🛡️Alpha June 2026 — How Covered Vaults Are Powering the Next Generation of Neobanks
Covered Vaults deployment recap:
Covered Vaults are making protection a native part of the onchain savings experience.
Brazilian neobank Picnic launched Caixinha, the first onchain savings product with embedded protection integrated directly into a fintech app, backed by up to $50M in underwriting capacity from Nexus Mutual.
Covered Vaults are now live in the Superform Base app, enabling one-tap protection of their SuperVaults directly within the deposit flow.
Fintech integration in focus: Picnic
Covered Vaults are now powering consumer-facing financial products, bringing embedded protection directly into the onchain savings experience.
With over $170 million in transaction volume last year, Picnic is a leading Brazilian neobank built on Gnosis infrastructure.
Last month, the company launched Caixinha savings, the first onchain savings product with embedded protection integrated directly into a neobank application. The product leverages Sky's sDAI savings infrastructure, which currently secures approximately $8.9 billion in TVL.
OpenCover designed and deployed a custom Covered Vault backed by up to $50 million in underwriting capacity sourced through Nexus Mutual. The tailored solution protects users against sDAI depeg events: if sDAI trades more than 10% below its dollar peg for seven consecutive days, users can redeem their Protected Dollars at 0.975 USDC per dollar, minus a 2.5% deductible.
Users can move funds from their card balance into a protected, yield-bearing position with a few taps, with premiums streamed from yield, no separate protection purchase, and full self-custody maintained throughout.
The result is a new category of blockchain-native savings product that allows users to access protected onchain yield without needing to manage the risks and workflows traditionally associated with DeFi.
Protection goes native on the onchain neobank: Superform
We also recently launched Covered Vaults for the Superform Base app, enabling Superform users to activate cover at deposit, with premiums streamed from yield and protection remaining active while funds stay deposited.
Read the full announcement:
With over $1B in onchain value covered in 2025 alone, OpenCover is the leading onchain risk transfer provider for complex and embedded use cases.
Need to manage your onchain exposure?
Speak to an expert for tailored risk assessment and management.