The creator of Yearn.Finance (YFI), which hit over $40,000 per token before the price started dropping, has announced the backing of a new decentralized finance (DeFi) project.
According to a Medium post published September 17 Alan, the pseudonymous founder of SAFE token, has announced backing from Yearn.Finance founder Andre Cronje. The post claims the project is undergoing a rebranding with Cronje’s support, including what Alan calls a “generous grant” of $25,000.
Following a price collapse that saw SAFE rise as high as $4,438 before crashing to $166 days later, the anonymous founder has decided to rebrand the protocol to COVER.
The post reads,
As the initial launch of SAFE was immature, we are rebuilding the protocol from scratch and rebranding as COVER. The COVER protocol will enable users to buy and sell cover on anything, all on a completely decentralized and scalable platform.
Alan calls the new project’s vision “too big for one person to handle alone,” and announced a core team including Cronje and FTX CEO Sam Bankman-Fried as advisors.
According to the update, the protocol’s unique business model as “no limitations on depth of coverage” and will allow platforms like Curve and Aave with billions of locked value to develop “meaningful coverage.”
Alan is planning to launch the beta for COVER on November 1 and says SAFE holders will be able to migrate their tokens to the new protocol following a series of audits.
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