What Is Armor NXM (arNXM)?
Armor NXM coverage aggregator that makes securing your DeFi assets against hacks as easy as possible. Armor is a smart cover aggregator for DeFi which provides Pay as You Go coverage for user funds across various protocols. Protect your investments against smart contract risks across popular protocols such as Uniswap, Sushiswap, AAVE, Maker, Compound, Curve, Synthetix, Yearn, RenVM, Balancer and more. Armor tracks exact amounts of user funds as they dynamically move across various protocols, and bills by the second using a streamed payment system. The result is minimized costs and maximized flexibility.
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Armor NXM Storage Key Points
|Coin Name||Armor NXM|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
The baby step
NFTs tokenized coverage which removed KYC requirements and opened a secondary marketplace to resell coverage to possible buyers. However, it is still clunky UX and has the same remaining limitations as Nexus mutual.
The ARMOR Leap
Armor NXM provides a true smart coverage solution for dynamic coverage of user funds across various DeFi protocols. Armor automatically tracks user funds as they move across protocols in real time, and allocates exact amounts of coverage so that your funds are always protected. What’s more, you only pay for the coverage amount you used, and for the time you used it for.
Pay As You Grow and Only Pay What You Owe
Say goodbye to buying static chunks of coverage and micromanaging cover amounts, expires and being stuck with coverage you don’t need when you move your assets between protocols. Armor NXM a user makes changes to their funds, Armor’s Smart Insurance System detects it and recommends a new coverage combination. Upon approval, the coverage is adjusted to match the new balance of funds.
Experience flexibility and minimized costs:
- Real time tracking of user funds as they move across various platforms
- Automatically adjustable coverage amount for exact user funds per protocol
- Streamed payments bill by the second so you only pay for coverage you use for the time you use it
Armor provides coverage on various DeFi protocols such as Uniswap, AAVE, Maker, Compound, Curve, Synthetix, Yearn, RenVM, Balancer and more. Coverage availability is dependent on the type of arNFTs staked. Armor NXM An exhaustive list can be found here. Billing is calculated separately for multiple wallets and pooled. This pooled amount can be approved for payments with a single transaction from any wallet of a user’s choice. The user may adjust which assets and/or quantities to cover at any time.
The user must maintain a minimum balance in the wallet sufficient to cover the costs of the coverage. Whenever a change is detected by the system, a request is automatically sent to the user to adjust their coverage if they wish. Upon confirmation, the user will stay fully protected from smart contract hacks.
KYC-less and Permission less
Nexus Mutual has faced a significant barrier to adoption by requiring KYC. Armor covers this obligation through the DAO and insurance is provided to users in a true KYC-less manner. Any user on Ethereum can protect their assets across covered DeFi protocols. Armor NXM has a stringent risk policy with a proven track record and deep capital pool availability to ensure that user funds are always fully collateralize, and the full amount of claims can be paid.
Chain-verified claims process
When a claim is submitted to Armor, it will trigger a review process where withdrawals are limited and governance will investigate and determine whether or not a claimable hack took place. If a hack has occurred and user funds are affected, then governance may proceed to submit the claim to Nexus Mutual’s claims process.
Armor token holders will also participate in Nexus Mutual’s process for claim approvals and payouts as a proxy mechanism for the NXM delegated to the Armor NXM vault. When a payout is confirmed, they will be received to Armor’s payout treasury then distributed to an airdrop faucet for affected recipients to claim their payout from.
The $ARMOR token incorporates a number of operational and governance functions. This includes the ability to stake ARMOR ETH LP tokens, perform governance on protocol and receive staking rewards. Armor NXM tokens can be acquired by farming during the initial token distribution event, bought in the open market, or by participating in the vested liquidity and usage reward programs which includes incentives for staking wNXM, staking arNFTs, and by using the product to protect your deployed assets across various protocols.