Armor.Fi Profile picture
4 May, 17 tweets, 7 min read
1/ ⭐️ @ConsenSysCodefi & @ArmorFi Team Up To Make DeFi Safer ⭐️

The collaboration will create a comprehensive, 360-degree view of the smart contract threat landscape which involves crowdsourcing risk assessment, and plans for a DAO.
2/ The teams will be updating @ConsenSysCodefi's #DeFiScore rating in an effort to invite the community to help build the future of #DeFi safety.
3/ The move is the first step in a larger initiative to create a collaborative "DeFi Defense DAO" to increase safety and transparency for #DeFi through a community-driven product risk history and scoring resource.
4/ @corbpage - Head of Product at @ConsenSysCodefi

“As crypto and DeFi go increasingly mainstream, we are proud to be building an imperative safety standard with Armor to give users everywhere better risk assessment tools to make smarter decisions with their tokens.”
5/ DeFi is currently a risky landscape: protocols range from fly-by-night scam operations to serious ones without much distinction, hacks have been a regular occurrence, users have lost funds, and objective information about DeFi protocols is hard to uncover across platforms.
6/ An improved risk framework and more easily accessible, objective protocol information will help investors everywhere more easily navigate safer investments.
7/ @MitchellAmador @immunefi CEO:

“Quantifying the value of good security practices will encourage projects to reflect on whether they’re doing all they can to protect their users.”
8/ Protocols and smart contracts containing large amounts of valuable assets are routinely targeted and face the following risks:

⭐️ Smart contract risks
⭐️ Centralization risks
⭐️ Financial risks
9/ Jack Clancy, Engineer at @Consensys

“Not only will these risk assessment tools help the average crypto participant make more intelligent decisions, but it also incentivizes individual projects to boost their overall security and trustworthiness.”
10/ To further involve the community, the teams plan to form a #DAO and draft a set of @gitcoin bounties for community feedback to build on the risk score with goals for improvements like...
11/ ⭐️ Aggregating data points for each risk factor from existing reputable and reliable sources
⭐️ Validating or invalidating the source of the data
⭐️ Automating or implementing a trigger-based process from validating and updating data
12/ ⭐️ Adding/removing/hiding risk factor data points
⭐️ Deploying additional data sources and data categories
⭐️ Generating an overall 0–10 score based on parameters set for each protocol
⭐️ Displaying risk factor data and a score for each protocol.
13/ This initiative will also use the new @Coordinape tool built by the @iearnfinance team which enables decentralized and transparent distribution of rewards autonomously allocated by the community of contributors doing the work.
14/ @ArmorFi co-founder @AzeemFi
“Harnessing community involvement in creating a better DeFi risk score assessment is something we’re honored to help steward in our focus on building an ecosystem of interoperable protocols and products to secure mass adoption of DeFi.”
15/ The DeFi Defense resources can be viewed here. ⬇️⬇️…
16/ To learn more about joining ConsenSys Codefi and Armor in their mission to make DeFi safer, join the DeFi Defense DAO Telegram group.⬇️⬇️
17/ The full announcement can be found here:…

#DeFiSafety #ArmorKnights

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Armor.Fi

Armor.Fi Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @ArmorFi

14 Feb
1/ $ARMOR $arNXM vault has already expanded @NexusMutual Coverage Capacity by $500m Since Launch, with over $600m in arNFT tokenized coverage purchased to date...
👇👇👇 (+ new reward pools)
2/ Two New Staking Reward Pools Are Now Live: Provide Liquidity for $wNXM : $arNXM on @SushiSwap and @Uniswap…
(APY adjusts when LP added)
3/ (h/t @TaylorKrot)
The $arNXM vault uses $wNXM, unwraps it and stakes it in @NexusMutual across different contracts & optimizes the yield.

By depositing $wNXM in the vault, you receive the yield-bearing token $arNXM. It is an evolved version of both $NXM & $wNXM.
Read 8 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!