Degis will offer protection for Vector Finance via Protocol Protection
Degis is excited to announce a new collaboration with Vector Finance! Degis will offer game-changing insurance coverage to all users by integrating Vector Finance into our cross-generational Protocol Protection product. We hope the collaboration can protect on-chain users from all kinds of potential risks and problems, and provide them with a safer Web3 environment.
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 Vector Finance
Vector Finance is the number one yield booster on Avalanche. They incentivize conversion of JOE and PTP on their platform, accrue ve-token boosts on those protocols, and pass that on to their users. Vector is the top owner of vePTP and veJOE on Avalanche
Learn more about Vector: https://vectorfinance.io
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