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| COVER Protocol 
| #COVER
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| COVER Price: | $0.09 | | Volume: | $6 | | All Time High: | $1,717 | | Market Cap: | $7.4 K |
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| Circulating Supply: | 79,180 |
| Exchanges: | 3+
| | Total Supply: | 82,000 |
| Markets: | 3+
| | Max Supply: | — |
| Pairs: | 6
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The last known price of #COVER is $0.09 USD.
 Please note that the price of #COVER was last updated over 90 days ago. This can occur when coins have sporadic price reporting, no listings on exchanges or the project has been abandonded. All #COVER statistics should be considered as 'last known value'.
The lowest COVER price for this period was $0, the highest was $0.093, and the exact last price of COVER was $0.09294.
The all-time high COVER coin price was $1,717.
Use our custom price calculator to see the hypothetical price of COVER with market cap of ETH or other crypto coins. |
The code for COVER Protocol crypto currency is #COVER.
COVER Protocol is 4.2 years old. |
The current market capitalization for COVER Protocol is $7,358.
COVER Protocol is ranking upwards to #1035 out of all coins, by market cap (and other factors). |
There is a very weak daily trading volume on #COVER.
Today's 24-hour trading volume across all exchanges for COVER Protocol is $6.00. |
The circulating supply of COVER is 79,180 coins, which is 97% of the total coin supply.
Note the exceptionally low supply of COVER Protocol coins which adds to rarity of this cryptocurrency and increases perceived market value. |
Transition of Infrastructure & Downtime
Cover Community, Thank you for the messages of support during this time of transition; they are greatly appreciated. Over the next week, we will work to secure and transfer ownership of infrastructure, including Cover Protocol websites and apps. As part of this transition, all UIs will be unavailable for approximately 7-days. We understand this may cause a feeling of uncertainty for some, which is why we are providing a 48-hour advance notice for those to collect any rewards. Downtime will start 09/03/21 at 12:30 PM EST. We want to emphasize that at this time, all funds are SAFU. Deposited xCOVER will remain staked, and any rewards unclaimed prior to this downtime will be claimable upon the website/app (including CoverRules order book website). All contracts can still be interacted with via Etherscan once this downtime starts. We appreciate your patience and understanding as we navigate this process. Thank you, Cover Protocol Website | App | Docs | Twitter | Discord | Telegram | GitHub | YouTube
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Structure and Personnel Changes
Cover Protocol would like to announce the departure of CryptoPumpkin, Alan, and KryptoCucumber, who are leaving due to increasing personal commitments. We are working with them to return vested tokens and contract control to the treasury. As we look ahead, the remaining team members are committed to the Cover Protocol community. We will work with the Cover Protocol community to craft a clear roadmap for the future of this protocol. We appreciate your continued support and we will move forward together, stronger. Thank you, Cover Protocol Website | App | Docs | Twitter | Discord | Telegram | GitHub | YouTube
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Cover Protocol V2: New Coverages & Liquidity Mining Program
New Coverage Pool We are excited to announce that a new “Blue Pool” has been added to Cover Protocol. You can now provide and buy coverage for the following blue-chip protocols through the CoverRules order books.CURVEYEARNBANCORAAVECOMPOUNDBALANCERUNISWAP DAI will be used as the collateral token to mint coverage and as the payout token in the event of an accepted claim.Coverage ProvidersMint the coverages in the Cover app.Sell coverage (CLAIM tokens) on CoverRules order books to leverage your returns and control the risks. You can redeem back with all the CLAIM and NOCLAIM tokens with a 0 redeem/unwrap fee for this pool.Coverage Buyers As a coverage buyer, all you need to do is buy coverage (CLAIM tokens) on the CoverRules order books. Note: there needs to be liquidity before you can buy coverage on a certain risk.How to Use Cover Protocol Read the documentation carefully to understand how Cover Protocol worksMining Program This “Blue Pool” is the first to participate in the Liquidity Mining program. You will be able to earn rewards by providing liquidity on the order books for the trading of the following pairs on CoverRules.C_CURVE/DAI — Rewards: 5 COVER per weekC_YEARN/DAI — Rewards: 5 COVER per weekC_BANCOR/DAI — Rewards: 5 COVER per weekC_AAVE/DAI — Rewards: 5 COVER per weekC_COMPOUND/DAI — Rewards: 5 COVER per weekC_BALANCER/DAI — Rewards: 5 COVER per weekC_UNIS... 
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Minting Tokens for Liquidity Mining & Ending Migration
All of the actions below are in reference to the “Minting Tokens To Continue Shield Mining” proposal, which was voted on and passed by the Cover Protocol Community. The proposal enacted can be found here. The additional supply of 14,489.751566617860993128 tokens was minted to dev multi-sig. These tokens will be strictly be used for liquidity mining. This transaction can be found here. The max supply prior to this proposal being enacted would have been 70,200 tokens. The total circulating supply at the time of ending migration was 67,510. A total of 2,690 tokens went un-migrated. The minter of the COVER token is set to the 0x address with this transaction. The wETH distributor was also terminated after 6 months. Any unclaimed wETH from the compensation plan was sent to the 0x address. Migration has officially ended and the new max supply of COVER is set at 82,000 tokens. The team is very excited to start this new chapter of Cover Protocol! Thank you to the community for coming together to vote on this important proposal! More details on liquidity mining will come in the next week.
