Degis is excited to announce that we will offer protection for Wombat via Protocol Protection on Arbitrum, which promises to revolutionize insurance coverage in the Web3 space. This partnership seeks to fortify the defenses of on-chain users against a myriad of possible vulnerabilities and challenges, thus ensuring a more secure decentralized experience. Our collective ambition is to mitigate the threats users face in the cryptoverse, providing a safer environment for all participants, irrespective of their blockchain experience or exposure level.
How does Protocol Protection work?
Protocol Protection is the next-generation protection product that offers exhaustive protection for all kinds of on-chain risks. It covers most risks that may appear in the decentralized world, and the innovative mechanism covers some blind spots in the current De-Fi insurance market.
Protection Pool+Priority Pool Double Protection Design
The protection pool is the storage pool of protocol protection funds, this pool will pay all compensations. Users can stake the shield into the protection pool to become the underwriter of all insured projects on the Degis platform. After staking, they will receive protection Pool LP tokens.
Each project has a corresponding Priority Pool, which will be used as compensation first after a claim event occurs in this project. Underwriters can further stake the protection pool LP token to the priority pool and enjoy extra mining rewards generated by each priority pool. But this also means that the user needs to bear higher risks for this project, because when this specific protocol has a claim event, the liquidity providers who stake protection pool LP tokens in the priority pool of this protocol will lose their staked protection pool LP tokens and the shield corresponding to the protection pool LP token in the priority pool will be used for compensation first.
About Wombat
Wombat Exchange is a multi-chain stableswap built natively on the BNB Chain. Wombat adopts the concepts of asset-liability management and coverage ratio, enabling various stablecoins to be swapped at minimal slippage and the ability to single-stake stablecoins for sustainable yield.
Learn more about Wombat:
About Degis
Degis is the next-generation all-in-one protection protocol, the first on Avalanche. Degis will offer exhaustive protection to users and traders, offer a decentralized protection market and ultimately bring scalable risk management to the crypto world.
Learn more about Degis: https://degis.io
Degis Official Links
Twitter: https://twitter.com/ProjectDegis
Instagram: https://instagram.com/project_degis?igshid=YmMyMTA2M2Y=
Telegram Announcements Channel: https://t.me/ProjectDegisAnnouncements
Telegram Chat Group: https://t.me/ProjectDegis
Discord: https://discord.gg/zGP5aWHYFZ