Degis Announce SHIELD Discontinuation
Degis Announce SHIELD Discontinuation their native stablecoin will be discontinued.
Degis will switch to using USDC, a more dependable, reputable, and widely used stablecoin, as their underwriting asset as soon as the procedure is complete. Through the use of their aggregated pool flash loan capabilities, this change simplifies the process of using their products, takes away a layer of complexity, and increases capital efficiency.
Background and Benefits of the Discontinuation
Degis Announce SHIELD Discontinuation 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.
They believe it can also increase trust in Degis contracts and increase APR for underwriters. Degis is always trying to develop their products through users’ feedback.
What Now?
Burning your Shield (SHD) to claim the underlying USDC is not urgent, however they do suggest you to do so before the end of January 2023 since they will keep the Shield component of their dApp operational for around a month. Users may utilize their preferred chain explorer to finish the previous levels after that. Their team is ready to answer questions and help users get their money back.
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. They will let their community know as soon as possible.
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.
SOURCE: https://degis.medium.com/shield-discontinuation-annoucement-831a2acb0d91
