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After the development team leaves, DeFi Projects Cover and Ruler will be shut down

source-logo  thecoinrepublic.com 06 September 2021 14:31, UTC
  • After the development team that handled the two platforms reportedly abandoned the projects, decentralised finance (DeFi) insurance company Cover and its smaller lending sister Ruler are both shutting down their operations
  • After talking with the remaining team and confirming plans moving forward, it made logical to equitably distribute the remaining treasury cash to token holders, it said
  • The protocols, notably the considerably bigger Cover, have been beset by problems. The protocol was the target of a White Hat assault in December, and Yearn Finance’s intentions to combine with Cover were scrapped in March

After the development team that handled the two platforms reportedly abandoned the projects, decentralised finance (DeFi) insurance company Cover and its smaller lending sister Ruler are both shutting down their operations. It is with conflicting emotions that he announced the closure of RULER & COVER Protocol, DeFi Ted, the community manager, said in a statement. The choice to do so was not simple, and it was reached after the surviving team reviewed the options after the primary developers abruptly quit the projects. According to the community manager’s message, the team would equitably distribute the tokens’ treasury cash to token holders as a kind of creditor payout as compensation. 

After talking with the remaining team and confirming plans moving forward, it made sense to equitably distribute the remaining treasury cash to token holders, it said. They will not be proceeding with the RULER & COVER coin or contracts, and the UI will stay closed. He wanted to personally state that he was really disappointed to discover that the development team was leaving so quickly, especially considering the time they had spent together building out the procedures and pursuing the vision they had, DeFi Ted said. This being said, they want to wish the development team the best of luck in their future endeavours outside of the crypto realm, and they want to assure the community that, while this is all they can do from a treasury viewpoint with what we have, they will not forget it. 

The protocols, notably the considerably bigger Cover, have been beset by problems. The protocol was the target of a White Hat assault in December, and Yearn Finance’s intentions to combine with Cover were scrapped in March. To withdraw any funds from both protocols asap, since they can no longer maintain the UI and redemption through etherscan is complicated, the community manager said at the end of the article. On the announcement, the price of both protocols’ tokens plummeted, with COVER plunging from $268 to $221.67 and RULER plummeting from $10.68 to $1.12 as of this writing.

thecoinrepublic.com