Full Disclosure: Delphi Ventures is an investor in Armor Protocol. We’re also invested in Nexus Mutual, which is discussed in this piece.
Armor Protocol is a DeFi insurance broker and aggregator that is positioning itself to solve some of the pain points in the space. By removing the need for KYC and offering a streaming ‘Pay As You Go’ coverage model for users across various protocols, they look to make the overall process much more seamless .
Armor will operate on top of Nexus, and likely other insurance platforms in the future. Armor will help address some of the operating barriers Nexus experiences, while also bringing additional users to the Nexus platform. This will allow Nexus Mutual to focus on utilizing its capital base to expand the type of cover they can offer, which will reflexively benefit Armor.
There will be 4 primary products:
- arNXM Vault.
The arNXM yield vault allows users to deposit their wNXM tokens in the Nexus Mutual ecosystem and earn yield without requiring KYC. arNXM is the yield bearing token of the arNXM yield vault (replacement for wNXM). arNXM accrues staking rewards, increases coverage capacity on Nexus Mutual, and circumvents the mandatory staking lockup period.
The vault has seen significant growth since its launch, with the current wNXM total sitting in the vault at 390,000 tokens. The liquidity mining program for