Cover Protocol Review: Is It Still Active?
Cover Protocol’s current status is uncertain. Its listed website now presents OpenCover, while the legacy COVER token was exploited in 2020.
By the SkyBitcoins review team · Updated
At a glance
Cover Protocol key facts
Cover Protocol FAQs
What was Cover Protocol?
Cover Protocol was described as a peer-to-peer DeFi coverage market associated with the COVER token. Its listed website now presents OpenCover, a separately branded service for onchain cover; don’t assume they are the same project.
Was Cover Protocol hacked?
Reports from December 2020 describe an exploit that let an attacker generate COVER tokens, with millions of dollars in tokens affected. The incident raises significant questions about the legacy project’s security and status.
Is Cover Protocol still active?
Its current status is unclear: one project listing marks it inactive, while the listed website presents OpenCover rather than a Cover Protocol service. Don’t treat the COVER token or old coverage market as active without independently verifying the project and contracts.
Compare
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Native brokers tailored crypto and emerging-tech insurance, but businesses should verify the policy terms, provider and full costs before committing.
OpenCover connects DeFi users with third-party cover, but check the specific policy terms and underwriter before paying.
Nexus Mutual offers Ethereum-based crypto cover, but member-voted claims and product-specific terms make careful checking essential.
Ease offers Ethereum mutual coverage and stNXM underwriting, but shared losses, at-risk capital and unpublished terms call for careful checks.
Firelight lets Flare stakers back defined DeFi cover markets for a share of fees, but claims can slash capital and key terms need checking.
Ensuro offers crypto investors exposure to insurance risk, but pool terms, fees and withdrawal conditions need careful checking.
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Lunos has shifted from insurance to a compliance-focused chain, but launch status, fees and the scope of its audits need checking.
Unslashed is described as Ethereum-based DeFi insurance, but its coverage, costs and claims process need verification before use.
iTrust Finance is a insurance project on Ethereum.
Ante Finance is presented as smart-contract testing in the insurance category, but its mechanics, fees and protections are not clear.
InsureDAO is a insurance project on Ethereum, Arbitrum, Astar and Optimism.
Cozy V1 is a insurance project on Ethereum.
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Lido turns staked ETH into liquid stETH, but variable rewards, a 10% reward fee and withdrawal and contract risks need checking.
Bitvavo offers euro funding, 400+ crypto assets and Pro Mode, but check withdrawal terms and the separate risks of staking and leverage.
Aave offers open crypto lending and borrowing, but variable rates, gas costs and liquidation risk make it best for informed DeFi users.
Aave V3 offers non-custodial lending and collateralised borrowing, but rates vary and deposits remain exposed to DeFi and liquidation risks.
GetBlock suits teams needing multi-chain RPC and data services, but check usage billing, coverage and SLA terms before relying on it in production.
Uniswap offers wallet-based swaps and liquidity pools across 15+ networks, but pool fees, gas and self-custody risks still matter.
How we checked
Sources
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