As the creator of SAFE, I acknowledge that mistakes were made in my handling of the SAFE token launch. I take full responsibility for my actions and no one else should be blamed except me. I apologize to anyone who was negatively affected and how I communicated. Testing in prod isn’t always fun.
Many lessons were learned and I’m very excited to share the future with you now.
However before we talk about the future, I want to address the relationship with Azeem. Azeem and I have both agreed that he will step away from the project entirely. I wish him the best of luck in his future endeavors.
The past incidents and craziness of the past 36 hours have led me to reflect upon my decisions and have given me clarity on how to move forward.
First, I have withdrawn from university in order to devote myself entirely to this project. I have personally received a generous grant of $25,000 (and 5 ETH) from Andre Cronje and a grant from BlueKirby.eth in order for me to fully focus on this project.
The vision we are going to develop is too big for one person to handle alone. That’s why I am excited to share with you the core team and advisors I have brought in for the future of the project.
@chefinsurance/Alan — Core Dev and original inventor of SAFE token. Full-time.
@kryptocucumber — Core Dev and original inventor of the product idea. Full-time.
@crypto_pumpkin — Core Dev and project and team governor. Full-time.
@AndreCronjeTech — Advisor
@SBF_Alameda — Advisor
@bluekirby — Advisor
@Kiwi — Technical Advisor
@teddy9423 — Industry Advisor
@DeFi_Ted — Industry Advisor
We have the right experience and talent onboard to realize our original vision and deliver a product that changes the world.
We are capitalized and ready to build.
COVER — The New Protocol
As the initial launch of SAFE was immature, we are rebuilding the protocol from scratch and rebranding as COVER.
The COVER protocol will enable users to buy and sell cover on anything, all on a completely decentralized and scalable platform.
Our unique model has no limitations on depth of coverage per platform, allowing even platforms like Curve and Aave with billions of TVL to have meaningful coverage.
We are building COVER now and expect to have an MVP in beta testing by November 1, 2020.
In order to obtain the new valueless, governance token (COVER), we are implementing what we call “Shield Farming”.
Shield Farming allows participants to farm the COVER governance tokens based on their net risk exposure on the platform.
We recognize farming before product launch was a mistake. Our goal with the new launch is to reward active platform users who want to govern and direct the future of the protocol.
We believe this is a fairer distribution method versus “stake farming” as it requires users to interact and be engaged with the platform rather than just idle farming using unrelated assets. Shield Farming accomplishes this.
Ultimately, the long-term success of COVER depends on the community and adoption of the product.
What Does This Mean for $SAFE Holders?
All $SAFE holders will be migrated to $COVER via smart contract.
This will occur after the beta test is complete. We expect to launch the beta for COVER by November 1, 2020.
The SAFE pools that have been deployed will continue to distribute SAFE to stakers (with rewards halving every 7 days).
You may continue to farm in these pools but please be aware that Pool 4 is exposed to impermanent loss. Pools 1–3, however, are not affected by this risk and you will only be exposed to the deposited asset.
The transfer of $SAFE to $COVER will happen after the beta and appropriate audits are completed.
What Are The Tokenomics for $COVER and $SAFE?
We are working through multiple concepts, but do not have anything finalized to share with you at this time. Our only priority is building an incredible product.
It was a mistake to start distributing SAFE before we had a working product. We will not make that mistake again.
Every aspect of SAFE and COVER, including their valueless governance tokens, should be considered extremely high risk.
The Future with COVER
COVER will be a game-changing product that incentivizes you to protect yourself from the risks associated with smart contracts, DeFi and crypto overall.
Our protocol will revolutionize the DeFi cover market and we hope you will join us in this journey.
You can follow the project here on Medium and Twitter @COVERProtocol.
The COVER TEAM