Jeremiah | OpenCover
@itsjeremiahs
📣 LAUNCH ANNOUNCEMENT 🔵 OpenCover is now live on @base 🛡️ That's $200m+ of underwriting capital from Nexus Mutual publicly accessible on L2 for the first time. See why this is a breakthrough for onchain safety and get your first cover free (up to $100k) 👇🏻👇🏼👇🏽👇🏾👇🏿
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Jeremiah | OpenCover
@itsjeremiahs
Onchain cover, the onchain-native alternative to insurance, is the ultimate safety net against protocol failures. But adoption is still low (~25k policies sold all time) — despite onchain safety still being an open problem with $230m+ exploited just last month [DeFiLlama]
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Jeremiah | OpenCover
@itsjeremiahs
Why is cover adoption so low? 1) Most of the underwriting capital is on L1 while onchain usage is shifting to L2 [L2beat] 2) Distribution is still a challenge: many onchain users do not know about their onchain risk mitigation options. Our mission is to change this.
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Jeremiah | OpenCover
@itsjeremiahs
Today we're excited to publicly launch the first L2 cover aggregator on @base to increase onchain safety. 🛡️ Cover is powered by Nexus Mutual, the industry leader by TVL with over $200m of underwriting capital. ✅ Cover is valid on L2 AND L1. 🚀 10 protocols supported.
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Jeremiah | OpenCover
@itsjeremiahs
What does this mean for end users? You can now leverage leading protocols including Aave, Curve, Uniswap and Morpho without having to worry about smart contract hacks or economic events outside intended protocol operation e.g. oracle failure, governance attack.
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