OpenCover provides accessible and affordable onchain protection against major decentralized finance risks like smart contract hacks and stablecoin depegs. Users can secure their crypto portfolios across numerous protocols through vetted onchain underwriters. This platform simplifies the process of purchasing and renewing cover, offering peace of mind for digital asset holders.
Funding
$4.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
The decentralized finance (DeFi) ecosystem is susceptible to risks such as smart contract vulnerabilities, oracle failures, and governance attacks, leading to potential financial losses for users. Traditional insurance providers often do not cover these novel risks due to their complexity and the rapidly evolving nature of the DeFi space. This leaves digital asset portfolios exposed to significant on-chain risks.
Solution
OpenCover provides on-chain insurance coverage against a range of DeFi-specific risks, including smart contract hacks, oracle manipulation, and stablecoin depegs. The platform utilizes vetted on-chain underwriters to ensure reliability and offers affordable protection for digital asset portfolios across numerous protocols. OpenCover's coverage is available for both individual users and institutions, providing peace of mind in the often-volatile DeFi landscape. By offering transparent and accessible insurance alternatives, OpenCover aims to foster wider adoption of on-chain finance.
Target Audience
OpenCover's primary customers are DeFi users, including retail investors and institutions, seeking to protect their digital asset portfolios against on-chain risks.
Features
- Coverage against smart contract exploits, oracle failures, and governance attacks
- Stablecoin depeg cover protecting against losses from stablecoins losing their peg
- Cross-chain and multi-protocol support, covering over 100 leading protocols and protocol combinations
- Underwriting capital from vetted on-chain underwriters
- Transparent claims process
- ERC-721 proof of cover