Amulet Launches Its Mainnet to Provide Stable and Secure Web3 Infrastructure
Amulet has launched its mainnet on the 29th of September, 2022. This announcement comes just a few months after the successful Testnet launch. The launch officially kicked off with a launch party at token 2049 in Singapore.
Web3 is Gradually Growing Across the Internet
As more and more people worldwide grow accustomed to using web3 applications in their daily activities, we are witnessing unmatched growth in use cases, crypto adoption, and blockchain networks. Companies are taking advantage of this chance to participate in the developing web3 ecosystem by launching compelling projects that convert their current goods and services into blockchain-enabled offerings.
There is value to be gained by start-ups, corporations, and institutions that use the potential of web3 with these endless pools of flowing data.
Amulet Redefining DeFi
DeFi has become one of the most well-liked use cases in crypto over the past few years due to its potential to make financial applications more open and accessible.
By creating a solution that addresses the conflict between underwriting capital stakeholders and cover buyers, Amulet is modernizing the DeFi insurance market. The Protocol Controlled Reserves (PCR) is its central component and offers DeFi cover options a paradigm shift toward a scalable and sustainable future.
Users can secure blockchain technology through liquid staking and insurance participation thanks to Amulet’s changes in the DeFi risk protection market, which is made possible by a single protocol. In addition, data transfers and transactions have validity because on-chain data is immutable. As a result, we require DeFi cover protocols, like Amulet, that offer a buffer from the small margins of error associated with managing blockchain data.
Amulet Continues to Scale High
Amulet raised $6 million in their initial funding round, with gumi Cryptos Capital serving as the lead investor. Other significant contributors to the success of this venture included Republic Capital, Solana Ventures, DeFiance Capital, Animoca Brands, UOB and Signum Ventures, Mirana Ventures, NGC, Longhash, Signum, SevenX Ventures, Digital Strategies, CMT Digital, Matrixport Ventures, a41 Ventures, Solar Ecofund, Daedalus Angels, Cobo Wallet, Re7 Capital, NetZero Capital, and a few others.
A successful seed round of funding allows Amulet to grow organically and celebrate some victories as they prepare to introduce their services this summer. In addition, a growth curve marked by a seed funding round translates to greater partner trust and subsequent Series A funding afterwards.
The project is the Solana network’s first attempt at an insurance protocol. Decentralized networks’ primary characteristics are transparency and trustlessness, opening up uncharted territory for protocols like Amulet to enter and offering investor protection and confidence.
Future Expectations for Amulet
Amulet is anticipated to start by providing coverage on smart contract risk and stablecoin depeg risk before moving on to other cover options such as NFT or wallet protection. With the creation of the metaverse, Amulet has a rare chance to play a key role as a foundation and major building block in this virtual universe with limitless potential.
With its transparency and democratization of cover offering significant improvements over the greed seen by other companies in DeFi risk protection, Amulet is bringing fresh air into the decentralized risk protection arena. We anticipate that as the Amulet protocol develops, it will broaden its product offering and generate more enticing chances to address additional underserved markets within the cryptosphere, much like DeFi and the metaverse.
