COVER Protocol is a Blockchain-based platform that allows peer-to-peer transactions. The involvement of Andre Cronje, the leading figure of Yearn.finance, as an advisor to the platform has garnered attention.
What is COVER Protocol (COVER)?
COVER Protocol (COVER) is a cryptocurrency operating on the Ethereum platform. The COVER token is the governance token of the Cover platform. According to announcements, it operates to vote on proposals presented by the community that will shape the future of the COVER protocol.
In addition, COVER token holders can also earn bonus tokens as a liquidity provider. It is also known that COVER token holders play a significant role in the claim management process by approving or invalidating claims.
On the other hand, the features that make Cover Protocol unique are listed by the platform as follows:
- Market Efficiency: When there is a demand in the market, the COVER protocol encourages market makers to meet this demand. It also allows the market to determine the collateral premium.
- Scalable: Cover Protocol distinguishes itself from other coverage protocols due to independent coverage limits rather than pooled staking.
- Exchangeable Coverage: Users can buy ERC-20 based crypto whenever they want and exchange it on Balancer or Uniswap at any time.
- Decentralized: According to announcements, the Cover Protocol is built on a completely decentralized system.
- Unlimited: The Cover Protocol allows users to cover not only smart contracts but also everything outside of crypto.
- No KYC Required: Know-Your-Customer protocols are not implemented on the Cove Protocol platform.
In addition, according to announcements, the Cover Protocol protects DeFi users against smart contract risks. By instilling trust and reliability between protocols and users, it stabilizes the turbulent DeFi space. Filling the gap between decentralized finance and traditional finance, the Cover Protocol opens the doors of DeFi to all investors.
COVER Coin Review
Cover coin initially came into the limelight under a negative circumstance due to a hack attack at the end of December, resulting in a significant loss of value as it entered the market. However, the project seems to be regaining strength after recovering from the situation. Investors, though, are still cautious about COVER’s resurgence.
As of the time of writing, COVER is trading at $386.89, ranking 2,420th in market value according to CoinMarketCap. It is also worth noting that in the COVER-BTC trading pair, the token is trading at 0.01016 BTC.
Additionally, COVER reached a record high of $760.81 on January 5, 2020, and a record low of $237.96 on the same date. There is no clear information about how much COVER is currently in circulation or what the total amount will be.
How to Buy COVER Protocol Coin?
COVER Protocol can be purchased reliably and quickly through Binance, the largest cryptocurrency trading platform in terms of market volume.
Listed on Binance on December 5, 2020, users can trade COVER Protocol coin in the COVER/ETH and COVER/BUSD trading pairs.
