🛡️ OpenCover Alpha – December 2024
It’s been an busy month! Learn what we’ve been up to 📊
TLDR:
Introducing cbBTC-denominated covers
Highlights from recent industry conferences: DeFi Security Summit, Devcon, and AM Best
Our partnership with Request reaches an $80m milestone
Breaking news in the onchain security space
Introducing cbBTC-denominated covers 🚀
We’re excited to announce that OpenCover is available for cbBTC positions on Base and L1.
Bitcoin holders can now access coverage against protocol hacks and failures and enjoy the same protection as ETH and stablecoin users.
We’ve partnered with Nexus Mutual to offer the world’s first Bitcoin-denominated DeFi cover and bring onchain peace of mind to the BTC community.
What is cbBTC?
cbBTC is a wrapped version of Bitcoin, fully backed 1:1 by BTC and issued by Coinbase, enabling BTC to be used across onchain protocols. In just two months, cbBTC has reached a $1.75B market cap, driving DeFi adoption through protocols like Aerodrome, Arcadia, Beefy, Compound, Morpho, and more.
With more institutions and DeFi users leveraging BTC, securing Bitcoin users onchain has become increasingly important.
By extending support to cbBTC, OpenCover continues to champion the growth of a safer and more resilient DeFi ecosystem.
Highlights from recent industry conferences 🗺️
November has been an exciting month for OpenCover, with active participation in key industry events such as the DeFi Security Summit, Devcon, and AM Best.
Our team headed to Bangkok to attend Devcon and the DeFi Security Summit, where we connected with the brightest minds in the onchain world to share ideas on building a safer DeFi ecosystem.
These gatherings brought together leading onchain developers, builders, and innovators to collaborate on advancing onchain security and setting industry standards for DeFi.
Our presence at AM Best highlighted how DeFi insurance alternatives can grow by learning from traditional insurance, pushing for stronger standards across both worlds.
Our partnership with Request reaches an $80m milestone ✨
The total amount of Request-covered transactions has surpassed $80,000,000.
This milestone reflects significant user trust and demand for secure onchain transaction coverage.
We are proud to have partnered with Request to make onchain payments safer for all.
Alpha and breaking onchain news 🗞️
Nexus Mutual released a special issue dedicated to the Base DeFi Pass featuring OpenCover CEO Jeremiah Smith. The mutual is also collecting testimonials highlighting community members' unique experiences.
In other news, M2 Exchange faced an exploit that resulted in a $13 million loss. Polter Finance lost $12 million worth of crypto funds in an attack, and Delta Prime faced its second hack in two months, losing nearly $5 million.
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