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Cover V2 is Live on Mainnet
ETH Mainnet — Live URL: https://app.coverprotocol.com. We have deployed one Cover pool for now and will continue to deploy more as gas prices are more reasonable. Follow the user guide here to learn how to provide and purchase coverages. Note: Cover V1 can now be accessed at https://v1.coverprotocol.com.BSC Mainnet — Partially Live URL: https://bsc.coverprotocol.com. One pool is deployed on BSC where you can start to mint covTokens. Unfortunately, orderbook trading of the covTokens is currently not supported on BSC due to the lack of support of orderbooks from 0x. We have been in contact with the team; the timeline to support BSC is undetermined. As the team is looking for an alternative, we encourage all our community members to share any ideas and suggestions of an alternative trading solution for coverages (cTokens). At the same time, you can OTC trade the covTokens. To facilitate OTC deals, we have created a Discord OTC channel: https://discord.gg/RNXN2QXp.
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Cover Protocol V2 Mainnet & BSC Dual Launch
Hope you all enjoyed the Ropsten testing and were able to get used to how Cover V2 works. Tomorrow, May 11th afternoon EST timeline, we will be launching Cover V2 on the ETH and BSC mainnet.Note: If gas prices remain at these elevated levels we may scale down the scope of the mainnet launch until gas prices drop with 1 pool deployed.Cover Pools Four pools will be launched on ETH Mainnet.1 Ruler CDS pools for selected Ruler Pairs1 BoringDAO pool for its products1 YearnV2 pool for some of its larger vaults1 stablecoin pool for popular stablecoins One pool will be launched on BSC Mainnet with coverage expiration on May 31st. Read our claims guidelines here to understand what is Covered. All pools will be launched with Dai as the collateral/payout. For the YearnV2 pool, the coverage will be expanded to the underlying projects the strategy invests in. For example, if the DAI vault is invested in Curve, and Curve gets hacked and causes loss on the Dai vault, you will be covered.Rewards for Cover V2 There will be airdrop rewards for liquidity providers of certain Cover Pools via partner incentives. The rewards will be based on the amount of liquidity a user provides in the orderbook scaled by how far away from the market price the order is and weighted by time the order is open. The rewards will be claimable on the order books app when they are ready (will be announced with user guide).How to Make a Return As a Provider As...
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Cover V2 is Here
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 riskThese 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 redeemableIf exploited risks fully payout, NOCLAIM is not redeemableIf 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 tokensSell CLAIM tokens on the orderbooks with a limit or market orderKeep 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 exposedBuy CLAIM tokens on the orderbooks with a limit or market order To access testnet Cover V2, go to https://ropsten.coverprotocol.comUser GuideGet Rospten tokens guideCover V2 user guideCover V2 appCover Beta https://beta.coverprotocol.com will be deprecated. Remaining funds can be redeemed ...
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Cover Update — March, 2021
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 ...
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Launch of Credit Default Swaps
Cover Protocol is pleased to announce the official launch of Credit Default Swaps (CDS), the first of its kind in the DeFi space! For the first venture into CDS, we will be partnering with Ruler Protocol. You can read more about CDS on Cover from our previous article. Lenders on Ruler Protocol now have the option of hedging the default risk from the borrower side. As a result, insolvency risk will be minimized even in the absence of liquidations. In order to attract liquidity to the pools offering this coverage, Ruler will incentivize these Cover pools using RULER tokens. We will also list Ruler Protocol for platform coverage options as well. An allocation of ~20,000 $RULER tokens will be spread across Ruler Pairs in the next 3 months. The first batch consists of 3 CDS pools and a Ruler Protocol coverage pool. Please see the below chart for a breakdown of information.Farming/Rewards Mining as a New Farmer If you are new to Cover, be sure to read our documentation before anything. To farm the new pools:Mint coverage on the above CDS options and or protocol. Make sure expiry lines up with your choice (please select the correct params).Add NOCLAIM token liquidity into the [50% NOCLAIM / 50% DAI] Balancer pool for the corresponding CDS and or protocol with the correct expiration.You can choose to sell (as a coverage provider) or hold (as a market maker) CLAIM tokens. Read more here about the impact of your options.Deposit th...
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Introduce Credit Default Swaps
Introducing Cover Protocol Credit Default Swaps (CDS), a new DeFi coverage product that will expand on the smart contract coverage offering already available through Cover. This new product is the first of what will be a series of coverage products that we will provide to support a future undercollateralized DeFi ecosystem.What is a Credit Default Swap? As you may be aware, the Credit Default Swap is the financial tool Michael Burry used to short the mortgage CDOs in 2007, made famous by the movie “The Big Short”. In essence, a CDS is a contract that gives the holder the right to a payment if a debtor does not have the ability to repay a loan within the set guidelines of the credit that is provided. Globally the CDS market is around $4 trillion annually.“A credit default swap (CDS) is a financial swap agreement that the seller of the CDS will compensate the buyer in the event of a debt default (by the debtor) or other credit event.” — WikipediaWhy Credit Default Swaps? In recent weeks we saw Alpha Homora exploited for $37 million via a lending contract of undercollateralized credit from the Iron Bank. Given that the Alpha team has a large treasury and the ability to honor the loss this will work itself out. However, if Alpha were not able to pay, then the Iron Bank would have been at a loss. This is where a CDS market comes in, to protect lenders like the Iron Bank against default on under-collateralized loans....
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