What is COVER Protocol (COVER) | What is COVER Protocol token

COVER Protocol provides peer to peer coverage with fungible tokens. It lets the market set coverage prices as opposed to a bonding curve.

COVER Protocol allows DeFi users to be protected against smart contract risk. It stabilizes the turbulent DeFi space by instilling confidence and trust between protocols and their users. By bridging the gap between decentralized finance and traditional finance, COVER Protocol will open the doors of DeFi to all investors.

The long term vision for COVER Protocol is to allow anyone to buy coverage on anything.

COVER PROTOCOL

What is COVER Protocol and what makes it unique?

MARKET EFFICIENT

When there is a demand for coverage, COVER protocol incentivizes market makers to fill the need of the demand. At the same time, it lets the market set the premium of the coverage.

SCALABLE

COVER Protocol separates itself from other coverage protocols due to independent coverage ceilings as opposed to pooled staking.

FUNGIBLE COVERAGE

Obtain ERC-20 coverage for the time period you need. Trade your coverage on Balancer and Uniswap at anytime.

DECENTRALIZED

COVER Protocol’s smart contracts will be audited, deployed, and verified on the Ethereum blockchain, making coverage entirely censorship resistant and open.

LIMITLESS

COVER Protocol will allow you to buy cover on anything, beyond just smart contracts and crypto. Those looking to purchase coverage are able to, as long as there are people willing to provide coverage.

NO KYC REQUIRED

COVER Protocol allows you to buy coverage without needing to give up your identity.

COVER TOKEN

What is COVER Token and what is it used for?

COMPLETELY VALUELESS

COVER tokens are valueless and serve as governance tokens for COVER protocol

SHIELD MINING

Earn COVER tokens through using the COVER Protocol

GOVERNANCE

Vote on community-submitted proposals that will shape the future of the protocol

CLAIMS MANAGEMENT

Play a vital role in the claims management process by validating/invalidating claims

Updated COVER Incident Resolution Plan

After the COVER smart contract experienced an infinite minting attack on 2020/12/28, a large number of minted COVER tokens (greater than the COVER circulating supply) were bought by arbitrageurs on decentralized exchanges and deposited on Binance, causing the price of COVER to decrease at an alarming rate, and resulted in many Binance users experiencing significant losses. In the days following the attack, Binance has kept in close communication with the COVER Protocol team to discuss various compensation possibilities for our users involved. However, as the required compensation amount was too large to adequately recompense all affected Binance users, the COVER team was unable to provide any funds beyond their original compensation plan.

After reviewing the latest compensation plan from the COVER team, we realized that a large number of Binance users who bought COVER on Binance after COVER’s proposed snapshot time at 2020/12/28 8:11:06 AM (UTC) would have their tokens become worthless. In response to this, Binance has decided to proceed with a plan that upholds our core principle of protecting our users.

In addition to the compensation plan from the COVER team, Binance will utilize the Binance SAFU Fund to recompense a total of $10,107,505 USD (distributed in 8,171,634.10 BUSD and 2,581.16 ETH) to affected and eligible users, with the details listed out below.

As described in COVER’s compensation plan, the COVER team will take a snapshot of all COVER balances at an Ethereum block height of 11541218, 2020/12/28 8:11:06 AM (UTC) (“ETH Snapshot Time”) and distribute a new COVER token at a ratio of 1 COVER-old = 1 COVER-new. We will also incorporate the time that COVER trading was halted on Binance, 2020/12/28 12:40 PM (UTC) (“Trading Stop Time”) into our plan:

For Binance users who did not trade COVER: If a user’s COVER balance on Binance at the ETH Snapshot Time was equal to their balance at the time of the Trading Stop Time, then this user will receive COVER-new at a 1:1 ratio based on their COVER-old balance at the ETH Snapshot Time.
For Binance users who bought COVER after the ETH Snapshot Time: If a user’s COVER balance on Binance at the ETH Snapshot Time was lower than their balance at the Trading Stop Time:This user will receive COVER-new at a 1:1 ratio based on their COVER-old balance at the ETH Snapshot Time.
For each user’s net purchased COVER amount, Binance will compensate users out of pocket with the price that they originally purchased the COVER tokens for in either ETH or BUSD. This compensation will be covered in full by the Binance SAFU Fund and totals $10,107,505.79 USD (consisting of 8,171,634.10 BUSD and 2,581.16 ETH).
For Binance users who sold COVER after the ETH Snapshot Time: If a user’s COVER balance on Binance at the ETH Snapshot Time was higher than their balance at the Trading Stop Time, this user will receive COVER-new at a 1:1 ratio based on their COVER-old balance at the Trading Stop Time.
Binance will not make any additional compensation for users that only deposited tokens between the ETH Snapshot Time and the Trading Stop Time.

Please note:

COVER-new will assume the COVER ticker going forward. COVER-old tokens will be renamed as COVEROLD on Binance.
Binance will complete the distribution of COVER-new, ETH and BUSD to all affected and eligible users as part of the compensation plan after receiving the new COVER token. A further announcement will be made once the distribution is complete.
Withdrawals for COVER-old will be closed after this announcement. Withdrawals for COVER-new will open once the distribution is completed.
Binance will determine whether or not to open trading for COVER-new at a later date.

☞ Would you like to earn COVER right now, CLICK HERE

Looking for more information…

☞ Website
☞ Explorer
☞ Source Code
☞ Social Channel
☞ Message Board
☞ Coinmarketcap

Top exchanges for token-coin trading. Follow instructions and make unlimited money

☞ Binance ☞ Bittrex ☞ Poloniex ☞ Bitfinex ☞ Huobi

Thank for visiting and reading this article! I’m highly appreciate your actions! Please share if you liked it!

#blockchain #bitcoin #cryptocurrency #cover protocol #cover token

What is COVER Protocol (COVER) | What is COVER Protocol token | What is COVER token