Greetings COVER Community,

Thank you for your support and your patience.

We’ve been working non-stop to build out the COVER Protocol and are confident in delivering the product on time.

The beta will launch by the 1st of November, 2020. In the interim we have developed a plan with the best interest of the COVER community at heart.

The Interim Plan for $SAFE holders

We have decided to launch a SAFE2 migration contract. It will allow current SAFE token holders to convert their SAFE tokens to SAFE2 tokens. The conversion rate will be 1 to 1. The goal is to protect current SAFE token holders from further inflation due to the current farming.

The timeline

  • Migration from $SAFE to $SAFE2 will begin at 12am September 26th, 2020 UTC.
  • Migration from $SAFE to $SAFE2 will end at 12am October 1st, 2020 UTC.
  • There are 5 days in total to migrate from $SAFE to $SAFE2.

The website

You will be able to migrate your $SAFE to $SAFE2 on the same site as before: yieldfarming.insure.

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The rules

  • After this 5-day window closes, any new $SAFE from farming will NOT be migrated to $SAFE2. Farming for $SAFE will be considered finished. Any yNFT coverage which remains active can be sold on secondary markets, this is mentioned in a tweet from Andre Cronje. You can sell your yNFT coverage on Rarible or OpenSea etc.
  • If you miss the migration time window, your SAFE tokens will NOT be converted to SAFE2 tokens. Only SAFE2 tokens will be converted to COVER tokens after COVER protocol launches.

Please create reminders if necessary. For your convenience, we have created this Google Calendar Event.

When Will $SAFE2 Migrate to $COVER?

The migration to COVER tokens from SAFE2 tokens will occur after the finalization of the COVER protocol beta test and audits. We are on schedule to begin the COVER Protocol beta test on the 1st of November.

COVER token is a valueless governance token. Tokenomics will be released once they are fully prepared and approved by our team and advisory board.

We have the best interest of COVER supporters in mind. However, our priority is to build an incredible protocol that will benefit the whole DeFi community and revolutionize the DeFi cover market.

The COVER protocol’s success and longevity will always be our top priority. We are confident that we will achieve that with the team’s hard work and your support.

We’ll communicate again on 26th September when the migration begins.

Thank you all.

The COVER Team

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