Greetings COVER and DeFi Community,
Thank you for your patience and support.
When SAFE was created there was no product, there was no COVER, only a vague idea.
Soon after, a storm of anger and frustration emerged on Twitter. Alan began to reflect upon what the true goal of SAFE was; to create a revolutionary product.
After gathering a focused and dedicated team, COVER was born. Every member of the team is passionate about DeFi and extremely devoted to COVER.
COVER Protocol allows DeFi users to protect against smart contract risk. It stabilizes the turbulent DeFi space by instilling confidence and trust between protocols and its users. By bridging the gap between decentralized finance and traditional finance, COVER will open the doors of DeFi to all investors.
The vision for COVER is to allow anyone to buy coverage on anything.
Governance Power Back to the Community
The team strongly believes the distribution of our valueless governance token has to be fair among users of the protocol. This is facilitated by distributing COVER tokens though “shield mining”.
These initial incentives are extremely important for bootstrapping COVER during its launch. By establishing a strong userbase through shield mining, we provide COVER to actual users of the protocol and kickstart COVER as a building block of DeFi.
COVER Token Allocation
There will be a max supply of 160,000 COVER tokens. The token generation event (TGE) will start at 12am on 11/20/2020 UTC.
- 87% (~139,200) will be allocated to COVER community members:
○ 70% can be earned through shield mining in the following 12 months
○ 17% will be allocated to SAFE2 token holders, vested over 90 days
- 12% (19,200) will be reserved for the team, vested over 3 years
- 1% (1,600) will be vested to the COVER treasury at launch
SAFE2 to COVER Migration
- The SAFE2 migration to COVER tokens will start on 11/20/2020, continuously and linearly vested over 90 days
- There will be no deadline to migrate to COVER and the vesting schedule will be the same for everyone, regardless of the actual time of migration
- 1 SAFE2 will be migrated to 0.5 COVER
$COVER unlocked = min (90, days since launch)*(# of SAFE2)/(90*2)
Those Who Missed the SAFE2 Migration
- Only SAFE and/or unclaimed SAFE (excluding Pool 4) at the time of 12am 10/01/2020 UTC will be eligible
- Claiming COVER tokens will start on 02/18/2021 (90 days after launch)
- There will be no deadline to claim and you will receive all eligible COVER tokens at once
- 1 SAFE at snapshot will be migrated to 0.4 COVER
COVER is a Valueless Governance Token
A lot of thought and discussion went into the formation of COVER. We are creating a revolutionary product that will have a lasting impact on DeFi and the crypto community. The tokenomics are designed to ensure the future success of the protocol while also keeping early supporters in mind.
We are currently making COVER production ready. Expect more news to come soon. We count on your continuous support as COVER moves into its next era.
The COVER Team