Summary

We would like to propose that COVER token be added as a collateral option for borrowing and lending.

• For: List COVER as a collateral asset.
• Against: Do nothing.

Background

• Launched by: Cover Protocol
• Token Symbol: COVER
• Audited by: PeckShield & Arcadia

Protocol Specifications

• Current Total Value Locked: $45M
• Number of protocols currently covered: 21

Motivation

Cover Protocol currently provides coverage & protection options for CREAM users through pooled coverage by participating liquidity providers via Market Making and Coverage Providing. We would like users to be able to lend and borrow the COVER governance token.

Benefits for C.R.E.A.M

1. Aligns further incentive to COVER token holders to provide liquidity for CREAM coverage.

2. Bring alignment to projects by giving COVER token holders an opportunity to use their tokens as collateral to provide further liquidity to the COVER protocol.

3. COVER token holders would add additional TVL to CREAM for additional fees as no other lending platform currently supports COVER.

Our strengths

Cover Protocol is currently the only coverage option in DeFi where the price of coverage is determined by the market (market based pricing). There is no KYC and coverage is fungible. The protocol has been built from a fair launch token distribution model meaning all development has been paid for by the team themselves. Given our low budget approach with high technical skills it allows us to also be very agile when needed in order to suit the fast changing space of DeFi. As we continue to develop with our full time team members, we will work to solve the coverage model to allow for a safer environment.

Additional Details on COVER Protocol can be found here

• Documentation: https://docs.coverprotocol.com/
• App: https://app.coverprotocol.com/

=====contents above are drafted by teddy9423===== Discussion link: https://forum.cream.finance/t/list-cover-as-a-collateral-asset/284/7