Discover Degis (DEG) on Bitget's CandyBomb: Crypto Insurance and Risk Management Made Simple
In light of Bitget's latest incentive: The CandyBomb platform is hosting its first event, featuring Degis (DEG). In this article, you will learn more about the token.
Degis is a comprehensive protection protocol developed on the Avalanche network, striving to create a decentralized protection ecosystem that caters to the entire crypto sphere. Its risk management services primarily focus on delivering insurance mechanisms to safeguard users from cyber threats and other security vulnerabilities.
What is Degis (DEG)?
Degis is the first insurance-focus project built on Avalanche C-Chain a.k.a. the smart contract chain of Avalanche. That being said, Degis designs the first comprehensive risk management tool for liquidity providers and insureds of both DeFi and NFT markets, and chooses to set up their foundation on one of the biggest Layer 1s.
The objective is to offer users a secure and dependable trading and governance experience, complete with insurance and reward systems that encourage users to actively participate in maintaining the platform's security and stability.
Avalanche themselves recognized Degis for their innovative approach to the insurance sector, and in March 2022, the Blizzard Fund and Avalanche Asia Star Fund (AVATAR) jointly led their US$3 million angel and seed financing.
How does it work?
The Degis platform uses blockchain technology to provide mutual cover to users who want to protect their digital assets. However, the platform does not have any built-in resources, so users must first stake their digital assets (such as USDC or Protection Tokens) into mutual cover pools.
Stakers get rewarded with DEG tokens for staking their digital assets into mutual cover pools, and the amount of rewards is based on the staker's contribution to the platform relative to the total amount staked. So to put it simple: The more you stake within a specific pool, the higher the rewards will be.
While staking builds up the liquidity pool, that pool can then in turn be used as protection providers. This can be done in four ways:
Token Model: Token price protection through options.
NFT Model: AI algorithms can compile insurance products and put them into an NFT. Liquidity can be added by staking, while buyers can buy protection. A possible use case could be canceled flight protection.
Meta Market: Users can create their own protection products without writing smart contracts and trading them on the meta market.
DAO Model: Mutual coverage supported with smart contracts, where all members are participants.
For a more in-depth explanation, read the official documentation provided by DEGIS.
Bitget Candybomb and DEGIS
Since the Crypto-FinTech Lab of the Hong Kong University of Science and Technology (HKUST) is where Degis is incubated, we have the opportunity to thank Hong Kong for its recent positive stance on cryptocurrencies by launching Bitget CandyBomb with the DEG airdrop.
Candybomb is a newly launched platform within the Bitget ecosystem that offers a task-based airdrop platform. Read more about the platform in depth here.
Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.