🛡️ OpenCover Alpha – January 2025
It’s been an exciting month! Check out what we’ve been up to 📊
TLDR:
Derive is live on OpenCover
Onchain payments, secured: $100m covered and counting
Power your Base DeFi Pass with Coinbase Wallet USDC Rewards
Breaking news in the onchain security space
Derive is live on OpenCover 🚀
We are proud to announce the Derive Protocol is officially available on OpenCover.
Derive is a permissionless protocol that settles perpetual and options trades. With over $120m in TVL, Derive allows users to earn yield with restaking derivatives.
The protocol is deployed on an Optimistic Rollup that settles to the Ethereum blockchain.
Since our launch less than two weeks ago, we've already covered over 200 BTC on Derive, backed by $9.5M in capacity from Nexus Mutual. And we’re just getting started.
Onchain payments, secured: $100m covered and counting 🏆
OpenCover and Request Finance have reached a significant milestone: over $100m in transactions covered. Together, we’re setting a new standard for safer onchain payments.
As DeFi adoption accelerates, risks like hacks, smart contract exploits, and oracle failures continue to hold some back. We’re tackling these challenges head-on.
Businesses using Request Finance can enjoy seamless protection, with coverage spanning Ethereum, Arbitrum, Polygon, and soon, Base!
Who benefits?
CFOs managing crypto treasuries
DAOs handling payroll or vendor payments
Businesses embracing Web3
Our mission is clear: make onchain transactions 100% safe. We’re committed to delivering the same level of security as traditional finance.
Let’s build a safer DeFi future together.
"Dealing with crypto personally and/or for your business is no easy task. Over the years, I’ve been spear-phished, attacked, hacked, and a victim of exchange and protocol hacks.
Despite that, I’m a big adopter of crypto. And, now, my mission is to help others adopt crypto, especially CFOs for their businesses. That’s our mission at Request Finance. That’s why we use traditional, secure, and creative ways to stay secure and build the safest place to deal with crypto payments for a business. I’m 100% convinced that Request Finance is the most secure way for a company to transact in crypto. We prevent double payments, have a state-of-the-art scorecard, get regular security audits, and prevent scams.
The space needs to be safer than the traditional industry for adoption to be mainstream.
Onchain security is our priority, and onchain insurance might solve the tremendous challenge in defi. OpenCover excels at this level and is aligned with the vision.
With OpenCover, we have added on-chain insurance to our safety features panel. By working together, we have covered more than 100 million dollars in transactions.
And it’s just the beginning."
Christophe Lassuyt, CEO, Request
Power your Base DeFi Pass with Coinbase Wallet USDC Rewards 🎁
OpenCover was recently listed on the Coinbase cbBTC ecosystem page.
Simply holding USDC in your Coinbase Wallet now earns you 4.7% APY, which can offset the cost of your Base DeFi Pass—or even make it free!
The Base DeFi Pass is the first-ever cover set to offer all-in onchain protection across the most prominent protocols on Base, including Aerodrome, Arcadia, Beefy, Compound v3, ExtraFi, Moonwell, Morpho, Overnight Finance, and Uniswap v3.
With Coinbase Wallet USDC Rewards unlocking new opportunities, there’s never been a better time to secure your onchain activity on Base and beyond.
Alpha and breaking onchain news 🗞️
OpenCover is now live on Product Hunt. Nexus Mutual introduced 3 new plans for its latest product, Cover: Entry Cover, Essential Cover, and Elite Cover.
In other news, December marked the lowest monthly losses due to crypto hacks of 2024. LastPass lost $5.3 million in a hack linked to the 2022 LastPass security breach.
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