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COVER Protocol is a peer-to-peer insurance provider that aims to stabilize the volatile crypto market by providing decentralized coverage to DeFi users.

The protocol protects users against smart contract risks through COVER smart contracts, which specify the protocol to be covered, the preferred collateral and amount to deposit, as well as the coverage's expiration date. Fungible cover tokens are created whenever users deposit collateral into a Cover smart contract, and are maintained at a 1:1 basis with their collateral. Additionally, as COVER leverages prediction markets for insurance payouts, leaving the market to set prices for their insurance coverage prices.

COVER is the native ERC-20 token of COVER protocol. Token holders can use COVER to vote on governance proposals, validate insurance claims and earn additional COVER tokens by providing liquidity to the protocol.