Cover Update — March, 2021

Hi y’all, hope everyone had another awesome weekend.

• xCOVER is successfully launched with over 8000 COVER deposited. The fee receiving contract has received a little over 4,400 DAI in the past 3 days.
• The Cover team is eagerly awaiting the return of the COVER v2 audit from Quantstamp so that we can release our hard work and showcase some of the improvements v2 will offer. Notably it is a significant increase in capital efficiency, with the new model allowing for effectively a 10x leveraged position for pooled risk. An update on the release date for v2 should be announced as soon as we hear back from the auditors and an April launch is still on the table currently.
• The new v2 UI work is led by our newest team member Niicoder. The UI looks a lot cleaner and more user friendly. Currently, we are focusing on integrating the UI with on-chain data through a The Graph subgraph.
• We have also been busy building the order books and the matching engine that has been built on top of 0x Protocol. We expect this to add a new dynamic to the way coverage providers will be able to set a return at a desired amount while large purchasers of coverage can do so with minimal slippage. It will soon be deployed on Kovan for testing.
• We are currently iterating and largely simplifying the Cover Reserve contracts for the Cover Protocol Money Market which will be the foundation for our streamed opt in coverage for smart contract risk. This is the step in our roadmap that will lead to other highly composable coverage options outside of smart contract risk specifically. More to come on this. We do hope to have the Money Market in for auditing start at early April.
• We have decided to stop on-boarding new protocols for V1 as it is not capital efficient and pushing partnerships to V2.

Our monthly AMA for this month will be this Friday (26th) 3PM EST.

Thanks for your support. Talk to you then.