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24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
Decentralized finance market has lost two players at once
It became known about the closure of the Cover Protocol peer-to-peer market. The liquidation of the project, which was engaged in insurance of services in the DeFi space (decentralized finance), was announced by one of the key managers, acting under the pseudonym DeFi Ted. The Ruler project, which provided lending services, will also be closed along with the main project.
According to DeFi Ted, the reason for the closure was that both projects were unexpectedly abandoned by their main developers. After their leaving, the team that remained in the projects made the final decision on the closure of digital projects.
Against the background of the news about the closure of projects, the prices of tokens for the Cover and Ruler protocols have dropped significantly. According to CoinMarketCap data, the Cover price dropped by $ 40 - 17% (to $ 228), and the Ruler price fell almost 8 times (from $ 10.68 to $ 1.37).
It is known that the Cover protocol was launched by the developers about a year ago. The service allowed the users to block tokens, if necessary. In the event that decentralized financial services are attacked by hackers or fraud is detected, such insurance comes in handy. The risks of individual projects also determined the cost of the insurance itself.
However, according to experts, the Cover protocol itself had become a victim of the White Hat attack.
According to DeFi Ted, the reason for the closure was that both projects were unexpectedly abandoned by their main developers. After their leaving, the team that remained in the projects made the final decision on the closure of digital projects.
The developer made recommendations to users to try to withdraw assets as quickly as possible.
It is reported that all assets that still remain in the reserves of both projects will be distributed among the token holders. DeFi Ted refers to this distribution as payouts to lenders. Since the project team does not plan to further support individual contracts or tokens, users should be in a hurry. The users interface is planned to be completely disabled.Against the background of the news about the closure of projects, the prices of tokens for the Cover and Ruler protocols have dropped significantly. According to CoinMarketCap data, the Cover price dropped by $ 40 - 17% (to $ 228), and the Ruler price fell almost 8 times (from $ 10.68 to $ 1.37).
It is known that the Cover protocol was launched by the developers about a year ago. The service allowed the users to block tokens, if necessary. In the event that decentralized financial services are attacked by hackers or fraud is detected, such insurance comes in handy. The risks of individual projects also determined the cost of the insurance itself.
However, according to experts, the Cover protocol itself had become a victim of the White Hat attack.
An admitted bug allowing the issuance of tokens in an unlimited volume led to the loss of collateral in December 2020.
And although the attacker eventually had returned the funds stolen as a result of the attack ($ 3 million), accompanying this act with recommendations to the developers to be more careful in the coding process, the reputation damage turned out to be significant. The conflicts that arose between the developers in March 2021 led to the termination of the Cover's planned merger contract with the Yearn Finance project. 07.09.2021
