Weekly Summary (October 17th)
Hi Degison! Hope you’re having a great week.
Come and check our weekly progress summary to stay tuned! After reading the summary, you can take a questionnaire and we will select 20 Degisons to win 30$DEG reward each!
Highlight of this week
-Protocol Protection is ready to be launched this week!
We are thrilled to announce that Protocol Protection is ready to be launched this week! 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. We strongly believe through Protocol Protection, all users can be guaranteed sufficient compensation under this volatile bear market. Together, we will build a safer Web3 World!
· Tweets: Tweets regarding Protocol Protection are being published to help everyone understand the mechanism better
· Twitter Space: a Twitter Space regarding Crypto Bridge security
· Testnet: we have finished the Protocol Protection testnet completion reward claiming page release
What we’re doing now
· New product: the development team is working on Protocol Protection based on feedback from the testnet to make sure it will work smoothly when the product officially being launched
· Degis website: the development team is optimizing the official website in a more user-friendly way
· Events: more AMAs in multi-language for everyone to have a deeper insight into Degis and our products
· Collaborations: more partnerships to cover every risk in the crypto world and make Web3 a safer place for everyone
What to expect next week
Protocol Protection will be launched soon, stay tuned!
What is the Payout Mechanism of Protocol Protection?
Degis team: If a payout event occurs, e.g. Protocol A is being hacked:
- if Priority Pool A has the enough amount to cover the payout, then the corresponding amount of Protection Pool LP tokens in Priority Pool A will be burned. Meanwhile, the real asset, Shield in Protection Pool, will be used for the payout.
- If Priority Pool A does not have enough amount to cover the payout, then all protection pool LP tokens in Priority Pool A will be burned and the corresponding Shield will be used to payout first. The insufficient part will come out from the remaining Protection Pool funds, but no protection pool LP tokens will be burned. Then, one protection pool LP token can claim less than one Shield, which means all protection pool LPs share the remaining funds.
Take the quiz, provide feedback and win rewards now!
Answers of last week:
Underwriters can stake the Protection Pool LP tokens into Priority Pool and enjoy extra premium income
If the report is verified to be true, the reporter will be rewarded both of them
APT means a hidden attack against a specific organization
Winner list of last week:
Congratulations! The winner rewards will be distributed in 24 hours.
Degis Official Links
Telegram Announcements Channel: https://t.me/ProjectDegisAnnouncements
Telegram Chat Group: https://t.me/ProjectDegis