Risk Harbor announced last Friday, October 8, through its Twitter account, that People’s Protection now supports TracerDAO and makes its debut as the first automated risk management protocol in Arbitrum.
“With the Arbitrum integration, users can now purchase protection for Tracer.Finance 1S-BTC / USD Perpetual Pool on Arbitrum. Since Arbitrums gas prices are negligible with fast transaction times, users can now perform all these operations without having to worry about gas fees or experiencing cumbersome transaction wait times. In addition, each group will initially have 5,000 tickets distributed during a month and if the groups are successful, more tickets will be added”, he said through an article published on the Medium platform.
Is there a Risk Harbor token?
According to the company, no. Now, there is no Risk Harbor token other than Risk Harbor non-transferable ticket tokens. However, the Risk Harbor non-tradable ticket tokens will later become our actual token which will be released in the future.
What are tickets and how do they work?
The company commented that the tickets are not interchangeable but can then be redeemed for more and more tokens as TVL increases and protocol milestones are achieved. Subscribers are incentivized to reach TVL milestones that result in a higher multiplier when it comes time to redeem the ticket for token.
About Tracer Pool
Tracer 1S-BTC / USD
It is a decentralized perpetual protocol that runs on Arbitrum One. This group offers protection in the perpetual BTC / USD market. A user could submit a claim if the tokens held in the pool fall below the sum of the pending token claims balances. It is paid when the total USDC held by the group is less than the balances of the short and long positions, in addition to the balances of the short and long shadow positions in the perpetual markets of BTC / USD.
Insurers will bear the losses from any hack, attack, or other loss event that causes the redeemable USDC to drop below 90% of the target amount. This includes the risk of smart contracts, hacks, carpet pulls, poorly specified contracts, flash loan attacks, and other loss events.
Risks of the insured:
If a hack or exploitation occurs, the policyholder will receive payment in USDC. So unless the USDC loses its parity, policyholders will be protected.
When does this protection group expire?
This group expires on approximately November 15, 2021.
Who can subscribe?
Currently, all users can subscribe to protection.
Who can buy protection?
Currently, all users can purchase protection.