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DeFi insurance project yieldfarming.insure (SAFE) reborn as COVER announced its token model, which caused dissatisfaction due to the dilution of tokens of early holders.
Written by: COVER Protocol
COVER and DeFi friends, thank you for your patience and support.
When SAFE was released, there was no product, no cover, only a vague concept.
Soon after, anger and disappointment were roused on Twitter. At this time, Alan stood up and told everyone SAFE’s vision-to make a revolutionary product.
After gathering a dedicated and dedicated team, COVER was officially established. Every member of the project team is passionate about DeFi and has devoted themselves to the COVER agreement.
The COVER agreement is designed to protect DeFi from smart contract risks. The world of DeFi has changed drastically. COVER can stabilize product risks and establish a bridge of trust between agreements and users. At the same time, by linking DeFi and CeFi, COVER can be the door of DeFi and embrace all investors.
COVER’s vision is to allow anyone to take any insurance for anything.
Return governance to the community
The team believes that worthless governance tokens should be distributed fairly among the users of the agreement. Therefore, we designed a “shield mining” mechanism to distribute COVER tokens.
Setting initial incentives is very important for the release of COVER tokens. Through “shield mining”, a strong user community can be built. We distribute COVER to real users of the agreement, making the COVER agreement a foundational Lego building block in the DeFi world.
COVER token distribution
There are a total of up to 160,000 COVER tokens. Tokens will be distributed from 11/20/2020 UTC.
- 87% (~139,200) of the tokens will be distributed to COVER community members:
- 70% will be dug out through shield mining within 12 months
- 17% will be distributed to SAFE2 token holders, linearly unlocked in a 90-day period
- 12% (19200) will be used as the team’s reserved tokens, which will be linearly unlocked over a 3-year period
- 1% (1600) will be unlocked directly into the COVER vault upon release.
SAFE2 migrated to COVER
- SAFE2 will be migrated to COVER from 11/20/2020 and will be continuously released in a linear form within 90 days.
- There is no time limit for the migration of COVER tokens, and the unlocking mechanism of each SAFE2 holder is the same, no matter when the migration starts.
- 1 SAFE2 will be exchanged for 0.5 COVER
$COVER unlocked = min (90, days since launch)(# of SAFE2)/(90*2)*
If you missed the migration of SAFE2
- Only SAFEs that have not been migrated at 12am 10/01/2020 UTC or SAFEs that have not been claimed from the pool (except Pool4) are valid.
- This part of SAFE can claim the cover in 02/18/2021 (90 days after release)
- There is also no deadline for the claim time, and they are all taken out at once
- 1 SAFE at the time of the snapshot can be migrated out of 0.4 COVER
COVER is a worthless governance token
The COVER agreement attracted a lot of ideas and discussions. The revolutionary products we will build will have a profound impact on DeFi and the world of cryptocurrency. The token mechanism design of the protocol not only starts from the perspective of product success, but also considers the interests of early supporters.
We are actively developing COVER products. More news will be released one after another. Thank you for your continued support to COVER. We will bring DeFi to a new era.