Thread by @ArmorFi

1/ #ArmorKnights:

It has been only a month since @ArmorFi launched its first ecosystem products and the total coverage sold surpassed $800 million.

Ecosystem and product growth have been impressive and the community is excited to carry forward this positive momentum.
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2/ @ArmorFi 's $arNXM Vault accounts for over 45% of staked $NXM on @NexusMutual. Within 2 days of launch, @ArmorFi opened up $250M in @NexusMutual coverage capacity and sold $185M worth of coverage with over $1.2M in premiums paid.

3/ Due to this significant demand, the team developed, audited and launched the $arNXM V2 Vault early to expand staking capacity to cover more protocols. In addition to the original 10 protocols, it is now possible to add multiple ‘buckets’ of ten protocols each.

4/ Two additional buckets have already been added and the $arNXM vault is now providing coverage capacity on 30 protocols. More buckets will be added as more deposits are received.

5/ Due to the @iearnfinance hack, 30,273 NXM were burnt from the $arNXM yield vault. @ArmorFi protected $arNXM vault stakers by taking on this loss as debt. 27,981 $NXM has already been restored, and debt outstanding is 2292 $NXM.

6/ Meanwhile arNFT holders successfully claimed over $228k in payouts as a result of the hack. arNFTs provide several improvements over native coverage for DeFi users since they provide permissionless coverage access.

7/ Plus, arNFTs are transferrable and can be staked for rewards.

Coverage provided by staked arNFTs is to be pooled by arCore Smart Cover System and brokered to end users.

8/ If users no longer want arNFT protection, they stake it with arCore in return for farming rewards and revshare from arCore utilization.

9/ To promote participation in arNFT staking, an easy to use UX and additional incentives in the form of farming rewards have been provided. To bootstrap staking, arNFT rewards were boosted for the first few weeks.

10/ $ARMOR DEX liquidity pools surpassed $42m in liquidity across @SushiSwap, @Uniswap, @1inchExchange and @BalancerLabs with an average of $4m in daily trading volume since launch.

11/ @ArmorFi tracking, trading and liquidity rewards have also been integrated into @zapperfi @Zerion @DEBANK and @coingecko

12/ The $ARMOR token hit #1 on DEXTools at launch, was added to @BreederDodo, won community votes for research reports by @CryptoShual and @bluekirbyfi and was added to the @SushiSwap Onsen so users can choose to earn rewards in $SUSHI too

13/ @ArmorFi launched a bug bounty program in partnership with @immunefi which was a huge success. @ArmorFi paid out the biggest bug bounty in #Ethereum history, which reached a value over $1.5 million USD, and reinforced @ArmorFi security by fixing a critical bug.

14/ Reward emissions have been restructured to a more sustainable model in the interest of long term growth of $ARMOR.

15/ The total amount of tokens allocated to farming remain the same; however, the reward period has been extended to 2 years instead of the original 24 weeks which is more favorable to long term community members.

16/ The new emissions model and rewards allocations have been optimized based on multi-factor sensitivity analysis (token value, liquidity, APY), and will be improved further as better data becomes available, and based on community feedback.

17/ The new model will use the following parameters:

👉Emission rate of $ARMOR = 1.5M tokens per week (initial, boosts not counted)
👉Emission decreased by 0.51% every week over the previous week.

18/ Here's what's coming up:

👉 ArCore Smart Cover System will be launched following multiple audit rounds.

👉 Shield Vaults will be launched next month to kickstart automated coverage

👉 A Big Bug Bounty Challenge will also be unveiled to make #DeFi safer

19/ An $ARMOR oracle was added to feeds.sushiquote.finance then $ARMOR was added as collateral to @unitprotocol, a new alternative to @MakerDAO, allowing users to mint the $USDP stablecoin and add it as liquidity to @componentx

20/ Review a detailed Feb '21 roundup here: medium.com/armorfi/armor-…