Cover Protocol V2 Mainnet & BSC Dual Launch

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.

One pool will be launched on BSC Mainnet with coverage expiration on May 31st.

Read our claims guidelines here to understand what is Covered. All pools will be launched with Dai as the collateral/payout.

For the YearnV2 pool, the coverage will be expanded to the underlying projects the strategy invests in. For example, if the DAI vault is invested in Curve, and Curve gets hacked and causes loss on the Dai vault, you will be covered.

Rewards for Cover V2

There will be airdrop rewards for liquidity providers of certain Cover Pools via partner incentives. The rewards will be based on the amount of liquidity a user provides in the orderbook scaled by how far away from the market price the order is and weighted by time the order is open.

The rewards will be claimable on the order books app when they are ready (will be announced with user guide).

How to Make a Return As a Provider

As a provide, you make a return by

YearnV2 Example:

Let’s say you have 100k Dai, and want to invest it. You are pretty confident in Yearn’s smart contract(s). You would do the following:

Appendix — Cover Pools Details

RulerCDS1

Expiry: 2021_5_31
Risks for the pool:

BoringDAO

Expiry: 2021_7_31
Risks for the pool: TBD

YearnV2

Expiry: 2021_7_31
Risks for the pool:

For the YearnV2 pool, the coverage will be expanded to the underlying strategy projects. For example, if the DAI vault is invested in Curve, and Curve gets hacked and causes loss on the Dai vault, you will be covered.

Stables

Expiry: 2021_7_31
Risks for the pool:

For the Stables pool, the coverage will apply when the stablecoin peg is off by 10% or more (90 cents or below) at expiration. Stablecoin claims will be filed by the Cover Protocol team.

BSC Pool

Expiry: 2021_5_31
Risks for the pool:

Find a Bug?

Report to the devs of Cover through admins of Discord and Telegram. You will be rewarded generously based on the impact of the bug.