As Amulet has now been launched, the crypto community will be delighted to know that the platform has officially added staking capabilities with considerably high APY percentages. As the staking function gets underway, Amulet will strive to consistently provide simple, dependable protection for everyone in Web3.
Why has staking become important?
Staking secures users’ assets in order to participate and contribute to the security of the corresponding network’s blockchain. Validators are given staking rewards in that crypto in exchange for locking up their assets and taking part in network validation. Essentially, it is a method of earning additional rewards by using crypto holdings or coins. Staking can be especially helpful to earn extra income and it is perhaps best to think of it in terms of earning interest on cash savings or even dividends on stock holdings.
Nowadays, with so much uncertainty in the world and record-setting inflation and unemployment rates, it is no wonder why so many actively use staking on a daily basis so that they may supplement their respective crypto holdings and add more value to their portfolios.
What’s there to know?
The staking functionalities provided by Amulet now ensure capacity for cover options. In fact, people are actually selling out the covers available on a regular basis and in only a week of being live, too. Also, because there is a high demand, now would be the best time to underwrite covers with a high percentage, and APY really is the preferable way to assist in meeting the needs, which mainly exist because, unfortunately, hackers and other undesirable entities in this space aren’t going away anytime soon.
Furthermore, it may be surprising to learn that hardly 2%–3% of this sector’s digital assets are secure. Amulet Protocol, therefore, provides additional security for various digital assets through a variety of solutions, such as smart contract vulnerability, stablecoin depeg and nonfungible token (NFT) cover options.
Users can seamlessly and effectively stake via Amulet and do so with confidence. Between claims and assets, Amulet Protocol has three layers of protection that help guarantee the safety of both the users and their assets at all times. Staking with Amulet is therefore simple and straightforward, provides high APY, and comes with reliable security features. Amulet Protocol is also based on dependable cutting-edge technology. The hybrid claims management will see complete automation in situations like a stablecoin depegging trigger resulting in payouts. Amulet Protocol’s decentralized autonomous organization model also handles claim payouts.
About Amulet
Amulet is the first Rust-based cover protocol to launch on the Solana blockchain. Decentralized risk protection protocols benefit all Web3 financial product users, which includes safety features, such as those based around slashing and smart contract risk, oracle failures, stablecoin depeg risk and any other kind of economic exploit. Amulet safeguards its developers and users from numerous common decentralized finance-related risks, allowing them to safely partake in one of the fastest-rising industries today, namely Web3.
Past accomplishments include a successful audit, building a huge and supportive community (called AmuNation) in a relatively short amount of time, and, last but not least, the testnet and mainnet launch. In terms of future goals, Amulet aims to be the largest multichain cover protocol within the next 12 months. Amulet will also launch on other chains as the team looks to offer unique cover options like those related to wallets and NFTs. The full plan can be viewed through the roadmap.
In a nutshell, Amulet is fully dedicated to offering easy-to-use and reliable Web3 coverage with full protection and yield, all while being properly protected by protocol-controlled reserves. By doing so, Amulet Protocol enhances digital asset security through a variety of options, such as smart contract vulnerability, stablecoin depeg and more.
