🛡️ OpenCover Alpha – November 2024
It’s been an exciting month! Explore what we’ve been up to 📊
TLDR:
Introducing the Base DeFi Pass: effortless crypto coverage on Base
The Accountant Quits podcast
Breaking news in the onchain security space
The Base DeFi Pass 🔵
We’re excited to share the launch of the Base DeFi Pass, developed in partnership with Nexus Mutual.
This first-of-its-kind cover set offers all-in onchain protection across the most prominent protocols on Base. The Base DeFi Pass clears the need to purchase individual cover, allowing you to move your assets between different protocols with enhanced flexibility and security.
The Base DeFi Pass encompasses all leading protocols on Base, including Aerodrome, Arcadia, Beefy, Compound v3, ExtraFi, Moonwell, Morpho, Overnight Finance, and Uniswap v3.
Nexus Mutual’s expertise in risk underwriting and robust capital pool established a solid foundation for this groundbreaking product. Our partnership with Nexus Mutual has been invaluable in making onchain cover accessible to a wider audience.
At OpenCover, we have designed a user-friendly interface that enables retail users to purchase the Base DeFi Pass on Layer 2 and avoid mainnet fees.
As Base creator Jesse Pollack said in a recent feature in CoinDesk, “OpenCover’s Base DeFi pass adds an extra safety net, so people can feel more secure and protected when they participate in the open DeFi ecosystem on Base".
If you’re active on Base, we invite you to visit OpenCover today and secure your Base DeFi Pass. We can’t wait to hear your thoughts and feedback!
The Accountant Quits podcast 👂
Our co-founder and CEO Jeremiah sat down with Umar from the Accountant Quits to discuss the evolution of onchain risk management, OpenCover’s mission, and the future of decentralized cover.
Here are some highlights from their conversation:
The need for DeFi insurance: As DeFi evolves, there’s an increasing demand for scalable insurance solutions. We are developing a platform that protects users and adapts to the complexities of the DeFi landscape.
OpenCover’s mission: We started OpenCover to instill confidence in the DeFi space. We aim to provide reliable cover that integrates seamlessly with the protocols users trust.
The future of onchain protection: With innovations like the Base DeFi Pass, we are making onchain protection more accessible, enabling users to safeguard their assets with ease and peace of mind.
You can catch the full conversation here.
Alpha and breaking onchain news 🗞️
Dolomite and Term Finance are officially live on OpenCover, and we've introduced a new Bundled Cover: Morpho + Morpho Vaults.
In other news, Nexus Mutual published its Q3 2024 Report, voted to offboard DAI as a Capital Pool asset, onboard cbBTC as a Capital Pool asset, and approved the addition of Delegated Claims functionality for select product types.
On the onchain security front, Radiant Capital faced a major hack that resulted in losses exceeding $53 million. EigenLayer suffered a $5.7 million exploit and the Tapioca Foundation lost $4.7 million worth of crypto funds in an attack.
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