Binance lists COVER Protocol (COVER) in the Innovation Zone
The largest crypto in the world Binance lists COVER Protocol (COVER) in the Innovation Zone and will open trading for COVER/ETH and COVER/BUSD trading pairs at 2020/12/05 5:00 AM (UTC).
— Binance (@binance) December 5, 2020
COVER Protocol is a decentralized risk coverage marketplace for Ethereum smart contracts, provides peer to peer coverage with fungible tokens. It lets the market set coverage prices as opposed to a bonding curve.
COVER Protocol allows DeFi users to be protected against smart contract risk. It stabilizes the turbulent DeFi space by instilling confidence and trust between protocols and their users. By bridging the gap between decentralized finance and traditional finance, COVER Protocol will open the doors of DeFi to all investors.
On November 28, Yearn founder Andre Cronje said Cover will become the backstop coverage provider for Yearn, and for DeFi as a whole. Cronje notes that the merger will be a natural one, as Yearn and Cover developers have been working together since Cover’s inception. Cronje also listed a series of promising possible synergies, including enhanced utility for the Cover’s CLAIM token, which will act as collateral and become a borrowable asset for Yearn, as well as enhanced security for Yearn vaults via Cover’s market coverage.
Binance CEO Changpeng Zhao expects the exchange to record $800 million to $1 billion in profits this year. Binance’s expected profits for this year are almost double of what it recorded last year — about $570 million, CZ told Bloomberg on Friday after appearing on the 2020 Bloomberg 50 list.
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