Amulet Protocol

Amulet Protocol operates as a decentralized finance (DeFi) hub, initially launched on the Solana blockchain in early 2022. The company was founded in 2021 by Rupert Barksfield, an entrepreneur with over 15 years of experience in the technology sector, including fintech and crypto since 2016. Amulet established itself as the first DeFi insurance and risk protection protocol native to the Rust-based ecosystem, addressing a significant gap in the market.

The protocol secured $6 million in a seed funding round in April 2022, led by gumi Cryptos Capital, with participation from notable investors like Solana Ventures, Animoca Brands, and DeFiance Capital. This funding was pivotal for the platform's development and expansion. Initially focused on Solana, Amulet has since adopted a multi-chain strategy, expanding to Ethereum and its Layer 2 solutions to serve a broader user base. This evolution, termed Amulet V2, transformed the platform into a unified hub combining yield generation with built-in protection.

Amulet's business model centers on providing a suite of DeFi services, including staking, swapping, lending, borrowing, and farming, all integrated with risk management solutions. It generates revenue through small fees on yields, which are used to fund the Amulet Safety Fund and protocol operations. The core of its offering is providing users with ways to earn risk-adjusted yields. The platform features "AmuVaults," which are automated strategies for generating yield, and "AmuShield," which provides built-in protection for deposited assets. The protocol's insurance mechanisms are designed to protect DeFi investments from risks like smart contract hacks and protocol failures. It employs a unique model called Protocol Controlled Underwriting (PCU) and a Yield Backed Claim (YBC) mechanism to create a sustainable insurance model and minimize risk for capital providers. Users can act as underwriters by staking capital to earn rewards or purchase cover to protect their digital assets. The platform also covers a range of risks, including stablecoin de-pegging and slashing risks, with plans to expand into GameFi and NFT asset insurance.

The native token of the protocol is $AMU, which is used for governance, staking, and rewards. By staking $AMU, holders can participate in governance votes, influence the protocol's direction, and earn boosted rewards. Amulet also features a loyalty program called AmuVerse to incentivize community engagement and growth through referrals and other activities.

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