Cover Protocol Skyrockets 117 Percent Today: Should You Invest Right Now?

Cover Protocol (Cover) is a cryptocurrency that is up 117.8% in the last 24 hours. Its price has a 24-hour trading volume of over $114,146,505. Cover Protocol is an insurance market that operates as a prediction market. Instead of being limited by rules, it allows users to transact anonymously. To support a new protocol, market makers need to be incentivized to stake their own collateral in exchange for NOCLAIM and CLAIM tokens. These tokens will have the full claim on the collaterals.

For 100 DAI, it will provide coverage for the Compound protocol until its expiration date. On the expiry date, every CLAIM token will get a 1 DAI while the NOCLAIM token will be worthless. Coverage Protocol lets market participants set the prices for coverage. It eliminates the need for a bond curve. When market makers deposit their collateral, they will receive two fungible cover tokens.