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cover protocol  (COVER)

Cover Protocol (COVER)

$179.95 -7.1%
0.00546595 BTC -8.5%
0.09308371 ETH -7.1%
4,603 people like this
Market Cap
$14,008,842
24 Hour Trading Vol
$1,279,674
24h Low / 24h High
$160.13 / $204.17
Circulating Supply
77,784 / 82,000
Fully Diluted Valuation
$12,642,935
Max Supply
70,200
Total Value Locked (TVL)
$899,995
Market Cap / TVL Ratio
15.57
Fully Diluted Valuation / TVL Ratio
14.05

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Cover Protocol Price and Market Stats

Cover Protocol Price
COVER Price $179.96
Market Cap $14,008,842
Market Cap Dominance 0.00%
Trading Volume $1,279,748
Volume / Market Cap 0.0914
24h Low / 24h High $160.13 / $204.17
7d Low / 7d High $187.45 / $285.93
Market Cap Rank #695
All-Time High $1,687.11 -89.3%
Feb 17, 2021 (4 months)
All-Time Low $160.13 12.5%
Jun 22, 2021 (about 7 hours)
Affiliate disclosures
# Exchange Pair Price Spread +2% Depth -2% Depth 24h Volume Volume % Last Traded Trust Score
1 COVER/USDT
$177.94
177.59 USDT
1.1% $29,772 $51,997
$21,329
119.868 COVER
1.67% Recently
2 COVER/ETH Info 0x4688a8b1f292fdab17e9a90c8bc379dc1dbd8713
$182.13
0.0952951027713287 ETH
0.6% $9,471 $9,443
$72,289
396.911 0X468
5.70% Recently
3 COVER/ETH
$180.13
0.0931 ETH
0.95% $902 $15,955
$136,789
759.411 COVER
10.68% Recently
4 COVER/BUSD
$182.18
181.77 BUSD
0.96% $1,544 $951
$347,695
1908.540 COVER
27.22% Recently
5 COVER/FTM 0xb01e8419d842beebf1b70a7b5f7142abbaf7159d
$186.31
823.86574894328 FTM
0.61% $2,128 $2,122
$15,966
85.699 0XB01
1.25% Recently
Show More
* Anomaly - Trading price is an outlier against the average
** Inactive - No trades in the last 3 hours

Cover Protocol Coin Price & Market Data

Cover Protocol price today is $179.95 with a 24-hour trading volume of $1,279,674. COVER price is down -7.1% in the last 24 hours. It has a circulating supply of 78 Thousand COVER coins and a max supply of 82 Thousand. If you are looking to buy or sell Cover Protocol, Gate.io is currently the most active exchange.

 

What is COVER?

Cover is the governance token for Cover protocol. It also plays a vital role in the claim management process.

 

What is Cover Protocol?

Cover Protocol is a peer-to-peer insurance market, where the way it operates is more similar to prediction market. Unlike other insurance protocols, the governance token is not used for underwriting risk. 

To bootstrap coverage for a new protocol, market makers will need to be incentivized to stake collateral of DAI/yDAI to mint CLAIM and NOCLAIM tokens. All series covers a specified protocol and have a specified expiry date. During the expiry date, either CLAIM or NOCLAIM will have the full claim to the collaterals. 

For example, if 100 DAI is used to provide coverage for Compound protocol until an expiry date, it will yield 100 CLAIM and 100 NOCLAIM tokens. On the expiry date, if there is a valid claim event, every CLAIM token will receive 1 DAI while NOCLAIM token will expire worthless. The converse is true if there is no valid claim event. In this case, every NOCLAIM token will receive 1 DAI while CLAIM token will expire worthless.

 

Who are the users of the Cover Protocol?

Users of the protocol can be split into 3 types - Market Maker, Coverage Provider, and Coverage Seeker. 

 

Market Maker (MM)

A MM provides liquidity in both CLAIM and NOCLAIM tokens against DAI/yDAI. This is done in Balancer pools and ensures that coverage tokens are liquid and accessible for the market. MM mainly earns trading fees from the pools and earns the shield mining rewards. Shield mining rewards refers to the extra rewards offered by either the Cover protocol itself in terms of COVER tokens or the covered project’s native tokens to increase liquidity. 

MM provides an important service as without them, the coverage tokens would be very illiquid which makes it difficult for people to purchase coverage and stay protected.

 

Coverage Provider

A coverage provider is a participant who deposits collateral to mint NOCLAIM/CLAIM tokens and sells their CLAIM tokens on the market. A coverage provider would do this if they are confident in the security of the protocol. Coverage providers can be the protocol themselves seeking to make coverage cheaper for their users by lowering the price. 

Currently only smart contract risk is covered. 

 

Coverage Seeker

A coverage seeker is a user that wants to buy insurance or coverage for a smart contract protocol. To seek coverage, users may follow these steps:

  1. Choose the protocol to have a cover on. 

  2. Choose the CLAIM token. There is always only one active CLAIM token for each expiration date. Click the BUY button on the specific expiration date.

  3. After clicking the buy button it will be redirected to Balancer Swap. This is where users will swap DAI/yDAI for the specific Coverage Token. Each CLAIM token is eligible up to 1 DAI/yDAI in the event of an accepted claim. So if the user wants to have a coverage amount of $100, purchase 100 CLAIM tokens. Click Swap. 

 

How is the coverage priced?

The price of cover (CLAIM token) is based on the price quoted in the Balancer pool, subjected to supply and demand of the CLAIM and NOCLAIM tokens in the Balancer pool. 

 

How to claim?

  1. Select the protocol to file a claim against.

  2. Choose the Date and Time the incident occured (Must be within 3 day prior).

  3. There are two options:
    - Regular claim: A regular claim which is 10 DAI and multiplies each time a claim is submitted by any user. This will go to the community to vote on and if valid will move to the Claim Validity Committee (CVC) for a final decision.
    - Force claim: A force filed claim can be submitted for 500 DAI and this will be sent to CVC directly for a decision and bypass the community voting. CVC is formed by smart contract auditors.
    The fee for the regular or force claim will be refunded if the claim is approved.

 

Has Cover ever paid out claims before?

Yes! In the case of the hack of Pickle Finance in Nov 2020, a total of 282,035 DAI was redeemable for the CLAIM token purchased. 

 

Can I buy the cover without KYC? 

Buying the CLAIM token through Balancer protocol does not require KYC. 

 

Notable Events

  • Yearn and Cover announced a merger (partnership) on 28 November 2020. 

  • Cover was hacked in December 2020 in an infinite printing scheme. The exploiter has cashed out over $4 million including about 1,400 ETH, one million DAI and 90 WBTC. The attacker earlier created 40 quintillion COVER tokens and sold $5 million worth of them. More than $3 million has been returned.

 

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