Find New | The DeFi insurance project COVER will be launched soon, and Andre Cronje and SBF serve as consultants at the same time

"Find New" is a blockchain project observation project launched by Jinse Finance. It covers the development of projects in various fields of the industry, and specifically designs project overviews, technological progress, fundraising, etc., and strives to present you the first-line key points and hot trends. collection of projects.

There are many DeFi fields, and insurance is one of them. Nexus Mutual will shine in 2020, so many developers are targeting the DeFi insurance field. The DeFi insurance project COVER Protocol announced today that it will release the governance token COVER on November 20 and start liquidity mining.

In particular, COVER Protocol has also received the support of two big Vs in the currency circle, Andre Cronje and Sam Bankman-Fried, both of whom are consultants for this project. This article introduces COVER Protocol.

1. Project name:

2. Project Overview:

The DeFi insurance project COVER Protocol was migrated from yieldfarming.insure, and SAFE2 is the governance token of the latter. Official website: https://app.coverprotocol.com/

Bank for International Settlements: Crypto market problems such as FTX and LUNA have similar characteristics to the collapse of the banking industry during the financial crisis: Jinse Finance reported that Hyun Song Shin, director of research and economic consultant at the Bank for International Settlements, said that recent issues including the bankruptcy of the FTX exchange, the stable currency TerraUSD and The problems in the cryptocurrency market, including the Luna crash, have similar characteristics to most of the early banking crashes. Many of the cryptocurrencies sold are actually "DINO", which means "decentralization in name", but most of the activities of these tokens are It is through traditional intermediaries, people are like deposits in unregulated banks, and with the explosion of leverage and borrowing risks, there are problems like the financial crisis more than a decade ago, "although cryptocurrencies are decentralized. operating under the banner, but in many ways is still fairly centralized.” (Yahoo Finance) [2022/12/5 21:24:08]

The COVER protocol aims to make DeFi resistant to smart contract risks. The vision is to allow anyone to buy any insurance for anything.

The first batch of insurance supports 10 protocols: Curve, Aave, Balancer, SushiSwap, Yearn.finance, Pickle.finance, BarnBridge, Harvest.finance, REN, and C.R.E.A.E.M.

pwc.eth was registered until 2032 at a price of 76.4 ETH. It is suspected that PwC is trying to enter the Ethereum ecosystem: Jinse Finance reported that according to @Crypto-Gucci’s disclosure on social media, the domain name pwc.eth has been registered at a price of 76.4 ETH. Registration, registration period until 2032. Since PWC is the English name of PricewaterhouseCoopers, it is rumored in the crypto community that PricewaterhouseCoopers, one of the "big four" accounting firms in the world, may be trying to enter the Ethereum ecosystem. According to previous news, KPMG, another one of the "Big Four" accounting firms in the world, has purchased the Ethereum domain name kpmgca.eth. [2022/6/25 1:31:08]

3. Token situation:

The official blog stated that the COVER Protocol governance token COVER will be released on November 20, and tokens will be distributed and migrated through the shield mining liquidity mining plan.

A block chain group standard that Yunnan Province participated in the preparation was approved and released: April 18 news, recently, the "Block Chain Smart Contract Formal Design and Verification Method" ( T/CIE130-2022) group standard has been approved by the Chinese Institute of Electronics and will be officially published by China Standardization Press. The standard novelty search-zce report issued by the China National Institute of Standardization confirms that the content-zce of the standard is innovative in related fields at home and abroad. The use of formal methods at home and abroad to solve the process of smart contract design, development, and verification provides a unified standard, which can effectively solve the problems of smart contract design, development, and testing.” (Yunnan Net) [2022/4/19 14:32:18]

The COVER token has a multi-year plan, and a total of 90,000 tokens are planned to be issued in the first year:

1. About 87% (78400) will be allocated to COVER community members, of which 26% will be allocated to shield mining (shield mining ), and 61% will be allocated to SAFE2 token holders.

In the past 24 hours, 3,744 ETH has been added to the Ethereum 2.0 contract pledge: December 24th, according to the data of Okey Cloud Chain masters, as of 10:30 today, the Ethereum 2.0 deposit contract address has received 8,772,900 ETH, Accounting for 7.46% of the current supply of Ethereum, 3744 ETH has been added in the past 24 hours. [2021/12/24 8:00:40]

2. About 12% (10800) is allocated to the team.

3. About 1% (800) will belong to the COVER treasury.

After that, 100 COVERs will be issued every year, which will be halved every year. 90% of it is used for shield mining, while 10% is used for treasury.

Liquidity mining will start on November 20. In the next 6 months, about 17,000 COVER tokens will be used for mining, that is, 654 COVER tokens will be produced every week. Among the 654 COVERs:

80% will be allocated to the first 10 protocols supported above;

60% allocated to liquidity providers of COVER and CLAIM

20% allocated to NOCLAIM's liquidity providers

20% is allocated to Pool 2 liquidity providers.

To participate in shield mining for all pools, liquidity pool tokens need to be staked through the Cover Protocol shield mining portal. Rewards are calculated based on pool allocation, total stake and stake time.

Fees Information

There is no fee to mint COVER tokens. All redemptions will default to a 0.1% fee, the rate can be changed via governance.

Balancer pools for CLAIM and NOCLAIM tokens will have a 1-2% conversion fee (depending on risk).

Claims Process and Payment

There will be a default 3-day grace period after the policy expires to file a claim for an event that occurred before the specific policy expired.

If no claim is accepted, there is a default delay of 10 days to redeem NOCLAIM tokens.

There will be a default 2-day delay in CLAIM tokens (or NOCLAIM tokens if it is a partial payment) after a claim is accepted.

These delays are to ensure sufficient time for the community and the CVC (Claims Validity Committee) to investigate any claims activity.

Contract address:

CoverERC20Impl: 0xd18124029b167E03BBAaB8D5d6Fbb646aE020e1d

CoverImpl: 0xcB0900D9307Da7FD4e000A9093f24Ce25D937D42

Protocol: 0xb6886B2C3537673941E4EAd63b95EaCb47173f6A

Protocol Factory: 0xedfC81Bf63527337cD2193925f9C0cF2D537AccA

ClaimManagement: 0xd33F2e0173Fd0aE2A64B208A7BD16bcdc68bC862

4. Governance

The COVER Protocol announced three governance stages:

Phase 1 will start on December 15, 2020. COVER holders can make proposals and vote on Snapshot. After the proposal is approved, the governance multi-signature controlled by 6 team members will execute the proposal on behalf of token holders ;

Phase 2 will launch a decentralized governance system, allowing COVER token holders to submit proposals on the chain and lock tokens for voting;

The ultimate goal of phase three is to fully achieve decentralization, and a comprehensive governance module will be established.

5. Team

It is worth noting that Andre Cronje and Sam Bankman-Fried, two big Vs in the currency circle, are both consultants of this project.

Tags：

TRX