Cover Protocol

Cover Protocol Token Live price data
The live price of Cover Protocol Token today is 10.988374200052453133 USD. $cover It is down -7,50 from the last trading day! We update our USD to cover every 10 minutes!

Cover Protocol Has a Market Cap of 109,563,166,435,980,001,280 USD and is down 0,00% in the last 24H!

What Is Cover Protocol (cover)?
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.

What Is Cover Protocol (cover) contract address??
The contract address for the Cover Protocol is 0x4688a8b1f292fdab17e9a90c8bc379dc1dbd8713 and it can be found on eth network.