- DeFi insurance protocol Cover has shut down following the sudden departure of key developers
- The COVER token is still trading over $200, with the treasury coins to be issued to existing token holders
- The RULER token is now priced at $1.77 when it was over $2,770 in March
DeFi insurance protocol Cover has been forced to shut down after developers suddenly abandoned the project. The announcement came after days of discussions with the remaining team members, but they were sadly unable to keep Cover a going concern. The writing was on the wall for the project, whose token prices have tellingly failed to grow with the rest of the ecosystem during the August boom.
Developer Departures Deal Death Knell
Cover announced a series of ‘structure and personnel’ changes on September 1 stemming from the sudden departure of three developers due to “increasing personal commitments”, which sounds very much like the politician who quits the scene in dubious circumstances in order to spend more time with his family.
nThe piece ended with the statement that “the remaining team members are committed to the Cover Protocol community”, a commitment that couldn’t be sustained past five days, leading to an announcement yesterday that the platform was closing down for good.
COVER and RULER Treasury Tokens Left to Supporters
Developer DeFi Ted, who had taken responsibility for the communications during the transition period, announced on Medium that “It is with conflicted emotions that I announce the end of RULER & COVER Protocol”. He stated that the project simply had no operational future “after the core developers suddenly left the projects”, leaving the remaining members no choice but to down Cover Protocol and distribute remaining treasury funds to token holders.
These tokens may not be worth much by the time that these users get their hands on them however, with the value of the COVER token having fallen 25% since the announcement and a huge sell off anticipated on exchanges once the tokens are distributed. The token is still priced at over $200 however, although this is some way off the February high of $1,687.
Conversely, the RULER token has enjoyed a 160% price increase in the last 24 hours, taking it up to $1.77, although this needs to be compared to its staggering all time high of $2,773 six months ago.
