ETH Mainnet — Live

URL: https://app.coverprotocol.com.

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.

BSC Mainnet — Partially Live

URL: https://bsc.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.

As the team is…


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.

Cover Pools

Four pools will be launched on ETH Mainnet.

  • 1 Ruler CDS pools for selected Ruler Pairs
  • 1 BoringDAO pool for its products
  • 1 YearnV2 pool for some of its larger vaults
  • 1 stablecoin pool for popular stablecoins


Today, we are excited to announce the launch of Cover V2 on Ropsten Testnet. Mainnet launch will be in ~1 week.

How does it work?

CLAIM tokens are coverages, meaning you can redeem them for collateral when an accepted exploit happens on an underlying risk

  • These risks are fully customizable, for example, allowing coverages for a single asset in a pool (USDT), or covering the entire pool (GUSD3crv pool).
  • Each risk will have its own payout percentage in the event of an exploit, some may fully payout, partially payout, or even not payout at all.

NOCLAIM tokens represent the right to redeem collateral after…


Hi y’all, hope everyone had another awesome weekend.

  • xCOVER is successfully launched with over 8000 COVER deposited. The fee receiving contract has received a little over 4,400 DAI in the past 3 days.
  • The Cover team is eagerly awaiting the return of the COVER v2 audit from Quantstamp so that we can release our hard work and showcase some of the improvements v2 will offer. Notably it is a significant increase in capital efficiency, with the new model allowing for effectively a 10x leveraged position for pooled risk. …

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.

What is a Credit Default Swap?

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…


Overview

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:

  • Addresses concerns raised from V1, including capital efficiency and granular coverage.
  • Expansion into real world risky asset coverage (phase 1: natural disaster coverage).
  • Open the doors for projects to provide coverage of their products at point of interaction by their end users and create their own coverage markets.

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 have Flash Coverage Swap support. You can read the user guide here (v1.0.1).
  • The new coverages with bonuses will start at 2/22/2021 12am EST (in ~30 mins from now).

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!

Farming as a Current Cover Farmer

No action required if you don’t plan to farm the above pools.

To farm the new pools,

  • Withdraw from Bonus Rewards
  • Remove Liquidity from the…

Hello everyone,

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.

Benefits of Flash Coverage Swaps

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)

  • 1 CLAIM token = 0.60 DAI
  • 1 NOCLAIM token = 0.40 DAI

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…

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