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The DeFi insurance project COVER Protocol has been launched, and liquidity mining will start on November 20

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There will be approximately 17,000 COVER tokens for the mining program

Rhythm BlockBeats news, on November 19, the DeFi insurance project COVER Protocol announced that it has been officially launched. After listening to community suggestions, it supports 10 protocols in the first batch: Curve, Aave, Balancer, SushiSwap, Yearn. finance, Pickle.finance, BarnBridge, Harvest.finance, REN, and C.R.E.A.E.M.

Officially stated that its governance token COVER will be released on November 20, Also released are shield mining plans and database migrations.

Mining will start on November 20th, and in the next 6 months, about 17,000 COVER tokens will be used for the mining plan. This means that 654 COVER will be produced every week.

Among the 654 COVERs:

80% are allocated to the first 10 protocols supported in batches;

60% allocated to COVER and CLAIM liquidity providers

20% allocated to NOCLAIM of liquidity providers

20% is allocated to Pool 2 liquidity providers.

The COVER Protocol also announced three stages of governance:

Phase 1 will start on December 15, 2020. COVER holders can make proposals and vote on Snapshot. After the proposal is approved, governance multi-signatures controlled by 6 team members will represent token holders Someone implements the proposal;

Phase two will start the decentralized governance system, allowing COVER token holders to submit proposals on the chain and lock tokens for voting;

The ultimate goal of phase three is to fully realize decentralization, and a comprehensive governance module will be established.