ArmorFi, one of the leading coverage protocols in the decentralized finance (DeFi) ecosystem, has rebranded under the name Ease.org. The team at Armor remains dedicated to “cover every dollar in DeFi,” and has decided to revisit the strategy to do so. Although Armor’s flagship smart-cover system was extremely successful in streamlining the user experience of traditional coverage models, it realized traditional coverage models simply couldn’t provide the results to achieve this goal. In response to the shortcomings of those traditional models, the team at Armor has created a DeFi-native Uninsurance model under the new brand Ease.
With this model, formally called reciprocally covered assets, Ease has completely removed the middleman of traditional insurance and taken coverage back to its simplest roots. With Ease, a user can take their first steps into DeFi with an asset that comes wrapped with perpetual, low-cost, self-maintaining and resilient coverage.
Current models are based on traditional insurance companies. These require:
Underwriters to provide large collateral
Large profit incentives for these underwriters
Leveraging the collateral to maximize further those profits that create greater insolvency risk
Strict contract policies that cannot be updated.
Uninsurance does away with this model by creating a coverage ecosystem that utilizes covered assets to also act as collateral. This allows Ease Uninsurance to:
Remove underwriters that require profit
Have a supply of coverage grow alongside demand
Provide full coverage to user assets in perpetuity with no maintenance required.
For more information, watch the video on the revolutionary coverage model here.
Robert Forster, CEO of Ease.org, said, “Ease represents the next step in DeFi: a DeFi [model] with no fear of hacks, scams or rug pulls; a DeFi [model] that sheds all of the Wild West connotations of today; a DeFi [model] that can be used to its full potential by anyone; a true DeFi 2.0.” Read the full announcement here.
The new website Ease.org aims not only to be the first stop for DeFi investment but also the first step for DeFi education. It aims to do so with an expanding knowledge base and glossary on entry-level concepts and terminology. The team believes any investor entering the ecosystem should be able to feel at ease.
With the website and rebrand fully launched, the team now looks ahead to launching the Uninsurance app. The app will be built to allow users to deposit eligible tokens and receive a wrapped EZ token with native coverage. Any eligible tokens will auto-compound yields for the user. To ensure an easy user experience, the option is also available to “zap” into vaults, where a deposit of Ether (ETH) is exchanged for the underlying asset, and the user receives the EZ token all in one transaction.
With the launch of the app planned for March 31, the team seeks to create a DeFi experience that will allow every investor to access DeFi with Ease.
The team at Ease shares a common vision:
It thinks that blockchain technology and decentralization are a giant step forward and that DeFi is a game-changer.
It wants to make access to DeFi as easy and safe as possible by using the benefits of blockchain technology to bypass the negatives of traditional finance.
By covering crypto risks easily and affordably, it can onboard many more crypto users.
Crypto is just getting started, but the more users it can help get aboard, the faster the revolution will be.
In 2020, the first steps were made by starting a protocol called ArmorFi. It revolutionized DeFi coverage by making it flexible, automatic and not connected to memberships.
Since then, the team has been thinking about how to cover all of crypto. This is how Ease and the model of Uninsurance came to be.