Proposal to Whitelist Armor Tokens: arNXM and ARMOR

Contract Addresses:

ARMOR 0x1337def16f9b486faed0293eb623dc8395dfe46a
arNXM 0x1337def18c680af1f9f45cbcab6309562975b1dd
Project Website: http://armor.fi/
Project Documentation: https://armorfi.gitbook.io/armor/

Discussion

Armor is an insurance broker for DeFi, built on top of Nexus Mutual, that offers PAYG coverage for smart contract bugs and attacks. All Armor insurance is underwritten by Nexus Mutual. The benefit to the DeFi ecosystem is that Armor insurance is permissionless (Nexus requires KYC), and flexible with regard to coverage amounts and policy duration. Advanced funds tracking features that update on a per-second basis allows for minimized billing, and supports a streamlined payment system.

arNXM and Armor Tokens

There are two tokens associated with the Armor project, and both are tied indirectly to Nexus Mutual. The Nexus Mutual token, NXM, can only be held by whitelisted addresses, the mutual members. Members can wrap NXM tokens to create wNXM, which can be traded as normal; however, only Nexus Mutual members can unwrap wNXM to access the NXM it represents, and use it to power the Nexus Mutual ecosystem.

The Armor protocol controls a whitelisted address, and so is able to unwrap wNXM and use the unlocked NXM for yield earning. When users deposit NXM or wNXM via the vault, the yield-bearing arNXM token is generated. arNXM may appreciate in value compared to the wNXM token while retaining the same speculative and permissionless trading qualities. In addition, the arNXM token can be deposited into a dedicated vault on the Armor platform when LPing with ETH or wNXM to earn its native governance token, ARMOR. A total of 1 billion ARMOR tokens are being distributed over two years: 65% to community members (including liquidity incentives, see note below), 35% to early team members with a 2-year vesting period.

Special Note

The token distribution model for ARMOR includes special provisions for kick-starting liquidity on decentralized exchanges. During the preparation of this proposal, it was agreed that the Armor treasury would contribute $1,000,000 worth of Armor liquidity upon successful whitelisting. Due to our existing relationship with Nexus Mutual, and the recent success in stimulating growth on the wNXM pool, the addition of arNXM and Armor to the whitelist schedule could position Bancor as the default trading platform for DeFi insurance tokens. This could be an important niche, and we are uniquely poised to capture it. It is worth noting that the Armor community is highly motivated to make this vision a reality, and many are already BNT holders, and are active participants in our DAO already.

Available Audits

The Armor smart contracts have been audited by Haechi, and the reports are available for review via the ArmorFi GitHub page.

Market and Trading Data

arNXM

Fully Diluted Market Cap: $19,140,070.66

Circulating Supply: 492,990.29

Trading Volume: $216,449.59

All-time-high: $64.21 (Feb 4th, 2021)

All-time-low: $37.02 (Feb 1st, 2021)

Exchange Availability: The top exchanges for trading in arNXM are currently Uniswap (V2), Sushiswap, 1inch Exchange, and Balancer, according to CoinMarketCap.com

Armor

Fully Diluted Market Capitalization: $1,046,805,123.30

Circulating Supply: 24,749,212 of max 1,000,000,000

Trading Volume: $4,226,095.26

All-time-high: $1.85 (Feb 4th, 2021)

All-time-low: $0.59 (Feb 1st, 2021)

Exchange Availability: The top exchanges for trading in ARMOR are currently Hoo, Uniswap (V2), Gate.io, Bilaxy, and Sushiswap, according to CoinMarketCap.com

Social Networks and Community

Announcements Blog | Telegram | Discord | Feature Requests | Medium | Audits | GitHub | Bug Bounties | Armor Team | Contact Information

1 Like

Hi, this is Az, co-founder of https://twitter.com/ArmorFi here to speak with you about Bancor Network ID 34: “Proposal to Whitelist Armor Tokens: arNXM and ARMOR” with details at Proposal to Whitelist Armor Tokens: arNXM and ARMOR

There are only 7 hours left as of this post, so I appreciate this is fairly short notice for you, and that we could have done better with respect to engaging with the bancor community to gain support for the vote earlier.

The team has been caught up with our focus on upcoming releases to further extend the market reach for the Armor product ecosystem.

We’ve made plans to increase the significance and usage of Bancor with our strong, despite being so new, community.

0xb1 participates in our rewards program and with a few tweets last night he voted for us: https://twitter.com/ArmorFi/status/1362853327365627906?s=20

Andre is pledging to join our program in partnership with immunefi

We recently won a non whale oriented community vote beating out thorchain, sushi and compound

This shows the strength of our community who may not all be whales like 0xb1 but they are passionate.

We are the biggest staker on nexus mutual showing significant traction for our product and for the arNXM token which already has far deeper liquidity than wNXM now on all exchanges

We have driven the majority of Nexus Mutuals recent growth to over $1b in total cover amount

And here is how this applies to Bancor: 0xb1, a $500m+ whale who farms Armor and has been compounding his rewards for weeks saw my tweet: https://twitter.com/azeemfi/status/1362898401822728193?s=21

He clearly saw the benefit to Bancor as it was good enough for him to vote.

I hope this helps you see how this may be a priority for the Bancor community, to get other pairs with strong communities and enough liquidity on other protocols to get listed and whitelisted on Bancor.

Especially when Armor is willing to chip in 1m ARMOR tokens with a present value of $1.21m USD to bootstrap the pool and include the Bancor pool in the Armor reward system.

Speaking of NXM, If wNXM was whitelisted, which it has been, then it would be even better for Bancor to whitelist arNXM too. wNXM is currently a top 15 pool in Bancor.

The arNXM and ARMOR pools have a high likelihood to end up in the top 10 and this liquidity and strong user base will be a great benefit to the Bancor community.

Thank you for reading.

You can visit Bancor Network to vote FOR ID 34: “Proposal to Whitelist Armor Tokens: arNXM and ARMOR” with details at Proposal to Whitelist Armor Tokens: arNXM and ARMOR

1 Like