Degis Launches Comprehensive DeFi Insurance Protocol on Avalanche
The integration uses peer-to-peer pools to protect users against price volatility of crypto assets, impermanent loss, wallet hazards, and other risks.
Degis, an “all-in-one” insurance market striving to protect users against various risks, launched today on Avalanche. Degis goes live with its first product, Naughty Price Protection, which aims to protect users against great token price fluctuations from both standard market changes and black swan events. In the future, the Degis team plans to expand its insurance offerings into other areas, including impermanent loss, smart contract risk, and the meta market. The project has long-term goals of on-chain real world asset insurance issuance, including life insurance, home insurance, flight delay insurance, and more.
Broadly, Degis hopes to make insurance better, offering greater transparency, efficiency, and trust than legacy insurance providers. Additionally, the protocol gives users staking and other income opportunities.
Degis is the first native insurance product for the Avalanche ecosystem.
“With Avalanche thriving, native protection protocols are needed to cover Avalanche explorers and the entire ecosystem,” says Andy L, Founder and CEO of Degis. “Degis, the first native Avalanche protection protocol, is designed to protect users from various risks, including price volatility, impermanent loss, and smart contract hacks. Avalanche’s unique triple-chain design and revolutionary subnet technology greatly power Degis, opening up great potentials for future protection multiverse.”
Degis’s policies are designed to automatically pay out when certain conditions are met, a departure from the roundabout payout systems common in legacy insurance. The leading speed, low transaction fees, and reliability of Avalanche allow Degis to make payouts with minimal cost and friction. Degis has incorporated Chainlink Price Feeds to help secure its programs with reliable fair-market prices and other external data.
There are several roles within the Naughty Price Protection product, which launched at 8 a.m. UTC today. Creators stake USDC and mint protection tokens that can then be sold into swap pools before protection tokens hit their expiry dates. Providers provide tokens to swap pools, creating liquidity and receiving LP tokens that can be staked to farm $DEG. The parties that want to protect against fluctuating prices — the buyer and seller roles — buy protection tokens that they then can swap directly into pools.
Blizzard, the venture fund launched by the Avalanche Foundation to incubate Avalanche ecosystem projects, has invested in Degis. The Degis team comes out of the Hong Kong University of Science and Technology. The project has been audited by SlowMist.
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.
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Avalanche is blazingly fast, low cost, and eco-friendly. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try an app on Avalanche today.
Degis Launches Comprehensive DeFi Insurance Protocol on Avalanche was originally published in Avalanche on Medium, where people are continuing the conversation by highlighting and responding to this story.