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Armor.Fi's Ecosystem Achieves Impressive Growth In First Month Of Operations

Armor.Fi's Ecosystem Achieves Impressive Growth In First Month Of Operations

Armor.Fi launched its first ecosystem products at the end of January and the team tweeted their accomplishments on February 28th:

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.

Armor’s active Nexus Mutual coverage pushed beyond $1 billion during this time, an outstanding milestone considering they achieved it within a month. The Armor team developed, audited, and launched the asNXM V2 Vault early due to the Armor community's significant demand, which helped expand staking capacity to cover more protocols. 

The Workings Of Armor.Fi

Armor.Fi is a dynamic smart cover aggregator or brokerage protocol for DeFi. Armor users can be billed by the second without upfront costs or fixed duration requirements across various pre-selected protocols. The team’s goal is to create a coverage system that can keep up with the modern DeFi investor's rapid pace. 

Their strategic investors include Collider Ventures, Delphi Ventures, Divergence Ventures, DeFiance Capital, Alameda Research, 1kx, The LAO, Blocksync, and Bering Waters Ventures. Armor’s arNXM Vault accepts wNXM (the wrapped version of the NXM token) and puts it to work to produce yield. The Vault currently accounts for over 45% of staked NXM on Nexus Mutual.

@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.

Armor.Fi Achieves Impressive Numbers

Armor DEX liquidity pools surpassed $42m in liquidity across Sushiswap, Uniswap, 1inch, and Balancer with an average of $4m in daily trading volume since launch. Armor tracking, trading, and liquidity rewards have been integrated into Zapper.fi, Zerion, DeBank, and Coingecko.

The $ARMOR token has also performed superbly over the last month. Not only did it hit #1 on DEXTools at launch, but it was also added to DODO DEX, won community votes for research reports by CryptoShual and Blue Kirby, and was added to the Sushiswap Onsen. The latter enabled users can choose to earn rewards in $SUSHI too.

Armor Protects Its Coverage Providers From Yearn Hack

Being a DeFi insurance provider, Armor’s prowess was tested when Yearn.finance, one of the biggest platforms in DeFi, suffered a massive hack As a result, 30,273 NXM were burnt from the arNXM yield vault. Armor took the loss as debt, and their coverage for coverage providers protected the arNXM vault stakers. The arNFT holders successfully claimed $228000 in payouts, said the team in a tweet: 

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. 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.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

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