The Protocol Protection for Arbitrum Public Testnet Campaign lives now!
In this article, we will release the detailed schedule, and go through every step of each task to ensure participants can have a smooth user experience, therefore generating more fantastic feedback.
Link
Timeline
**Detailed steps
May 25: **Claim MockDEG, GoerliETH and MockUSDC! Team will start Project1 onboarding voting process. It will end in three days with a majority vote in favor! So make sure to vote in favor. Also, make sure to not spend all your veDEG! Always save up a little bit.
May 28: Team will end the voting process to include Project1. You will now be able to provide liquidity to Protection Pool and buy protection for Project1, stake provided liquidity to Priority Pools, claim staked veDEG from vote, and stake DEG to income sharing. You will now also be able to vote for Project2 inclusion.
June 1: Team will end the voting process to include Project2. You will now be able to provide liquidity and buy protection for Project2. Team will start an incident report for Project1, meaning that it lost funds due to one of the situations where insurance is applicable. This is a true positive! So make sure to vote for it to pass. You will now also be able to vote for Project3 inclusion.
June 6: Team will end the voting process to include Project3. You will now be able to provide liquidity and buy protection for Project3. Team will start an incident report for Project2, but funds were not lost, we do not cove it or funds were returned. This is a false positive! So make sure to vote for it to not pass! You will now also be able to vote for Project4 inclusion.
June 11: Team will end the voting process to include Project4. You will now be able to provide liquidity and buy protection for Project4. Team will start an incident report for Project3, but funds were not lost, we do not cove it or funds were returned. This is a false positive! So make sure to vote for it to not pass! If you have provided liquidity and staked to priority pools, make sure to claim your staking rewards from Protection Pools and Priority Pools if they are available! You will also be able to claim yield in USDC from Income Sharing if you staked veDEG to it!
That should be it! At this point you will have a good understand of the protocol and its power! The more unique actions you took during the campaign, the more you will potentially earn from our $DEG airdrop!
Technical process
Onboard Proposal
1. Put forward the proposal to enter PENDING_PERIOD with no fixed duration
2. Admin will open voting permission and enter VOTING_PERIOD for 72 hours
3. Settlement: will submit the proposal at 16:00, open voting at 18:00, and settle at 12:00 the next day. If the result is passed, execute at 14:00 Incident
Incident Report
1. Submit a report and enter CALMDOWN_PERIOD for 24 hours
2. Admin opens voting and enters VOTING_PERIOD for 72 hours
3. Will settle if the result has not changed within the last 24 hours. If the settlement is successful, the claim will open
4. If the result changes within the last 4 hours, extend the duration by EXTEND_PERIOD for 24 hours
5. After extending up to 2 times, it will be settled according to the final result
6. Sums up to 120 Hours (5 days) per incident report: At 16:00, submit a report and start voting at 18:00. Try to settle at 16:00 in three days. It may be extended to the next day. If the voting result is passed, it is expected to be executed at 16:00.
Claim Period
Will open after the report is passed. It won't close during the testnet period.
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 USDC 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 USDC corresponding to the protection pool LP token in the priority pool will be used for compensation first.
Initial Annualized Premium&Maximum Coverage Ratio
veDEG holders can propose and vote on whether Degis platform will cover a protocol and its Base Annualized Premium as well as Maximum Coverage Ratio. If over 50% veDEG votes in favor, Degis will provide Protocol Protection to that protocol with the initial Annualized Premium and Maximum Coverage Ratio.
Initial Annualized Premium
Represents the base premium amount required to purchase protection for a project.
For example, the initial annualized premium for protocol A protection is 3%, if someone wants to buy one year of protection for protocol A with a cover amount of 1M, he has to pay 1M*3% = 30K
Maximum Coverage Ratio (Quota)
Maximum Coverage determines how much coverage the platform can provide.
For example, suppose the total TVL of the Degis protocol protection is 100M (i.e. There is 100M USDC inside the protection pool), and the Maximum coverage ratio for protocol A is 20%. In that case, our platform provides up to 20M protection coverage for this protocol.
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