Today In DeFi - SAFE->COVER, SyntheticRebaseDollar, Coinbase Lists UNI
SAFE Becomes COVER
YieldFarming.insure, the insurance farming site which ran into some drama, is now COVER Protocol. COVER is led by alan, the developer behind SAFE, and does not involve the community member who alan raised issues with in a blog post.
With a grant from Andre Cronje and Blue Kirby, alan will be taking a break from university and working on this full time. Besides alan himself, two other devs, @kryptocucumber and @crypto_pumpkin, will also be working full time on the project.
Although COVER is an extremely early-stage project, its goals of decentralized insurance products has proven product market fit(yinsure cover is sold out) and I am personally excited to follow along its development.
SyntheticRebaseDollar
Yearn Finance has introduced yet another new product.
“SyntheticRebaseDollar is an auto rebasing index that tracks the dollar value of the collateral that creates it.”
srUSD is an index product, which tracks the price of the collateral underlying it. The rebasing happens in real time to track collateral.
While cool, the business applications of this are still pending. Find out more in the Medium Article.
Coinbase Adds UNI
Coinbase Pro has now added UNI. This is probably its fastest listing yet. In addition, YFI has also gone into full trading mode recently.
Coinbase is a major retail trading venue, and has a mostly American retail userbase.