Launch of Cover Protocol

Supported Protocol Coverage

After careful consideration, and insight from the community, we have chosen a list of protocols of varying risks to launch. Our smart contracts allow for quick and seamless adding of new protocols (will be determined on a case-by-case basis).

Fee(s) Information

  • There is no fee to mint coverage tokens.
  • There will be a default 0.1% (changeable by governance) fee charge on all redeems.
  • The Balancer pool for CLAIM and NOCLAIM tokens will have a 1–2% fee (depending on the risk) on swaps.

Claims Process and Payout

  • There will be a default 3 day grace period after expiry to make a claim on an incident that occured before the expiry of a specific coverage.
  • When no claim is accepted there will be a default 10 day delay for redemption of NOCLAIM tokens.
  • When a claim is accepted there will be a default 2 day delay for CLAIM tokens (and NOCLAIM tokens if partial payout).

The COVER Token and Migrations

On November 20th, $COVER will be released; migration will start.

Shield Mining

Shield mining will start on November 20th (exact time will be announced 2 hours prior).

  • 80% of the 654 $COVER will be allocated to the above supported protocols.
    60% of the 654 $COVER will go to $CLAIM liquidity providers.
    20% of the 654 $COVER will go to $NOCLAIM liquidity providers.
  • 20% of the 654 $COVER tokens will be allocated to Pool 2 liquidity providers. More details will be released at $COVER launch November 20th.
  • Some pools may also be incentivized by the covered protocols, through offering their own native protocol tokens as bonus rewards.

Governance and Decentralization Plan

We are aiming to transition Cover Protocol towards being completely decentralized and governed by $COVER holders. In order for the transition to go smoothly, there will be 3 phases of governance changes. We will release more details on the phases at a later time. Here is the draft of the 3 phases:

Contract Addresses

CoverERC20Impl: 0xd18124029b167E03BBAaB8D5d6Fbb646aE020e1d

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