COVER Protocol defines itself as a peer-to-peer coverage market. A platform based on Blockchain technology, Cover Protocol allows peer-to-peer transactions without the need for Know Your Customer protocols.
What is COVER Protocol (COVER)?
COVER Protocol draws attention partly because Andre Cronje, the lead developer of Yearn.finance, serves as an advisor to the platform.
Cover Protocol promises market efficiency to its users. When there is a demand for coverage, COVER Protocol market makers are incentivized to meet the demand. It also allows the market to determine the collateral premium.
Additionally, Cover, being a scalable protocol and independent rather than pooled staking, claims to stand out from other protocols. Cover users can also exchange their ERC-20 tokens for Balancer and Uniswap tokens whenever needed.
Moreover, Cover, being a decentralized project, is noteworthy. COVER Protocol’s smart contracts will be auditable, deployed, and verified on the Ethereum blockchain, ensuring the coverage is completely censorship-resistant and transparent.
On the other hand, Cover Protocol allows you to cover anything except smart contracts and crypto. Those willing to buy coverage can do so as long as there are people willing to provide collateral.
COVER serves as the native token of the project and is considered as a governance token for the project. Additionally, the project supports shield mining. Each liquidity provider for Cover earns various rewards. Furthermore, COVER token holders play a vital role in the claim management process by approving or invalidating claims.
According to CoinMarketCap, COVER coin is ranked 346th with a trading volume of $66,900,396. As of the writing of this article, COVER Protocol Coin is trading at $1.117 and at 0.02242 BTC against Bitcoin. It is important to note that the 24-hour trading volume of COVER Protocol Coin is $8,309,926.
In addition, COVER Coin broke its all-time record on February 17, 2021, with $1.681 while hitting the bottom level on January 5, 2021, at $237. Also, currently, there are 59,514 COVER Coins in circulation, and the total supply of COVER Coin is stated to be 70,200.
Where to Buy COVER Coin?
COVER Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
To buy COVER Coin, you first need to sign up for Binance and then send fiat currency. After sending a fiat currency like US Dollar, you can buy Ethereum (ETH) and perform a purchase transaction in the COVER trading pair.
In addition, on Binance, users can place a buy order not only at the market price but also at a lower price. For this, you just need to use the Limit tab and enter the amount and price you want to buy.
