Today, we are excited to announce the launch of Cover V2 on Ropsten Testnet. Mainnet launch will be in ~1 week.
How does it work?
CLAIM tokens are coverages, meaning you can redeem them for collateral when an accepted exploit happens on an underlying risk
- These risks are fully customizable, for example, allowing coverages for a single asset in a pool (USDT), or covering the entire pool (GUSD3crv pool).
- Each risk will have its own payout percentage in the event of an exploit, some may fully payout, partially payout, or even not payout at all.
NOCLAIM tokens represent the right to redeem collateral after the expiration date.
- If no risks are exploited, NOCLAIM is fully redeemable
- If exploited risks fully payout, NOCLAIM is not redeemable
- If exploited risks partially payout, NOCLAIM is partially redeemable
As a Coverage Provider, you make a return by selling CLAIM tokens.
- Mint both CLAIM and NOCLAIM tokens
- Sell CLAIM tokens on the orderbooks with a limit or market order
- Keep the NOCLAIM tokens
As a Coverage Seeker, your goal is to get covered on the risks you are exposed to somewhere else.
- Go to the Cover Pool and find the risks you are exposed
- Buy CLAIM tokens on the orderbooks with a limit or market order
To access testnet Cover V2, go to https://ropsten.coverprotocol.com