Actual Usage of Cover Protocol for Gov Vote #1

As I was planning to vote for governance of rewards, I noticed that there was no study of who actually is demanding insurance.

I wrote a script to parse all holders of each protocol, and checked how many CLAIM/NOCLAIM they have, and how much is staked in the rewards contract.

I consider an account an net insurance buyer if # CLAIM tokens > 2x # NOCLAIM tokens, as opposed to a miner, who may have a net CLAIM position purely due to IL and not by conscious effort to obtain CLAIM.

  Protocol %Used    #Bought     #TotalMinted
     CURVE  3.22    122949.51   3822401.66
      AAVE  2.15    103119.34   4800855.52
  BALANCER  2.09    106541.63   5091619.29
 SUSHISWAP  7.09    234945.28   3312072.24
     YEARN  3.12    100826.98   3232576.50
    PICKLE  3.51    116744.64   3329597.95
BARNBRIDGE  6.10    200986.09   3296473.51
   HARVEST 13.02    287884.41   2211834.98
       REN  7.25    140637.35   1940566.21
     CREAM  7.42    155058.96   2091129.66
     BASIS 18.89      6101.59     32304.29
 BADGERDAO  5.58    242602.90   4350964.10
 BORINGDAO  0.74       821.40    110275.12
 MUSHROOMS  0.84      2593.71    306977.47
      PERP 11.91    148846.10   1249274.13
     NEXUS  0.10      1092.44   1044869.07
   INVERSE  4.21     16424.40    390079.16
      CORE 20.52     52798.02    257297.25
      FRAX  2.87     89208.04   3106599.95
     AUGUR 19.10     18775.32     98310.00

Do use this for voting effectively.
Also, we definitely need to incentivise more purchase and less farming.
Current protocol effectiveness: 4.88% (2148958 actual insurance out of 44076078 minted)

For easier analysis, I’ve pprinted and jsonified the above data:

[[‘CURVE’, 122949.50850416376, 3822401.663168027],
[‘AAVE’, 103119.3379488025, 4800855.517047084],
[‘BALANCER’, 106541.62630186867, 5091619.290762845],
[‘SUSHISWAP’, 234945.27910457717, 3312072.24014056],
[‘YEARN’, 100826.98335808264, 3232576.495449514],
[‘PICKLE’, 116744.63557800956, 3329597.95141635],
[‘BARNBRIDGE’, 200986.08895214295, 3296473.5072218645],
[‘HARVEST’, 287884.41292085533, 2211834.978578012],
[‘REN’, 140637.34940656653, 1940566.2146726523],
[‘CREAM’, 155058.96008673598, 2091129.663119581],
[‘BASIS’, 6101.593405903867, 32304.287370437123],
[‘BADGERDAO’, 242602.89728141352, 4350964.095137289],
[‘BORINGDAO’, 821.4032124837418, 110275.12180314159],
[‘MUSHROOMS’, 2593.7107620305533, 306977.4726306142],
[‘PERP’, 148846.098947803, 1249274.1314826505],
[‘NEXUS’, 1092.4419122557426, 1044869.0711272947],
[‘INVERSE’, 16424.397111852166, 390079.1626226993],
[‘CORE’, 52798.01685086197, 257297.25],
[‘FRAX’, 89208.03765307603, 3106599.950753335],
[‘AUGUR’, 18775.317517865937, 98310.0]]

5 Likes

nice job man, keep this up

This is great!!! Thank you @ennui!

Interesting to see Augur and Basis on that list, would be very valuable to track trading volume on the respective balancer pools along with this as well!

Great to know how many people are using our coverage!

This is really good, thanks for taking the time to put together this data! What is the reasoning behind the 2x?

Ah some market makers supply tokens and suffer IL so their net token positions change (aka no longer 1 CLAIM 1 NOCLAIM).

I wanted to filter out those who have a net CLAIM position just purely from market making, vs those who actually bought it.

It’s tricky cos some people just provide MM for NOCLAIM and just hold the CLAIM token, so I can’t just check their CLAIM balance in isolation.

Vote #2 Actual Usage of Cover Protocol for Gov Vote #2