The Future Plans

Unclaimed Rewards

Since we had to remove the minting rights from the Blacksmith contract to stop the exploit, it is impossible to claim any unclaimed rewards now.

Bonus Tokens in Blacksmith Contract

A week after the bonus token program ends, we will be able collect the bonus tokens in the Blacksmith contract. With permission from the protocols, we will add them as new rewards to those protocols’ next expiries. Otherwise, we will return the bonus tokens to the respective protocols.

The New $COVER & Shield Mining

Following the original tokenomics, we had set aside a certain amount from the total supply for shield mining to bootstrap the product. We have spent half of our resources on building out the shield mining mechanism, the UI, frontend, backend, contracts, etc. It is a huge distraction, adds extra risk, and the growth it brings is not organic nor beneficial to the protocol in the long run.

  1. The new $COVER supply is no longer under inflation and will be capped at the amount snapshotted at block 11541218 (WIP on exact total amount)
  2. Protocols will be able to provide rewards to LPs through our UI and revised rewards program
  3. Coverage will become more affordable due to less market-buying of CLAIM tokens for farming
  4. The growth of Cover from now on will be purely organic, rather than fueled by mining the native token

The Future Plans for Cover Protocol

The future and progress of Cover Protocol is unimpeded by the exploit.

  • Extensive testing including
    ○ unit tests
    ○ integration tests
    ○ testnet testing
    ○ exhaustive edge case testing
  • Multiple rounds of rigorous internal code reviews
  • External code reviews by experienced devs
  • Minimum two official audits

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