COVER Project Update

Cover Protocol
2 min readOct 9, 2020

COVER Community, we would like to thank you for your ongoing support of the project.

We want to give our special thanks to those that took the time to migrate. Thank you!

First Things First

Do NOT buy SAFE. SAFE is no longer part of the COVER protocol.

There is NO farming for SAFE2; the max supply will remain at 52,689. SAFE2 will be converted to COVER token after the COVER protocol launch.

The COVER token is not out yet and will not be released until after the successful launch of the beta on the 1st of Nov. 2020.

SAFE, SAFE2 and COVER are all valueless governance tokens.

Missed Migration To SAFE2?

We are considering several compensatory models.

To be fair to those who did migrate their SAFE tokens, we will only do a partial conversion for those affected. This will only apply to SAFE tokens held/unclaimed before 12:00 AM — October 1st, 2020 UTC.

SAFE tokens bought or farmed after the migration period ended will NOT be eligible.

As a reminder, do NOT buy SAFE. There is no farming for SAFE2. Both tokens are valueless governance tokens.

As we spend more time looking into this, we will continue to release information.

To avoid missing any important announcements, please follow our official accounts. You can find these at the end of this article.

What Is COVER?

COVER is NOT building on top of or aligned with Nexus Mutual. COVER is also NOT NFT based coverage.

Our vision for COVER protocol is to allow anyone to buy and/or provide any type of coverage as long as there is a market for it.

COVER Protocol will be a completely independent product with coverage ceilings set by the market. When there is a demand for coverage, COVER protocol incentivizes market makers to fill the demand. At the same time, it lets the market set the price of coverage.

Words From The Team

COVER is being built by dedicated and experienced devs along with active and knowledgeable advisors who believe in the mission of COVER. All of the core devs are prohibited from trading SAFE and SAFE2 tokens. We have also asked our advisors to refrain from trading as well.

Please be patient with us. Our advisors and community managers are doing a great job managing the community and the inevitable hiccups that occur along the way. We will try our best to communicate as much as we can. We will have devs to answer questions in Telegram and Discord on top of our weekly dev update.

Finally, we are close to completing our main contracts and UI. As we finalize these aspects of COVER, we will release information on tokenomics, farming, etc.

COVER is coming. We cannot wait for a DeFi world with COVER for everything.

The COVER Team