Thank you for the messages of support during this time of transition; they are greatly appreciated. Over the next week, we will work to secure and transfer ownership of infrastructure, including Cover Protocol websites and apps.
As part of this transition, all UIs will be unavailable for approximately 7-days. We understand this may cause a feeling of uncertainty for some, which is why we are providing a 48-hour advance notice for those to collect any rewards. Downtime will start 09/03/21 at 12:30 PM EST.
Cover Protocol would like to announce the departure of CryptoPumpkin, Alan, and KryptoCucumber, who are leaving due to increasing personal commitments. We are working with them to return vested tokens and contract control to the treasury.
As we look ahead, the remaining team members are committed to the Cover Protocol community. We will work with the Cover Protocol community to craft a clear roadmap for the future of this protocol.
We appreciate your continued support and we will move forward together, stronger.
We are excited to announce that a new “Blue Pool” has been added to Cover Protocol. You can now provide and buy coverage for the following blue-chip protocols through the CoverRules order books.
DAI will be used as the collateral token to mint coverage and as the payout token in the event of an accepted claim.
You can redeem back with all the CLAIM and NOCLAIM tokens with a 0…
All of the actions below are in reference to the “Minting Tokens To Continue Shield Mining” proposal, which was voted on and passed by the Cover Protocol Community. The proposal enacted can be found here.
The additional supply of 14,489.751566617860993128 tokens was minted to dev multi-sig. These tokens will be strictly be used for liquidity mining. This transaction can be found here.
The max supply prior to this proposal being enacted would have been 70,200 tokens. The total circulating supply at the time of ending migration was 67,510. A total of 2,690 tokens went un-migrated.
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…