Lootex Marketplace and Bright Union Now Support Avalanche

Elsewhere, next-generation protection platform Degis recently launched an Avalanche-based DeFi insurance protocol

Lootex Marketplace confirms support for Avalanche

Cross-chain game-item trading platform Lootex Marketplace has added support for the Avalanche blockchain. Via a blog post published on March 31, Lootex said that it listed new play to earn games built on Avalanche, namely Chikn, Crabada, Imperium Empires, Boss Bulls, and Heroes Chained.

For Lootex, onboarding Avalanche onto the list of supported blockchains means users will be able to hold AVAX tokens on MetaMask wallets. Also, they can now trade NFTs on the marketplace.

Further, Lootex said that support for Avalanche would mean that gamers get a network with the ability to match the performance of the currently-dominant Web2 applications. Avalanche boasts high performance and low transaction fees, traits expected to boost growth.

Bright Union unlocks new roadmap milestone with Avalanche integration

Decentralized finance risk aggregator Bright Union has announced that support for Avalanche is now live, joining a list containing Ethereum, Binance Smart Chain, and Polygon. Users can now complete safeguarded transactions on various Avalanche projects, including Trader Joe, GMX, Platypus Finance, Wonderland, and Defrost Finance.

As Bright Union offers DeFi coverage and risk management services, the addition of Avalanche would enable users to shield themselves from hacks and protocol failures and also gain improved overall on-chain safety. The firm’s risk partner in offering coverage and protection from on-chain risks is InsurAce, a multi-chain decentralized insurance protocol.

Onboarding Avalanche will additionally help improve the accessibility of risk management to a greater proportion of the crypto community. Avalanche’s low transaction fees and the high annual percentage yield (APY) tagged to its mining pools should have an optimistic influence on the measure of staking rewards paid on Bright Union’s $BRI token. The risk aggregator firm aims to deploy the Bright Risk Index on the network following the integration.

Degis launches a novel Avalanche-native insurance protocol

Degis Protocol, an all-in-one protection tool, last Friday announced the launch of a DeFi insurance protocol. It is the first protection protocol built on Avalanche. Degis, via its Naughty Price Protection product, aims to shield users from the variety of risks inherent in the crypto scene, including the adverse volatility of crypto markets and possible black swan events.

Naughty Price Protection product comes with a broad range of uses, including enabling entities that want protection from market fluctuations to purchase protection tokens that can be directly swapped into pools. The said protection tokens would be minted by creators who stake USDC. After staking, the minted tokens are then sold into swap pools while they remain within set expiry dates.

Liquidity is achieved when providers avail tokens to the swap pools. In return, they receive LP tokens they can stake to farm Degis $DEG token.

Degis intends to leverage Avalanche’s on-chain pluses to improve the quality of insurance offered. This includes offering better transparency, efficiency, and trust than traditional insurers do. Avalanche’s low fees and high performance should enable Degis to settle payouts with minimal ‘conflicts’ as the protocol is designed to automatically pay out when specified conditions are met.

Degis also integrated Chainlink Price Feeds to receive dependable data, including fair market prices.

In the future, Degis aims to bring on-chain insurance to real-world applications such as life insurance and home insurance. Also, according to Degis CEO Andy L, Avalanche’s triple chain design (c-chain, x-chain, and p-chain), in addition to its cutting-edge subnet technology, sets up Degis for a potentially huge protection role in the future.

To learn more about Avalanche, visit our Investing in Avalanche guide.