SHIELD Discontinuation Annoucement
We are excited to announce that the Shield (SHD), our native stablecoin will be discontinued. The process starts now and Degis will shift to utilizing USDC, a more reliable, trusted, and widely adopted stablecoin as our underwriting asset. This move eases the process to utilize our products, removes a layer of complexity, and improves capital efficiency through our aggregated pool flash loan capability.
Background and Benefits of the Discontinuation
Shield was initially proposed to handle all ecosystem transactions and present a safe way to expose yourself to Degis. It now offers an extra complexity layer that also appears to users as a risk layer. Meanwhile, it has a single underlying token (USDC) with no added benefit to utilizing Shield. So we would like to Change smart contracts to accept USDC only and perform swaps from other stablecoins to USDC on the front end. Through the process, our products will be less complicated, and the cost of using our products will be decreased. We believe it can also increase trust in Degis contracts and increase APR for underwriters. Degis is always trying to develop our products through users’ feedback. Please believe in Degis!
There is no hurry to burn your Shield (SHD) to claim the underlying USDC, but we advise you to do it before the end of January 2023, since we will maintain our Shield section on our dApp live for approximately a month.
After that, users will still be able to do the previous steps through their preferred chain explorer. Our team will be ready to help any user needing help to retrieve their funds and will be ready to ask any questions.
Price Protection will begin utilizing USDC on the next round, January 7. Protocol Protection will need a new deployment and the date is to be decided. Keep an eye open for announcements. We will let our community know as soon as possible.
Current Protocol Protection covers are still valid and if there is any incident while both insurance pools have active covers, the protocol will be reported on both Shield and USDC pools and we will take the necessary procedures.
Degis Official Links
Telegram Announcements Channel: https://t.me/ProjectDegisAnnouncements
Telegram Chat Group: https://t.me/ProjectDegis