Drama Ridden Cover Protocol and Ruler Protocol Shuts Down After Development Team Leaves Suddenly

2021-9-6 16:14

Decentralized insurance provider Cover Protocol has announced its shut down after their development team left the project. Its sister firm, a smaller lending platform, Ruler, is also shutting down.

The news sent the prices of the tokens of both the platforms crashing with COVER down more than 22% since the Cover team first announced it on Saturday, to trade at $215, while RULER is down over 90% during the same period to trade at $1.2.

The community manager DeFi Ted didn’t reveal why the development team left but said,

“The decision to do this did not come easy and is a final decision the remaining team made after reviewing the path forward after the core developers suddenly left the projects.”

The remaining team has decided to disperse the remaining treasury funds to token holders as a creditor payout, for which a snapshot will be taken at block number 13162680.

Going forward, the team will not be continuing with the RULER & COVER token or contracts, and the UI will be shut down.

The Cover protocol, however, has always been plagued with issues. Last December, it was the victim of a white hat attack. In March this year, DeFi blue-chip Yearn Finance canceled its plans to merge with Cover.

COVER Protocol was also a rebranding from yieldfarming.insure project (SAFE) about a year ago. The launch of the yieldfarming.insure project was a debacle in itself which later gained support from Yearn’s Andre Cronje and FTX CEO Sam Bankman-Fried as advisors, and even the relaunch wasn’t without any issues.

DeFi Ted now warned users to withdraw any funds from both protocols as soon as possible.

The post Drama Ridden Cover Protocol and Ruler Protocol Shuts Down After Development Team Leaves Suddenly first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

BlockMason Credit Protocol (BCPT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.04 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0195725 (-100%)

protocol down team development cover ruler project

protocol down → Результатов: 123


Фото:

MyEtherWallet Announces Integration with DeFi Protocol Aave (LEND) and Ren (REN)

Open-source cryptocurrency wallet MyEtherWallet (MEW) integrates leading DeFi lending platform Aave (LEND) and blockchain interoperability protocol Ren (REN) into its ecosystem via MEWConnect. Laying the Blocks for Decentralized Economy via MEWconnect DeFi is all the rage today, and it shows no sign of slowing down anytime soon, perhaps for all the right reasons.

2020-8-13 16:07


Фото:

ETH 2.0 Lead Dev Thinks “Schlesi” Multi-Client Update Is Slowing Down Launch

The launch of the long-awaited ETH 2. 0 update, which sees Ethereum shift from a PoW to a PoS consensus algorithm, is getting delayed because of a separate protocol, opines Danny Ryan.   “Schlesi” Slowing it Down Speaking at the ongoing Consensus: Distributed 2020 conference on May 13, Ryan notes development on Schlesi is hampering the swiftRead MoreRead More.

2020-5-15 15:00


In-person meatspace protocol to prove unconditional possession of a private key

Recommended pre-reading: https://ethresear. ch/t/minimal-anti-collusion-infrastructure/5413 Alice slowly walks down the old, dusty stairs of the building into the basement. She thinks wistfully of the old days, when quadratic-voting in the World Collective Market was a much simpler process of linking her public key to a twitter account and opening up metamask to start firing off votes.

2019-10-2 04:03


New Trend Trading ETH 20 Day Simple Moving Average Crossover Set from Set Protocol Launches

A tech company based in San Francisco called Set Labs has recently announced the launch of Ethereum-based trading bots. This new investment instrument uses the volatility of the market in order to benefit the investors by predicting the patterns and trading in order to get profit from the prices going up and down. The new […]

2019-7-16 01:49


Vulnerabilities Force 0x Exchange v2.0 Contract To Shut Down And Migrate To A Patched Version

0x Exchange v2.0 contract has been made aware of a potential vulnerability in its Exchange contract that was disclosed by a third party security analyst Sam Sun. The exchange contract comprises of a lot of business logic in the 0x protocol comprising of filling and canceling of orders, execution of transactions, signature validation as well […]

2019-7-15 16:38