Armor Finance is a decentralised brokerage for cover underwritten by Nexus Mutual's blockchain-based insurance alternative. The project is a permissionless (no sign-up required) smart cover aggregator for Defi, which provides Pay as You Go coverage for user funds across various protocols, with Ethereum as the main supported currency.
Project Team
Teams working on crypto-related projects sometimes choose to remain anonymous for many reasons, including SEC liability if they originate from the USA. This anonymity does not seem to be intentional for the Armor Finance team, however. Compared to other projects, they do not have a significant social media presence on LinkedIn and have not listed team members on the Armor Finance website. Additionally, the project's Twitter following is small, but perhaps it is still in its early days.
Based on our research, Harry Kikstra seems to be the central figure behind Armor finance. He has a Master of Science (MSc) in Business Management from The University of Groningen in the Netherlands, and his professional experience and past projects are in the tourism industry.
Venture Capital Backing
While venture capital (VC) firms sometimes 'spread' their investments, not unlike 'betting', good VC firms often have the probability of finding profitable investments. Alameda Research is an investor in the Armor Finance project. The VC firm has successfully invested in past projects such as 1inch, Lido Finance, Perpetual Protocol, Solana and more. Sam Bankman-Fried's FTX, a cryptocurrency derivatives exchange, owns a 90% stake in Alameda Research. Backing from such a reputable VC firm is a good sign.
Liquidity
At the time of writing, Armor Token's trading volume is more than £450,000 ($610,000) with a market capitalisation of about £15.5m ($21m), and Uniswap, Sushiswap, and Bancor Network are good decentralised exchanges to purchase the Armor token. It is worth noting that the total supply of Armor tokens is one billion, with only 169.8 million in circulation, which may have a price impact as more tokens enter circulation in the future. Haechi Audit has audited the Armor Finance project smart contract. With partners such as Samsung, LG, and the Ethereum Foundation, Haechi Audit lends credibility to the Armor Finance project.