also has some changes such as: The total amount of tokens allocated for farming remains the same; however, the bonus period has been extended to 2 years instead of the original 24 weeks, as well as the inflation bonus decreasing by 0.51% per week compared to the previous week. This is more beneficial for longtime community members.

Armor Oracle has been added feeds.sushiquote.financeas well as ARMOR was added as collateral on the Unit Protocol.

To proud numbers

ARMOR pool liquidity on DEXs (Uniswap, SushiSwap, 1Inch,…) has surpassed $42M, with an average daily trading volume of $4M since launch.

Armor Tracking, Trading, and Liquidity rewards have been integrated into Zapper.fi, Zerion, DeBank, and Coingecko.

ARMOR – the project’s token not only reached #1 on DEXTools at launch, but was also added to DODO DEX, won community votes for CryptoShual and Blue Kirby research reports, and was added to SushiSwap Onsen.

Armor is currently collaborating with Immunefi to organize the Bug Bounty program with the largest amount in Ethereum blockchain history: $1.5M.

Future plan

• ArCore Smart Cover System will be released with multiple audits.
• Shield Vaults will also be launched to initiate auto insurance functionality.
• The project is also preparing to have a sizable Bug Bounty Challenge to make DeFi safer.

summary

Although only released for a short time, but Armor has made quite significant steps. An interesting thing is that on the project’s Twitter, they called Armor an “Ecosystem”, in the future, will Armor be “Terra Ecosystem” in the future? You can comment your opinion about Armor below.

See original tweet here.