what's OpenCover?
OpenCover is a decentralized insurance platform designed to protect users' assets in the DeFi ecosystem against common onchain risks. It offers two main products: Protocol Cover, which safeguards liquidity provider positions and yields from threats like smart contract exploits, oracle manipulations, liquidation failures, and governance attacks; and Depeg Cover, which protects against stablecoins or wrapped assets losing their peg to underlying values. Users can purchase coverage directly onchain via a user-friendly interface, with premiums starting as low as fractions of a percent per month, making it accessible for retail and institutional participants across multiple blockchains including Base, Ethereum, Arbitrum, and Optimism. The platform operates by pooling premiums into a coverage fund backed by liquidity providers who earn yields from these funds, creating a mutual-like structure without traditional insurers. Integrations with protocols like StakeDAO, Cap Money, and Project X allow seamless coverage purchasing alongside yield farming or lending activities. OpenCover emphasizes transparency and efficiency, leveraging smart contracts to automate claims and payouts, reducing counterparty risk and enabling rapid response to incidents.
OpenCover provides coverage for all Yearn V3 vaults.
Links
x.com/opencoverProvides coverage for all Yearn V3 vaults.
OpenCover offers coverage for Contango positions on Layer 2 networks, with bundles covering all lending markets that Contango integrates with.
Hundreds of thousands in claims paid out over the last few months, showing operational claims processing activity.
Coverage amounts to just 0.05% of $200M+ TVL in deposits.
Stream Finance incident triggers claims process for eligible coverage products including Beefy Finance Multi-protocol, Harvest Finance Multi-protocol, Base DeFi Pass, and Nexus Mutual Entry/Essential/Elite tiers.
OpenCover now provides coverage for Avantis Finance LP positions on Base chain at 4.8% annual premium, protecting against smart contract exploits, oracle manipulation, and liquidation failures with 30, 60, or 90-day terms available.
Coverage now available for Aerodrome Finance liquidity providers on Base chain at 1.2% annual rate, with an Inner Circle pricing tier option.
Individual with 4+ years in DeFi becomes brand ambassador for OpenCover.
Trader attending Chainlink SmartCon in New York singles out OpenCover with special emphasis among insurance projects as risk assessment becomes an onchain business model.
Goes live on mainnet through Stake DAO, expanding coverage to include Pendle strategies in addition to Curve Finance, and introduces position tracking dashboard.
OpenCover now provides protection coverage for yoUSD and yoETH assets.
New integration with Stake DAO enables users to purchase DeFi coverage for Curve Finance DEX LPs on Arbitrum, Base, and OP chains at 0.41% monthly rate, powered by Nexus Mutual.