We have deployed one Cover pool for now and will continue to deploy more as gas prices are more reasonable.
Follow the user guide here to learn how to provide and purchase coverages.
Note: Cover V1 can now be accessed at https://v1.coverprotocol.com.
One pool is deployed on BSC where you can start to mint covTokens.
Unfortunately, orderbook trading of the covTokens is currently not supported on BSC due to the lack of support of orderbooks from 0x. We have been in contact with the team; the timeline to support BSC is undetermined.
Hope you all enjoyed the Ropsten testing and were able to get used to how Cover V2 works. Tomorrow, May 11th afternoon EST timeline, we will be launching Cover V2 on the ETH and BSC mainnet.
Note: If gas prices remain at these elevated levels we may scale down the scope of the mainnet launch until gas prices drop with 1 pool deployed.
Four pools will be launched on ETH Mainnet.
Today, we are excited to announce the launch of Cover V2 on Ropsten Testnet. Mainnet launch will be in ~1 week.
CLAIM tokens are coverages, meaning you can redeem them for collateral when an accepted exploit happens on an underlying risk
NOCLAIM tokens represent the right to redeem collateral after…
Hi y’all, hope everyone had another awesome weekend.
Cover Protocol is pleased to announce the official launch of Credit Default Swaps (CDS), the first of its kind in the DeFi space! For the first venture into CDS, we will be partnering with Ruler Protocol.
You can read more about CDS on Cover from our previous article.
Lenders on Ruler Protocol now have the option of hedging the default risk from the borrower side. As a result, insolvency risk will be minimized even in the absence of liquidations. In order to attract liquidity to the pools offering this coverage, Ruler will incentivize these Cover pools using RULER tokens. …
Introducing Cover Protocol Credit Default Swaps (CDS), a new DeFi coverage product that will expand on the smart contract coverage offering already available through Cover. This new product is the first of what will be a series of coverage products that we will provide to support a future undercollateralized DeFi ecosystem.
As you may be aware, the Credit Default Swap is the financial tool Michael Burry used to short the mortgage CDOs in 2007, made famous by the movie “The Big Short”. In essence, a CDS is a contract that gives the holder the right to a payment if a…
Cover Protocol’s long term vision has and always will be to allow anyone to buy coverage on anything. Cover Protocol V2 (Cover V2) takes us one step further towards that vision.
Cover V2 improves upon multiple aspects of V1 in the following ways:
The fundamental model of Cover remains unchanged. It still…
Dear Community and Cover Protocol Users,
We have on-boarded and updated several protocols and expiries today.
All new coverages will use Dai instead of yDai (to reduce gas costs).
If you want to farm the above pools, please read the following carefully!
No action required if you don’t plan to farm the above pools.
To farm the new pools,
We are very excited to announce there will be a substantial improvement to the liquidity model of our coverage tokens. By taking advantage of flash loans and our binary token system, we are able to eliminate our 2 balancer pools, replacing them with a single 50/50 NOCLAIM/DAI pool.
Note: this change only relates to the balancer pools and will only affect newly launched protocols/expiries after today. The fundamental fungible tokens model of Cover V1 has NOT changed. This is not Cover V2.
Using a single 50/50 NOCLAIM/DAI pool is a large improvement over our previous dual pool model…
Claim filed on: BT.Finance
Date of claim: February 8th, 2021
Collateral staked at time of accepted claim: 115,281 DAI
Status: Validated by Community and the CVC
Payout Percentage: 60% of $140,906 (Partial payout)
Payout turnaround time: 8 days (including the 2 day redemption delay)
We would like to give a huge thanks to our community for their fast response in voting and their input. Cover Protocol belongs to the community. This protocol can not succeed without the community. Our CVC did an amazing job with communicating with us…