- Cover Protocol will cover some of the funds from the $20 million exploit that Pickle Finance suffered, making the claim the first platform’s first coverage
- The platform will make a 100% payout i.e. each CLAIM token will be redeemable for 1 DAI token; A total of 282,035 DAI will be covered
- A peer-to-peer insurance marketplace, Cover Protocol was launched only as recently as Nov. 20, and allows market makers to supply insurance funds and set the premiums
- COVER is the successor of SAFE protocol, which saw the departure of the lead investor
- The website lists Yearn Finance founder Andrej Cronje and FTX CEO Sam Bankman-Fried as advisors; Bankman-Fried has denied any involvement
P2P Insurance Network Cover Protocol Executes Claim for Pickle Finance Hack
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