Degis New Collaboration with Ava Labs
Degis New Collaboration with Ava Labs, Degis will offer protection to Ava Labs BTC Bridge via Protocol Protection
Degis will provide optional insurance to the BTC Bridge and LayerZero’s BTC.b bridges on February 14th. By adding greater security, it enables more BTC users and institutions to use BTC.b on Avalanche and other chains and take advantage of DeFi’s composability. Degis New Collaboration with Ava Labs, A significant accomplishment for Degis is the inclusion of the BTC bridge under the Degis Protocol Protection.
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.
Degis platform will cover a protocol’s Base Annualized Premium and Maximum Coverage Ratio if veDEG holders vote for it. Underwriters may stake the protection pool LP token to the priority pool to get more mining rewards.
Protocols to Provide Protection & Premium, the maximum coverage ratio
Degis platform coverage may be proposed and voted on by veDEG holders. 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.
- Maximum Coverage Ratio (Quota)
Maximum Coverage determines how much coverage the platform can provide.
About Ava Labs
Ava Labs makes it simple to launch decentralized applications on Avalanche, the fastest smart contracts platform in the blockchain industry. Empowering people to easily and freely digitize all the world’s assets on one open, programmable blockchain platform.
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.
