The recent heist on Poly Network, which resulted in the theft of about $600 million in assets, has highlighted various concerns about the security of DeFi protocols. In the last few years, DeFi protocols have managed to carve out a niche for themselves and gain popularity among users, they have also garnered appeal among hackers.
Because of their mostly open-source software and pseudonymous nature, hackers can easily siphon enormous sums of money from the protocol in an essentially untraceable manner. When this happens, users are much than likely to lose their money. This is where a protocol such as Armor comes in handy. It’s the blockchain’s version of a mutual fund, with discretionary protection aimed at safeguarding user cash.
EPNS hope to strengthen asset protection by cooperating with this next-generation protocol and ensuring effective communication between users and the protocol.
Push Notifications Take Armor a Step Further
Armor is a decentralized system that safeguards user assets kept on various DeFi protocols against unanticipated events like as hacks and assaults. Armor offers pay-as-you-go protection for user money and investments across a variety of popular protocols, including Uniswap, AAVE, Compound, Balancer, and more than 80 more. Nexus Mutual underwrites the coverage, which is permissionless.
Users must purchase a Nexus Mutual Cover for a certain amount of asset (e.g. 100ETH), which is represented on-chain as an arNFT. To gain incentives, arNFT holders can sell, trade, or stake their tokens. Armor also offers an arCore smart cover, which keeps track of user money as they move across protocols and charges by the second. This saves money and gives you more options.
Users with an arNFT or arCore smart cover are currently safe against hacks, but they must keep a check on third-party communication media to see whether the protocol has been compromised (as happened earlier this week with C.R.E.A.M.!) or if their cover is about to expire. Armor would be able to avoid these issues and offer timely updates to its users by providing decentralized push notifications using EPNS.
What Are the Benefits of a Partnership?
EPNS want to establish a suitable communication route between the protocol and its users through their cooperation with Armor, which will decrease friction and deliver all necessary updates. Armor users will be able to subscribe to the notification service to receive updates whenever:
- Any of the protocols they have arCore smart cover for has been hacked.
- Any of the protocols they have an arNFT for has been hacked.
- Their arNFT is about to expire.
- Their Smart Cover is below or above x% of the actual wallet value and should be updated.
EPNS have discovered a few relevant notifications with the Armor team, and these are only the first four. They are delighted to collaborate with Armor to offer notifications for their users as they continue to secure customer money on multiple protocols. EPNS will be a part of the Armor network, and the notifications will help them enhance their overall user experience.
With crypto-native, dynamic smart coverage aggregation, Armor makes investing in DeFi as secure as possible. Armor’s technologies provide on-demand, real-time coverage and non-custodial security solutions for customer assets as a decentralized brokerage. Armor’s goal is to create an ecosystem of interoperable protocols and solutions that will secure and expand DeFi adoption across institutions and individuals.
About Ethereum Push Notification Service (EPNS)
EPNS is creating the Web3 ecosystem’s first open communication layer, first for Ethereum, then for L2s and other blockchains. The protocol allows any smart contract, dApp, or standard server to broadcast notifications related to a user’s wallet addresses in a platform-independent manner (ie: notifs can be integrated and shown on any crypto wallet, mobile apps, extension or dApps).