🛡️ OpenCover Alpha – April 2025
Explore what we’ve been up to this month – introducing Custody Cover and the Base Pass V2, our brand new UI, and more 📊
TLDR:
Base Pass V2: Enhanced Protection & Benefits
Exclusive Coinshift Cover Now Live
Introducing Custody Cover: Tailored Protection Against Centralized Exchange Risks
A New Look for OpenCover
Covered Yield for Liquidity Providers
Alpha and Breaking Onchain News
Base Pass V2: Enhanced Protection & Benefits 🔵
We've upgraded the Base Pass based on your feedback.
Protection now extends to 16 protocols, representing 80% of Base TVL.
Secure your onchain portfolio with added support for positions on seven new protocols, including Aave v3, CoW Swap, Ether.fi, PancakeSwap, Pendle, Sky Ecosystem, and Uniswap v4.
At just 0.3% per month of the covered value, it is more affordable than ever to unlock covered yield and optimize onchain returns confidently.
Coinbase One members can enjoy 10% off the Base Pass and the entire catalog of OpenCover products. Your first cover is free, offering up to $1,000 in protection.
Exclusive Coinshift Cover Now Live 🐅
Coinshift csUSDL is officially available on OpenCover.
Coinshift is a capital growth, payments, and accounting solution for businesses. Our exclusive cover was explicitly developed for Coinshift users, with institutions and companies in mind.
Safeguard your Coinshift csUSDL positions against:
🚨 Smart contract hacks and exploits
🔮 Severe oracle failures or manipulations
☔️ Severe liquidation failures
🏰 Governance attacks
With over $3m in cover capacity from Nexus Mutual, our Coinshift cover ensures reliable onchain yield and added peace of mind.
Introducing Custody Cover: Tailored Protection Against Centralized Exchange Risks 🛡️
Institutional clients and businesses using custody platforms face risks beyond their control.
We launched Custody Cover to protect digital assets from significant centralized exchange risks, such as bankruptcy, hacks, and frozen withdrawals.
Developed in partnership with Nexus Mutual, Custody Cover allows you to secure tailored onchain protection starting at $1m across the most popular centralized exchanges, including Coinbase, Kraken, Binance, OKX, Deribit Exchange, BitMEX, and Bybit.
A New Look for OpenCover 🎨
We've redesigned OpenCover to streamline your experience and simplify navigation.
What’s new?
🪄Quick cover selector – Easily find and access your preferred cover.
📱 Enhanced mobile compatibility – Buy cover seamlessly from any device.
🔍 Improved visibility – Explore available cover options at a glance.
Covered Yield for Liquidity Providers ✅
Demand for protocol cover is rising as liquidity providers prioritize secure and reliable yield opportunities.
Within two weeks of listing Derive, we covered over 200 BTC.
We encourage safety-conscious protocol teams who wish to offer users the option to cover against black swan events to get listed on OpenCover.
Alpha and Breaking Onchain News 🗞️
Abracadabra Money was hacked for $13m, and the Wemix Foundation suffered a $6.2m exploit.
In other news, Nexus Mutual's proposal to stake Kiln ETH in Enzyme Vault on ether.fi is open for voting.
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